No layoffs this year. Life is good.
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Untrue. There was an attempt to make cuts in January this year and it fell apart and never materialized. Don’t make stuff up. We’ve never had January cuts ever.
No impact and no explanation on why it was cancelled. Just some lame water main break rumor. This means that February will be a major layoff. After 2 1/2 years of no layoffs, except for cause, HR is clearly struggling to execute all but small layoffs.
There aren’t always layoffs in January. The layoffs have always been in February, May, August and and November.in this case we essentially missed November except for a handful and nobody appears to know why it didn’t occur.
@hdi+1psuCwML I’m ISD and I haven’t heard of any cuts. Which teams were impacted?
LOL, no. You don’t even get a Bonus when you follow good leaver procedures with the 8 week notice.
The roles is called by roles caller.
November 1 is the cut-off for getting a bonus following a layoff. If you're let go October 31 or earlier - no bonus for you. After that date, you should (in theory) get something, but it may be just pennies on the dollar.
For all the managers, how is the Roles called?
When it comes to bonus's, When laid off you will get a bonus, but it will be a fraction of normal. You'll be lucky to get 15-20% of last year's. On top of that since the number of partial mets has gone up, most of the laid off people will get that rating, which means more likely you'll get 5% of last year's or even zero.
Given November is close to year end, will those just got laid off get bonus (prorated) as part of the package?
@1xth+1psuCwML
Unfortunately there are always cuts in January. Those are a result of ratings on reviews. That is a separate event than this one
I heard some LOBs have moved cuts to January, is that true ?
Here are sub pay details
“You are eligible to receive SUB Pay not to exceed the greater of: two weeks of base pay for each full year of continuous service (subject to a maximum of 52 weeks); or a specified number of weeks of base pay based on your global grade level. Except as noted below, the SUB Pay will be paid in periodic installment payments consistent with the Company's payroll practices then in effect. Your base pay (e.g., weekly salary, "benefits base" or pay rate, as applicable) at the time of your Separation Date will be used in determining the amount of your periodic installment payments. Years of service are generally measured from your hire or rehire date and are rounded up to the next full year. Your initial and/or final installments of SUB Pay will be pro-rated if your period of payments does not correspond to the related regular payroll periods.”
Look, any cuts at the untouchables at Pershing guarantee a well thought out Layoff. Let’s let Pershing go quietly back into the early 1980s.
Burke - totally agree, but the issue is the D and MD ranks are full of RTO non-compliant people, and the company turns a blind eye, while turning the screws on the rest of us.
Let go of 2 employees so far from my team but there are 5 total from my division in total. I don’t know who else was let go as I was not in the westborough office today. We instructed the team to work from home to avoid seeing any layoffs taken place in the office. You might not know until the week of the 20th or longer as some people were given the option to work until the 20th.
They should have let go of the people who aren’t complying with return to office. People are taken advantage and their bosses are letting them. You should have the same rules for everyone. Stop making special rules for people stealing work time. Driving to and from the office during working hours is stealing time. You should be ashamed if you are their manager. You should’ve put their name to be terminated it’s be going on for months.
@tcn+1psuCwML
Was your 3 months sub based on tenure years worked?
Regarding terms should know more tomm but 3 months sub pay here
I think "vestment" is appropriate - this place needs the last rites.
Forget 240G.. they’re where all of our problems were created.
Pittsburgh actually still has people who can competently run a Custody Bank.
Odd, I thought that you all walked out giving the bird to Keating?
A “Vestment” is a robe that is worn by a priest. It has nothing to do with a 401k becoming “fully or partially vested”, which is the word for which you’ve been searching. Allow me to guess… University of Phoenix grad in Comparative Religions?
@hdi
how many from ISD?
@jp
Yes… it is indeed another 1% layoff.
Which team, where and how many people?
@pap What team are you a part ?
Confirmed! It is not a rumor. It happens to my team.
For those of you getting boot - what are the terms?
Bonus, 401K vestment if under 3 yrs, and SUB?
Wealth Management, PGH- 7 of us got the boot.
@ Sad
I'm sorry to hear that
As far as recruiting, they've never been a help to our area. We've had to source our own talent and set up interviews on our own
Also, this is going on through the 8th for people saying it's rumors
Several folks from ISD got the ax. All great performers too. Very sad.
Simmer down folks, the week is young.
The entire Talent Sourcing Team got hit with 20+ casualties. Best of luck with early career recruitment. nothing like getting a call scheduled on your calendar first thing to hear this news. Wishing the best for those who were laid off. This place is the most toxic environment I have ever worked in.
Lot of hype for two displacements bankwide.
Guess it’s back to the powerball for me.
Not a rumor. I am a casualty. Oriskany office
Have a little empathy for people to the id--ts saying it's rumors
Another failed Layoff rumor.