AM I NEXT? NO LOVE AT SANTANDER BANK (03/05/24)

MARCH 5, 2024 — 320 U.S. JOBS

The bank has announced it has cut 2.4% of its U.S. workforce, or 320 employees, to focus more on digital operations.

According to a company spokesperson, “The bank is evolving its U.S. business, investing in digital capabilities and simplified processes to adapt to changing customer needs. These steps have resulted in an update to our staffing model that impacts a small percentage of our branch colleagues.

MARCH 23, 2022 — 198 EMPLOYEES IN PROVIDENCE, RHODE ISLAND

198 employees in Santander Bank’s East Providence office will be let go on April 8, 2022, as the company stops issuing residential mortgages.

FEBRUARY 16, 2022 — Original post…

Boston, Massachusetts-based Santander U.S., a full-service bank subsidiary of Madrid, Spain-based Santander Bank, has announced that it is winding down its U.S. residential mortgage lending operations.

Approximately 800 employees nationwide may be impacted and layoffs are expected to commence in April 2022.

The decision was driven by internal studies that considered rising interest rates, lower originations, and fiercer competition.

According to the President and CEO of Santander Bank and its U.S. holding company,

Tim Wennes, “We are simplifying our business to focus on those areas where we can be successful with clients and deliver solid returns. We didn’t see a clear path to above cost-of-capital returns and made a decision to stop new originations. The decision should have no immediate impact on customers in Santander’s mortgage servicing portfolio."

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT CREDIT SUISSE SECURITIES

New York-based Credit Suisse Securities (USA), operating as an investment banking company offering strategic financial consulting,, wealth and asset management, capital raising, and private banking services., has announced the layoffs of employees located in its New York office.

According to a bank spokesperson, the decision was driven by the $5.5 billion in losses from the collapse of Archegos Capital Management.

The first permanent layoff of 69 employees will occur on March 6, 2022.

Additional layoffs associated with the closure of the company's U.S. prime services division, its prime brokerage businesses which it acts as a large lender to trading firms like Archegos, are scheduled for August 1, 2022.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT FRANKLIN TEMPLETON (02/18/25)

FEBRUARY 18, 2025 — 300 EMPLOYEES TARGETED

The company is laying off 3% of its personnel, or approximately 300 employees companywide, after months of significant outflows from its bond subsidiary Western Asset Management following charges from the Department of Justice and the SEC.

According to a spokesperson, “To continue to invest in our long-term growth initiatives and evolve for the future, we need to find savings and remain focused on our effectiveness and efficiencies.”

DECEMBER 17, 2021 — Original post…

San Mateo, California-based of Franklin Templeton, a major investment advisors and asset managers has announced the continuation of its restructuring and cost-cutting activities and will be laying off 175 employees, including 117 client representatives and client specialists in its Saint Petersburg office. Layoffs are scheuled by January 31, 2022.

The decision was driven by the cost savings that will accrue from outsourcing some operations to Jacksonville, Florida-based FIS, a third-party financial technology-based processing and payments company.

According to a company spokesperson, "The decision was made in part because of its purchase of the investment firm Legg Mason. We have made it a priority to move the combined firm to a single transfer agent platform, which will allow financial professionals and fund shareholders to purchase and exchange all of our funds with ease.”

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?