Layoff Report

2,400+ cuts in Riverwoods – anyone have clarity on severance?

0x2e8f…59bc

·27d ago·2 comments

Just saw the WARN notice hit for the Riverwoods location. Over 2,400 people is a massive number to drop in one go. It feels like the integration of the Discover acquisition is getting messier by the day. I’ve been hearing rumors for weeks that the redundant roles were coming, but the scale of this hit is jarring. My team is currently on a total freeze and nobody from leadership is saying a word in the internal channels. I’m just trying to figure out if the severance packages for this wave are consistent with the previous ones, or if they’re tightening the belt on exit terms too. If anyone on the ground has received their notification or knows if it’s standard pay-out, please share. Feeling pretty sick to my stomach for the folks in Illinois today. This company used to feel like it had some stability, but that clearly went out the window.

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Comments (2)

0x7f73…4468

·27d ago

I was impacted by the Riverwoods layoffs this morning. HR sent out a generic packet via email about an hour after the portal access was cut. It’s definitely not the generous package everyone was hoping for. You get base pay for the notice period, but the actual severance formula is pretty bare-bones considering the tenure of the people they’re letting go. Don't expect any of the 'above and beyond' stuff they promised during the acquisition talks. Check your personal email immediately, as that is where they are sending the release agreements.

0x7371…407f

·27d ago

It is honestly sickening how quiet leadership is staying while 2,400 lives are being upended. I’m still currently employed, but the atmosphere here is incredibly toxic and paranoid right now. Everyone is watching their back because the integration process feels like it’s being run by people who have no idea how these departments actually function. If you’re waiting on word regarding your specific severance, don’t hold your breath for transparency. They want us to keep hitting targets while they quietly clean house. Stay safe and start updating those resumes today.