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https://news.artnet.com/art-world/museum-of-fine-arts-boston-slashes-jobs-as-financial-woes-deepen-2741616
There seem to be layoffs spreading across the financial services.... especially asset management and custody space (State Street, Fidelity, BlackRock, Vanguard, Schwab, Citi, Morgan Stanley). I’m curious whether this is mostly cyclical or tied to longer-term structural shifts. What do you think are the main reasons?
Lots of rumblings from both consulting firms and at higher levels in Houston that a significant amount of Shell’s GoA assets in 2028 reach an opex/profitability threshold that will require the ELT to decide whether to divest or commit to cradle to grave with P&A and decommissioning that may far exceed 10 Billion dollars.
Wisdom of crowds and insiders.
What assets get divested?
Can Shell do marginal production management?
Will Shell ride the Idol Iron Clock?
Other interpretations and ideas welcome
Metropolitan Opera Reduces Staff, Programs Amid Budget Woes
The Metropolitan Opera announced layoffs and pay cuts. These measures address fiscal pressures from the COVID-19 pandemic. Twenty-two administrative staff were laid off, and executives face salary reductions. Next season's productions will decrease, and one opera is postponed. The company seeks new revenue and expects full pay restoration by August 2027.
https://theviolinchannel.com/metropolitan-opera-announces-layoffs-amid-financial-strain/
The Hackensack school system's budget deficit has increased to $17 million. This figure is $2 million higher than previously reported. District officials warned that up to 90 staff positions may be eliminated. An audit revealed years of financial mismanagement and improper practices. The Board of Education has sued former officials over their alleged role in the crisis.
https://www.njspotlightnews.org/video/hackensack-school-district-threatens-layoffs-amid-17m-budget-deficit/
Hackensack, New Jersey
Has anyone heard anything, im struggling financially now after years of no rises. Grocery and other costs are astronomical. Its an urgent issue now.
No matter where you work, you should work toward accumulating a financial base to where you can tell anyone that they can go “F’ yourself”. This takes time, a lifetime in some cases but it can be done.
Don’t spend your raises or bonus’s and funnel your extra money into investments. On raises and bonus’s, put about 10% of that aside to reward yourself but be as frugal as you can be. Now Citi does not make this easy as they are extremely lacking in rewards for a job well done but still this is an achievable goal. Work toward a 1 month pay in liquid cash, then 3 months. Put this amount in a CD at a fixed interest rate. Then work toward 6 months, put this into a CD. Then 9 months, same thing, then a full year same thing. Again this takes time. Once done though, as they mature, you’ll be faced with a decision to cash them in or roll them over. Stagger each CD purchase to where they don’t all mature at once. I get it, I really do. This is not a quick fix, its not a fast turn around and you have to spend money to live. It’s a choice though that’s worth the sacrifice. Max out your 401K always.
Resist the urge to have the latest and greatest Iphone, entertainment center, PC, car….etc. … Work hard toward wealth, not money. Build enough wealth to where you don’t care what Citi does. Enough cash reserves to where if you get let go, its of no significance to your life.
If this is so great and fail safe why am I still working at Citi, you may be thinking. I have a good gig. I’m happy and I get paid. Should Citi ever deem my employment no longer needed, that’s ok too. Should Citi ever do or mandate something that I don’t care for, no issue there, I’ll just walk. Simple as that.
I admit, its not always been that way but like I said, this takes a tremendous amount of time and its exponentially harder to do if you have kids but this is what Citi hinges on. They rely on your desperation, your continued need to have to have this job. The more desperate you are, the more you can be abused and strong armed to work crazy hours with the implied “or else” that’s aways preached. They are masters at telling you several things to enforce this. Key phrases such as “its a bad job market out there” , “better the devil you know”, “other banks operate just like this” and on and on. At times all of this is true, at times only some of it and at times none of it is true.
There are other job sectors to look into you know. Citi would have you believe that this is the only place you can ever work and this is the only place that would ever employ you. It’ll do you no good to ever look anywhere else for a job, this is as good as its ever going to get in your life. This is just not true so don’t buy into it.
Work hard, invest what you can, invest in yourself as well (skillset), be patient, network outside of Citi, take care of your heath and work toward the goal of having enough money to where you walk away anytime you want to.
First quarter of 2026
Out of curiosity I did some AI based research to see how and when a company must account for severence expenses under GAAP, taking into consideration 60 day notice periods, and basically they can incur the expense when they notify you so long as their is little chance of a reversal. additionally. if they have already made their lists for the first part of 2026 (q1/2) and are certain those positions are going away they can take the expense earlier such as in the $612MM hit we took this past quarter. So while severance expenses are expected to be lower by $700MM in 2026, part of the reason they can say that is that layoffs happening in the next few months are already paid for.
https://www.reuters.com/legal/transactional/blackrock-cut-around-250-jobs-latest-layoffs-2026-01-13/
Does anyone know if the bonus payout is similar to last years?
More layoffs this year
It’s coming
https://www.investing.com/news/stock-market-news/cvs-unitedhealth-cigna-accused-of-diverting-billions-via-shell-firms-93CH-4433238
Follow the money.
This begs the question of how budgets were managed in such a way to not only reduce bonuses and promotions but eventually cause mass layoffs.
richard baker steps down and now they need $1 billion to keep the doors open. get your resume ready!
Other than a lot of buzzwords, what the he-l does it actually mean?
Keep hearing tunors of AML/ Finananciao crimes cuts in 26
They say inflation is going down since 2023 but I still see everything breaking the bank including basics like groceries to homes. Stock market is predicting a recession next year by end of year. Taking careful financial steps and planning next year is the key to survive.
