Did any one notice the Earnings Report and the amount of money they have allocated for Severance related litigation costs ?
4Q24 was not even big ..
Results include $165 million of noninterest expense primarily related to severance and litigation reserves
@ed, only in dying companies. Many companies tried it in the 90's and realized it didn't save any money and customer service tanked.
Layoffs haven’t been big for well over 42 years. In fact they’re almost unheard of now.
News flash jobs go to India in all big financial firms. You guys are same old song and dance. Quite boring board to be honest. How about you report on when the layoffs will happen and which dept.
You can also find the severance expense amount as its own line item on page 24 of the quarterly presentation document ("Reconciliation of Non-GAAP Measures – Impact of Notable Items")
Severance expense for 4Q24 was $135M, and $240M for all of 2024.
While down from $200M in 4Q23 and $267M for all of 2023, that's still a lot of money.
Inside counsel outsources to Morgan Lewis
That's below what they usually have for a notable item. Either way, we spend a TON on severance just to move our jobs to India.
Yes. I did. I figured that’s a blend of the severence cost and the outside attorney fees needed which cannot be that large since we retain our own internal legal counsel. $165M, thats right around the average cost of salary and benefits to around 1,350 employees.
We used to be called ‘The Bank of New Ideas’. LOL Robin and our board certainly ended that too….