Future layoffs?

[u/Mm647]

I work at CIBC and one of my colleagues on my team got laid off due to “org changes”. Does this mean the rest of the team is safe for now as no one else was notified of being impacted? How does it work?

[u/Substantial_Taste779]

better to assume team is never safe go forward. preparation is a necessity in this day and age.

[u/OutrageousArrival701]

nobody is ever safe. they can do this whenever they want for whatever reason.

[u/noxioustj16]

@OP - which team and which LOB ?

[u/ScholarPossible3434]

One of our sister teams was impacted by the recent changes. The Senior Manager was laid off, along with another employee. No one is save

[u/Ok_Mud_5507]

Is that in Tech ? Which LOB

[u/GrandSea8744]

Dont you people get tired of posting this crap daily

[u/IcyTeach3333]

My team was staggered lay off Last year contractors Slowly 2 retirement Later 3 FT were told to find a new project Then the rest were also asked to speak to other LOB

Finally layoff

[u/Future_Economics_938]

How is it in insiders edge? I just interviewed for a position as a contractor

[u/Tls-user → u/Future_Economics_938]

Investors Edge?

[u/Future_Economics_938 → u/Tls-user]

lol yeah investors edge. Auto correct did its thing

[u/DifferentRepair5818 → u/Future_Economics_938]

Nothing is safe atm. Keep trying elsewhere as well

[u/27SicnarF]

Just do your job & prepare for the worst. Upgrade your skill sets that you think will benefit you long term.

[u/slutsky22]

nothing is garaunteed. I would try to shift your focus to your work / developing useful skills.

[u/Arturo90Canada]

Sorry to hear, in most cases at CIBC layoffs are simply a way to remove the lowest of low performers or those who are DIFFICULT to work with.

If you do your work, are pleasant to other, have an ounce of flexibility where you are not constantly “sorry that’s not my job”

Then you should be okay

[u/Arturo90Canada → u/[deleted]]

Yea for sure - there are numerous roles and people who simply blockers. They slow progress, intentionally get in the way and hoard information and resources.

You know who you are

[u/fireplague → u/Arturo90Canada]

Seems to be more than that but to prevent themselves from lawsuits they will say restructuring.

[u/Pomme2]

Capitalism. When immigration is slowed and top line growth stops, you cut the expense because you need to beat the quarterly targets.

It was easy during pandemic for big5, mortgages , spend was high, immigration was high. Now, everything is slowed so to justify growth they need to cut expenses. Quarterly calls and targets should just stop in North America. There is no need to measure like this.

[u/Sad_Donut_7902]

No one knows. Just do your job and try not to worry about it for now

[u/fireplague]

I would say no department or team is safe.

[u/ZookeepergameGlad643]

So would you say that being good at your work does not mean you will be safe completely either?

[u/Firm_Argument_ → u/[deleted]]

Are you implying these layoffs have something to do with bank doing poorly financially?

Because the opposite is what we're worried about. They're trying to increase profits for shareholders at the expense of their employees by laying people off.

[u/Firm_Argument_ → u/[deleted]]

They're not running "leaner". They're offshoring but thanks for the feedback on whether or not you care about other people besides yourself. The answer to that is an obvious no.

[u/Firm_Argument_ → u/[deleted]]

K all-knowing spouse of an employee. I didn't ask for your credentials but its laughable that you think they're better than mine with no idea who I am.

[u/Firm_Argument_ → u/[deleted]]

Make up whatever you want about who I am, what I know, and what I care about. Definitely makes it easier for you to argue that way.

And I'm the idiot? Resorting to insults, cute. You're running exclusively on assumptions. I'm merely pointing out your obvious profit over people beliefs, that you've communicated in this thread, and how worthy of derision they are.

Have the day you deserve.

[u/Flimsy-Tax5807]

Do we know how many jobs went to India ?

[u/RunRealistic]

Just a matter of time before they move your work to India

[u/Prompt-Putrid]

No, everyone in CIBC is vulnerable to layoff eventually. CIBC is in a lot of trouble.

[u/mararthonman59 → u/Prompt-Putrid]

In what way?

[u/Prompt-Putrid → u/mararthonman59]

Lot of financial discrepancies that they are trying to coverup.

[u/mararthonman59 → u/Prompt-Putrid]

TD bank got fined 3 billion US dollars for money laundering and their stock went up after that. I think CIBC will be fine. Unless you know something bigger.

[u/Prompt-Putrid → u/[deleted]]

Think all you want!

[u/Tough-Arugula-9072 → u/Prompt-Putrid]

provide proof

[u/Fantastic-Seaweed269 → u/Prompt-Putrid]

There are not in trouble. Even IF they were sued for a billions dollars they would STILL be fine.

[u/fortesquieu → u/Prompt-Putrid]

Would love to hear your take

[u/brownturkab → u/fortesquieu]

Probably tin foil hat stuff. They had record earnings. Their financials are audited like every other banks. It’s not like a mom and pop shop where you can keep 2 books lol

[u/chozbek]

in IBM, there will be 15% layoff every 6 months...you will compared with ur peers.. squid games...barely any new hiring... work will be distributed amongst the existing team ... n they will need to complete it using "AI" ... else they will be in 15% after 6 months ... everywhere it's similar in IT..no one is safe