I've heard rumors from many people that there will be more significant cuts in August. I don't know how much truth there is in this. It seems that no one has more insights to share. I am interested in target groups and how big the cuts will be.
In the meantime, I hope that everything will remain just a rumor.
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Can confirm None in August and likely None for the remainder of the year.
Attrition isn’t really a problem at all. It has been a key to saving us from layoffs for the last 4 years and we still remain over staffed. The only real issue with attrition is that in general the best workers self select to leave. If we ever restart layoffs it’s sure not going to be the best workers.
What a bizarre assessment after no real layoffs for 4years…
This is the post of a employee who is mailing it in and hoping unsuccessfully to be displaced.
I think that you are exactly correct. There is so much fat to be cut, and it has been growing for so long... employees have become so complacent and non-productive that it is a a total fail. I don’t even consider this to be up to debate.
There could very well be large layoffs in August. We’re still a bloated manual operations based bank resisting technology. Scharf’s 2018 August layoff was the last significant layoff so we’re probably due for it.
Good luck to all, whether you’re hoping for displacement or want to stay.
Attrition is only "a problem" because people are choosing to leave for competitors or totally different careers all together. It's a very bad look for the company, or at least it should be.
But don't buy into the notion that teams are understaffed - they've always been way over in many orgs. The biggest problem is the bank has NEVER been able to attract the right talent and instead opted for overstaffing which became more pervasive as they moved jobs outside of higher cost centers.
Another layoff rumor bites the dust.
So… still no layoffs and as always more false rumors…
Our real problem is attrition. We have lost too many people and generally it’s the good people who have left. The remainder are totally overloaded.
Pretty much no layoffs in August as attrition makes our metrics for us. Even low performers are getting SUB as a reward. It’s tough for those of us who remain to see the low performers rewarded as it only encourages slackers.
It is already happening……
I think next Monday is the first day of the next pay period and that is when layoffs traditionally begin. It seems like I have heard of many folks who are “retiring” at the end of August, folks that would need to provide more notice yet we are just hearing about their plans to retire.
I don’t know, kind of glad that I don’t.