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Technically, 60-day notice is required for a mass lay off. BOA is doing weekly layoffs at a number below what is required to report to the city, hence the press. Large companies do this to lessen the blow of layoffs in the media. It helps the company, but kills moral and the employees.
I might add, mass layoffs for a particular state have to be reported. I elluded to this earlier, but what's not evident is how many of these layoffs are in Charlotte. I think the assumption people are making is that most of the layoffs are happening in Charlotte.
I might add, mass layoffs for a particular state. I elluded to this earlier, but what's not evident is how many of these layoffs are in Charlotte. I think the assumption people are making is that most of the layoffs are happening in Charlotte.
I guess that is why I am frustrated, CB. No one is revealing the actual number of layoffs and where those layoffs are taking place.
Where did I see the estimates a matter of weeks back as to the likely number of total layoffs for the banks? What I want to know is: WHERE - what departments/divisions - are those layoffs going to be made?
You can bet this is being done gradually. But . . . over time . . . what will the tally on job losses actually be here in Charlotte? That is my question and we all know that these decisions were most likely made b/f end of 2008. So someone, somewhere has a list . . . and is fully apprised of the "big picture."
This is what I know. I work as a contractor at the BofA.
2/3 - Technical Lead for the bank was laid off
2/20 - I heard one of my old PM's Boss was let go. (I believe it happened the day before). I think her title was SVP
The same day they are deleted from Outlook and our Instant Messaging System.
In the past 1 month I have received 2 calls about contract positions with both Banks. The rates are definitely going lower.
It's pretty brutal now. I definitely know they are canning contractors and if they are hiring they are hiring (in most instances, not all) the cheapest possible help, and only retaining a few (supposed) subject matter experts. I for a fact that's what's happening in IT and most of General Banking.
Is this about Wells/Wachovia? If so.....
Not sure what IT area your referring to but platforms have not even been discussed and made final. Just this week they planted the tiers and levels of mgt and who to report to and luckily very little changed. Wells is about 10+ yrs behind in the Platform they use and the recent meetings have discussed sticking with the full IT teams here and using Wachovias Infastructure. But it will not be confirmed till spring. Till then nothing is going on with the IT side of things other than rumors and guesses.
Also in the IT area I am aware has contractors and even offered 2 a position after the fact. But I do not know the pay of them. This leads to an easier feeling of what till become of IT here in NC.
Lets just take it a day at a time and let the media and rumors run but pray for the best. The only thing for sure will be a thinning and cross training of duplicated positions.
Mergers this large take time to complete. They are never easy.
Technically, 60-day notice is required for a mass lay off. BOA is doing weekly layoffs at a number below what is required to report to the city, hence the press. Large companies do this to lessen the blow of layoffs in the media. It helps the company, but kills moral and the employees.
That is why they are doing it this way. I know an AVP at BOA who was just laid off with only 2 weeks notice. She asked about the WARN act (60 day notice) and was told that there were not enough layoffs in that department to warrant the 60 day notice.
BoA has been laying people off pretty consistently for well over a year. I believe it was every Thursday or so you'd find out.
Wachovia, the Wells honeymoon (however short lived) is over, and they are going through each LOB and department superimposing the "Wells Way". It's pretty brutal now. I definitely know they are canning contractors and if they are hiring they are hiring (in most instances, not all) the cheapest possible help, and only retaining a few (supposed) subject matter experts. I for a fact that's what's happening in IT and most of General Banking.
Location: Charlotte,NC, US, North America, Earth, Alpha Quadrant,Milky Way Galaxy
3,770 posts, read 7,543,620 times
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Quote:
Originally Posted by baybook
Miker,
I've heard the exact opposite re: IT at Wachovia/Wells. I know for a fact that contractors are being hired and contracts are being extended.
Interesting
There is some hiring at the very low end, and for the most part. If you were a network support person making say $45/hr last year, they are hiring that same type of person for $30/hr. So they are squeezing the agencies and the agencies in turn squeeze downward to the contractor.
Some of those that are extended have been asked to take a pay cut.
Again, it's not each and every instance, but it's enough to be more than an anomaly.
Location: Charlotte,NC, US, North America, Earth, Alpha Quadrant,Milky Way Galaxy
3,770 posts, read 7,543,620 times
Reputation: 2118
Quote:
Originally Posted by emagine
Is this about Wells/Wachovia? If so.....
Not sure what IT area your referring to but platforms have not even been discussed and made final. Just this week they planted the tiers and levels of mgt and who to report to and luckily very little changed. Wells is about 10+ yrs behind in the Platform they use and the recent meetings have discussed sticking with the full IT teams here and using Wachovias Infastructure. But it will not be confirmed till spring. Till then nothing is going on with the IT side of things other than rumors and guesses.
Also in the IT area I am aware has contractors and even offered 2 a position after the fact. But I do not know the pay of them. This leads to an easier feeling of what till become of IT here in NC.
Lets just take it a day at a time and let the media and rumors run but pray for the best. The only thing for sure will be a thinning and cross training of duplicated positions.
Mergers this large take time to complete. They are never easy.
I can say with a great deal of certainty that in IT (which is so broad it's almost not proper to talk about it as a single entity) that higher end contractors are not being renewed, and they are going out getting cheap help. There is also a ton of "shuffling" in order to hide people in the reshuffled structure. If someone is a middle mgr for instance, he/she is made an individual contributor and given a different title- doing the same job, but organizational they "disappear" further down, since at some point that org line *will be* (not if it will) trimmed.
I can say this, pretty much go with your gut as to what's going on with the banks, even if you don't work there, it's pretty easy to read the tea leaves.
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