I work in IT for a large financial institution (one you definitely heard of). Last week, almost every manager that oversees "small" teams was let go without warning across the entire company (not just in IT). This includes my own manager of a team of four people. For the moment, we were told to report to our senior manager who by my count now manages upwards of sixty people (most of them now also without managers).
Obviously, this wasn't a complete surprise due to pandemic cuts, but I'm still pretty freaked out. I'm also pretty sure another reorganization is coming given that our team wasn't stacked creatively in the first place (our team does hardware and virtual engineering for a non-prod environment, our senior management is over storage engineering). Because of that, I've also had almost zero interaction with our new manager. I literally only spoke to him the first time after the layoff. Come to think of it, I've spoken to HIS manager more often.
Should I expect another shoe to drop at this point? I'd like to think the strategy at this point is to organize the remaining employees a little better and see how it plays out, but this is one of the most aggressive things I've seen a company do firsthand. Curious if anyone else is going through some serious cost saving.
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