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Any word on layoffs at JPM?
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Senior leaders and the board of directors only care about the performance of the stock and doing what they think Wall Street wants to see. They don't care about you, or me, and would just as likely stick a shiv between the ribs of a C suite peer if it meant a material gain to their personal stock holdings. That's it. That's the game.
Common and normal are two different things. Unfortunately, it’s common, because companies no longer see layoffs as a failure if it helps the c-suite make more money and the stock prices
Normal, a in an okay thing to happen in a healthy, sustainable economy? Absolutely not
Same at Publicis. They do layoffs in smaller numbers on an ongoing basis in the US to stay under the threshold required by the WARN Act, to avoid bad press and protect stock prices.
Yep and Publicis do layoffs of really good people for no reason—no loss of biz, no merger, no acquisition —they just keep unceremoniously dumping grid workers even though Arthur keeps claiming record growth and touting new biz wins. At one point they had just laid people off and he told us in a town hall to get our friends and colleagues from other agencies to come work for Publicis, which was so tone death.
It's creepy. You all the sudden just see someone removed from the Teams chat and you know they must've just gotten dumped.
Pro
We are nothing more than pawns in their game of chess. That’s it. It’s also why it’s important to have absolutely ZERO loyalty to the company you work for. The big ones, anyways.
I’m assuming you’re in North America? Because lot of places in Europe aren’t like this.
The UK. I've been here 4 years, and there's been at least 1 round of mass redundancies every year.
Agreed. Ogilvy Health is just way more obvious about it than other companies probably
It doesn’t help that the US has normalized at-will employment. It’s bad in other countries but not nearly at the scale of the US.
Same thing at dentsu. How do they bypass related laws?
They have an entire department of lawyers on salary and not one laid off employee that has the money to challenge them.
Does your company use Dell Laptops? Sounds like they're experiencing cash flow issues
So what is this, cycles of layoffs and new hires and layoffs again? How do they stay staffed to actually get any work done?
They lay off then immediately rehire for most of those same roles… but at $20K less than the previous employee
Rising Star
Accept it or quit, I guess.
This is such a toxic mentality.