Anyone else get the vibe there will be significant layoffs at year end? And I mean in excess of the year end stack-based management cuts. So far I’ve heard of: - A hiring freeze (not sure of scope, but maybe enterprise wide) - Ending contracts of new contractors - Not renewing longer, existing contractors as they expire, in some cases for contractors known to do quality work Everything seems to imply a significantly reduced budget, almost certianly due to the data breach and the aggresive hiring leading up to it. Curious what other people’s rumor mill is saying.
Yield curve is hurting spreads which directly impacts interest income. I don’t know what percentage of the revenues is interest vs non-interest income but guessing it’s super high at capital one. So yes, short of a steeping if the YC you can expect cost chatting in all financial companies.
Also, there wasn’t enough natural attrition this year, so they’re going to increase the percentages being unnaturally attrited by performance management.
ah the good old butt in seat trick, yep need to kick those guys out lol
Layoffs are for eliminated roles or excess hiring leading to redundant roles. Expect some in Walmart areas and over invested areas. We still need sacrifices for performance management and those will be bigger in January than usual. Cut off is in October. Certain orgs like tech do this every 2 years. We hire a lot of sub par talent that needs weeded out. Comes with the stats.
No evidence, but I have a feeling there’s going to be a bunch of unhappy people soon
In CDML I can confirm a ton of contractors being dropped by October 4th. Mostly Plano
Some Platform folks cdml gonna get axed.
Yeah, I guess they are making contingencies for incoming class action. My lawyer is hangry.
There is already a talk about identification of bottom percentage and I can already see performance management champions stressed out. I hate this phase of capital one.
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Definitely signs of budgets tightening but that’s nothing other companies haven’t already been doing