Capital One Layoffs
got laid off today. anybody else? seems like they're doing a round of giving people below average reviews almost as excuse to not give severance so that they can be marked as layoffs due to performance reviews. frustrated. been hearing things for a while now about management changing up their rating scale but nothing was transparent. #layoffs
YOE? Skillset? TC ?
You answered none of those questions
So were you laid off individually or along with a group of engineers?
It’s looking like 10% from all levels in tech, at least according to a poll in c1 blind. So now it’s 10% layed off today + 10-15% put on pip last week.
So capital one had a layoff today?
Do you know how much severance you were offered?
2 months
Paid upto Oct 1. At least 3 months severance after that.
So was this layoffs in management this time ?
In tech
Both ICs and middle management
I know folks who got laid off in the Arjun call as well. Yes Arjun - EVP of Financial Services is who delivered the news.
Arjun call?
I think he meant June
What was your rating OP?
What I was told if you got a Low between 20-22 and a Low in 23 you were cut.
If you are let go due to performance you were fired. A layoff indicates that people were let go through no fault of their own regardless of performance. This just sounds like Pip.
Sure — just happened in the same manner a layoff would. Had a random zoom call pop up on my calendar that my manager didn’t even know about. Didn’t have any sort of negative feedback while on my team until today. Whether it’s performance based or not, still felt inhumane. I also heard they have been putting higher %s of people in the below average rating to force layoffs
performance “low” buckets were doubled this round in order to make cuts to make budget for next year. its common for managers to rotate who gets a low rating among the average engineers to make sure no one person gets too many low bucket reviews in a period of time the difference is that for the first time ever theyre looking back almost 7 review periods
What level are you? Also what organization?
Market is recovering. Hopefully you land a new gig soon
Thank you!
Market is recovering? May be LinkedIn is biased and I don’t see relevant roles. I should sue Linked then
That’s been the norm at multiple companies now. This aggressive pipping and forced attrition is going to continue into august. Earnings recession is coming.
I feel like layoffs = companies blowing earnings out of the water. Just look at msft and meta.
Layoffs=companies preparing to compensate for dismal earnings.