If there is a global financial reset like they are talking about, employed or not, we’re all in trouble. Half the economist don’t want to talk about it out of fear that it’d cause a panic sell of stocks, which in turn expedites it. The other half have been singing it from the rafters as a warning. IF it does happen, your dollar is worthless. Your paycheck regardless of amount will all be equal, the same value, nada. What concerns me is that economist all over the globe are worried about the same thing and are leaning more toward a “when” instead of an “if” it will happen. Thoughts?
It’s the most recent layoff in an ongoing pattern. The bank has filed 19 WARN notices for 461 eliminated positions, and 40 more workers have been told they will be laid off in January 2026.
https://who13.com/news/metro-news/63-wells-fargo-employees-to-lose-jobs-on-december-26-more-to-come/
Nordstrom Credit Bank is located in Colorado but has remote employees in Arizona who will be laid off as part of the transition.
The Colorado location was not closing but would retain only a few employees after the transition, Laura Duve, of Nordstrom’s human resources team, wrote in a letter to the Arizona Department of Economic Security.
Starting layoffs at agent level in merchant and card.
Looking to apply to a job within the Omaha office...any insights on this and the teams? I've heard some horror stories from people who have worked at Fiserv but don't see Omaha mentioned much? Looking for brutally honest answers, thank you in advance!
Are we riffing 15000 employees to pay for Frontier? Does the deal make financial sense with Verizon’s debt burden?
In another thread someone said the field is being targeted with layoffs now? Can anyone verify this and how widespread it is?
someone eli 5... how did Fiserv win so many awards until last year and fall this hard so fast?
Word on the FIS layoff thread is that TSYS team members who are moving over there will be laid off this month.
Notification went out today to TSYS team members who will remain part of GP and will not move to FIS. Current legal entity is TSYS and that will shift to Global Payments.
Talked to two Grade 8’s - both in FI, who are extremely confident that there will be some sort of RIF this month, maybe 11/18. Sounds like a sizable cut.
Another person I used to work with in PI Phones, high up, confirmed. Anyone else hearing anything?
Layoffs will be bigger than the 15% wave a year ago. The goodwill write down will be in excess of 1 billion, and that will lower the EV and push Debt to Equity to over 1000%. Access to debt markets will effectively cease, and vendors that aren't getting paid in a timely fashion will Dun XRX. Also, the fact that the patent sale hasn't produced any dollar amounts, or hype from SB, means it is probably a terrible deal. Those patents are part of the EV of XRX and will further degrade the value of the company on the next call.
I’m out. I’m a financial advisor in the cac. I feel like they have made me shove my nose up a moose an-s. I am heritage Bb&T and really thought we had something good. I am still mad about Tim and furious about Murdock (again. Seriously, the best guy in the company). I’m out. We are dropping like flies. This place is cr-p. I will say no more. It’s just bad from top down. I am out.
The first Monday of November is when layoffs were done the last 2 years. That allows your employment to extend into the following year and you get the annual bonus.
Stifel Chairman and Chief Executive Ronald Kruszewski on Wednesday sent a memo to the company’s employees, including 2,300 advisors, seeking to counter rising speculation that he could sell the 135-year-old firm.
“Let me be clear. Stifel is not being sold to Raymond James or to anyone else,” Kruszewski wrote in the memo, which referred to a report in industry publication WealthManagement.com.
The article had linked Stifel to a potential deal with regional rival Raymond James Financial. The publication cited anonymous sources who said that legal pressure and rising costs tied to barred Miami broker Chuck Roberts could put pressure on Stifel to sell and that Raymond James was discussed as a “likely buyer.”
Kruszewski called the report “ridiculous and misleading” and compared it to a “White House leak.”
“I’m just surprised Stifel isn’t being linked to Russian collusion,” Kruszewski wrote in the memo, titled “Setting the Record Straight (With a Smile).”
A Stifel spokesperson confirmed the memo but declined further comment.
Raymond James did not return requests for comment. Wednesday’s article noted that, “[I]t is unclear how formal the talks are between the firms or if an agreement is imminent.”
Raymond James trades at a market capitalization of around $31 billion compared to Stifel’s $12 billion. The St. Petersburg, Florida-based firm has around 8,900 brokers.
“I know the folks at Raymond James,” wrote Kruszewski, who has led Stifel since 1997. “They’re a nice company, but let’s be honest, I believe Stifel is number one.”
The question of a sale surfaced last week on Stifel’s third quarter earnings call during which BMO Capital Markets analyst Brennan Hawken asked about whether the company was for sale and noted that, “Many investors believe that [it] can make for a good target.”
Kruszewski, 67, responded that there was “no need” to sell the company and that questions seem to be driven by concerns about whether he could run out of energy and want to sell.
“That ain’t the case here,” Kruszewski said on the call. “I’m not looking to do anything.”
A source close to the company said that Kruszewski was concerned following the earnings call that plans to sell its non-core independent brokerage business had been conflated with an intention to sell the company.
Stifel on Monday announced it had agreed to sell its $9 billion-asset independent contractor unit to Equitable Advisors, confirming a report earlier this month.
Common Wealth said the same thing and they sold like 4 months later. I definatley think they are selling now.
https://www.morningstar.com/news/marketwatch/20251029375/fiservs-former-ceo-left-the-fintech-company-in-crisis-trump-put-him-in-charge-of-social-security
Heard all 5's will be let go in the first week of December as opposed to usual January round. True?
Looks like rumors were true all those people will be laid off.
https://www.advisorhub.com/exclusive-stifel-to-sell-indie-brokerage-unit-to-equitable-advisors/
any know why?
Reorg coming this week is what we are hearing especially in San Diego