Bank Layoffs

[trimatty471]

What is with all of the banking layoff all of a sudden?

Is this just a sign of things to come?

Wells Fargo:

www.bizjournals.com/philadelphia/morning_roundup/2015/10/td-bank-starts-layoffs-as-cost-cutting-measure.html?ana=e_du_pub&s=article_du&ed=2015-10-21

TD Banks:

www.bizjournals.com/philadelphia/news/2015/10/21/wells-fargo-lays-off-nearly-500-nationwide.html?ana=e_du_pub&s=article_du&ed=2015-10-21&u=OgVJ2O16RLR%2FM5hbRUeGfQ011bd1e9&t=1445458135

BNY Mellon:

www.bizjournals.com/philadelphia/news/2015/10/13/fmc-corp-chemical-layoffs-restructuring-brazil.html

[djAdvocate]

they are trying to maintain profits by lowering staffing.  if they ALL do it, then we are screwed.

have you been watching what is going on with Credit Unions lately?  very interesting.

i think that the US has lost several hundred in the last several years, and only gained ONE.

why? that subject deserves a thread. 

[resolution]

Did you see the articles about Sun Trust offshoring their IT department? Part of the severance agreement requires the staff to be on call without pay for two years from the separation.


www.computerworld.com/article/2994787/it-careers/bank-s-severance-deal-requires-it-workers-to-be-on-call-for-two-years.html

[djAdvocate]

Oct 21, 2015 15:40:59 GMT -5 resolution said:

Did you see the articles about Sun Trust offshoring their IT department? Part of the severance agreement requires the staff to be on call without pay for two years from the separation.


www.computerworld.com/article/2994787/it-careers/bank-s-severance-deal-requires-it-workers-to-be-on-call-for-two-years.html

they will probably have to train their replacements.

[Malarky]

Oct 21, 2015 15:40:59 GMT -5 resolution said:

Did you see the articles about Sun Trust offshoring their IT department? Part of the severance agreement requires the staff to be on call without pay for two years from the separation.


www.computerworld.com/article/2994787/it-careers/bank-s-severance-deal-requires-it-workers-to-be-on-call-for-two-years.html

I can not imagine a severance package good enough to require that level of further commitment. I personally would tell them to pound sand.  You don't want me to work for you?  Fine, I don't work for you.  

[NoNamePerson]

Oct 21, 2015 16:22:37 GMT -5 djAdvocate said:

Oct 21, 2015 15:40:59 GMT -5 resolution said:

Did you see the articles about Sun Trust offshoring their IT department? Part of the severance agreement requires the staff to be on call without pay for two years from the separation.


www.computerworld.com/article/2994787/it-careers/bank-s-severance-deal-requires-it-workers-to-be-on-call-for-two-years.html

they will probably have to train their replacements.

Racking my brain trying to remember another company that did this a few years back. I hate getting old and memory goes sideways!! I will start on google and see if I can find the article. But you are correct in both posts.

[gooddecisions]

I've been in the industry for 15 years (which is nothing compared to some of co-workers). This happens ever year after 3rd Quarter Earnings are reported in an effort to improve expense ratios before the end of the year. People costs make up most of the expenses, so cuts are made.

[trimatty471]

Oct 21, 2015 15:28:06 GMT -5 djAdvocate said:

they are trying to maintain profits by lowering staffing.  if they ALL do it, then we are screwed.

have you been watching what is going on with Credit Unions lately?  very interesting.

i think that the US has lost several hundred in the last several years, and only gained ONE.

why? that subject deserves a thread. 

No.  This just caught my attention.

[trimatty471]

Oct 21, 2015 15:40:59 GMT -5 resolution said:

Did you see the articles about Sun Trust offshoring their IT department? Part of the severance agreement requires the staff to be on call without pay for two years from the separation.


www.computerworld.com/article/2994787/it-careers/bank-s-severance-deal-requires-it-workers-to-be-on-call-for-two-years.html

That would have to be one heck of a severance package.

[djAdvocate]

Oct 21, 2015 19:20:32 GMT -5 trimatty471 said:

Oct 21, 2015 15:28:06 GMT -5 djAdvocate said:

they are trying to maintain profits by lowering staffing.  if they ALL do it, then we are screwed.

have you been watching what is going on with Credit Unions lately?  very interesting.

i think that the US has lost several hundred in the last several years, and only gained ONE.

why? that subject deserves a thread. 

No.  This just caught my attention.

it is utterly perverse.