Compass Bank Layoffs Job Cut: fires 1200 employees: Finance Trading Times

Compass Bank Layoffs Job Cut: fires 1200 employees

The news is not good for the employees of Compass Bank. The recession is taking a toll on all sectors. The latest additon to the list of companies going for layoffs is the Compass Bank. No one seems to be shielded from the effect of recession. It the Compass Bank Company, which have decided to go for the layoff. Compass Bank Layoffs

How many employees will be fired in the Compass Bank layoffs?
There could be around 1200 job cuts by the company. That will be around 10 percent of the job cuts.

Which location will be affected by the layoffs?
The layoffs will be done national level - at almost all locations in the six states where the bank is present.

What is the primary reasons for Compass Bank layoffs?
Merged into Compass were three other U.S. banks acquired by BBVA: State National Bank, Texas State Bank and LNB, formerly Laredo National Bank. The layoffs were a further way to streamline operations of the combined four banks.

Any previous layoffs by the company?
No. There are no reports of any previous layoffs.

How much savings is expected due to layoffs by Compass Bank?
No concrete details are available but it is learnt that company is going for all cost cutting measures.

Any other news about Compass Bank layoffs
BBVA said it may have lost as much as $404 million from investing with Bernard Madoff, according to Bloomberg News. The bank acted for other institutions and investors by setting up products linked to funds that invested in Madoff’s securities firm, which was part of an alleged $50 billion Ponzi scheme
Let's hope that alternative jobs are available to the affected employees of Compass Bank Layoffs Job Cut
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Anonymous said...(on 26 January 2009 at 08:35 )  

Not published is the fact that BBVA Compass Bank fired about half of its management committee during the 4Q09, including Gary Hegel, CEO; Lee Harris, head of Human Resources; Greg Deming, Head of Risk Management; Clayton Pledger, Head of IT & Operations; Thomas Graham, Head of Communications among others.

Also not published are layoffs the company and all of its acquired banks made in the spring and summer of last year, about 700 or more employees affected.

Just food for thought.

Anonymous said...(on 26 January 2009 at 17:08 )  

My husband and I, as well as many others, were laid off back in September after the Texas State Bank Merger. There were more laid off after September also.

Anonymous said...(on 26 January 2009 at 18:28 )  

They pretty much have kept everyone in the dark, handled very unprofessionally and the new current management seems a little clueless on how to actually manage professionals. Supposed to be client oriented but our clients are already freaking out that the bank is Spanish Owned, do they even like Americans?

Anonymous said...(on 26 January 2009 at 19:38 )  

Yes our earnings report comes out on Wednesday so if we lay off all of those people it will show we are trying to remain profitable. Maybe if we did not spend funds so needlessly on glossy magazines and investing in art we could keep our American workers...very sad

Anonymous said...(on 26 January 2009 at 19:39 )  

Where are Jim Barri, Chris Sakaguchi, D. Paul Jones when we need them? HELP!

Anonymous said...(on 27 January 2009 at 01:55 )  

It is a very sad thing to keep employees and in the dark. Rumors have been snickered about for several weeks and when management is asked questions they tuck tail and run in denial when you know they know something. Then how rude is it to submitt a email to all employees without having a meeting of some sort instead of blind siding thousands of human beings. Sad thing is that if things aren't working now with the current work force when selecting the unfortunate ones to let go a strong upper management needs to make sure someones buddy doesn't stay instead of the one that works harder and is most punctual. I can think of several in my location that are dead weight. But yeah I forgot we are now owned by a foreign company why should they care about americans. Next thing you know all the spanish will move over here and take over the jobs that were cut at a lower pay scale.....Thought english was the american language. Obama boy do you have a lot of work to do with this country I do not envy you but I will suport you. God belss american and its citizens you have kept america....AMERICA!

Anonymous said...(on 27 January 2009 at 06:20 )  

Quit complaining, this is the United States of the World! This is the only country is the world without it's own culture! You seem to adopt and celebrate the rest of the world's cultures! This is not the first or last time a foreign country will buy one of your businesses and get rid of employees to replace them with their own! "God bless America"...yes god bless AMERICA which includes from canada all the way down to South AMERICA!

Anonymous said...(on 27 January 2009 at 07:22 )  

God Bless the United States of America-ok better? Listen the upper management could take a few classes in management..also whats with the new brochures..Spanish first and English second? Interesting...What about the idiots that invested 404 million of clients money with Bernie Madoff who in upper managment made that decision--??

Anonymous said...(on 28 January 2009 at 20:26 )  

While I understand the need for streamlining operations, I don't understand why BBVA is mentally torturing the employees of the individual banks by announcing a massive layoff so far in advance of notifying those employees to be terminated. This is the kind of stress that causes strokes, heartattack, and could even lead to 'postal' behavior. Could this poor judgement have anything to do with 'no hable ingles'?

Hmmm... do the bank offices have metal detectors??

Anonymous said...(on 29 January 2009 at 09:07 )  

Compass Bank executives in the U.S. are a bunch of greedy gringos who would sell their mother to the devil for a new 7 series BMW. BBVA has them all running scared and that's good! Their HR department has behaved like the keystone cops of personnel management for years. Shake up here is long overdue, just wish it was more focused at the upper levels of mgmt rather than the poor retail workers.

Anonymous said...(on 31 January 2009 at 13:02 )  

Some very good comments on here! Seems to have been a culling rather then a restructuring layoff to benefit the company as a whole! With what I have seen leave in the past week nothing is going to be a benefit for the company as a whole to survive. Looks like the buddy system is still alive! You know who you all are! You should all be ashamed of yourselves! What comes around goes around. Watch! If Compass was so strong and had no problems before it sold out to BBVA.....then it is BBVAs fault everyone is losing their jobs! If Compass was doing so well....Why the hell did they sell out to begin with! Things that make you say HUMMMMMM.... Someone has been hiding something under the hay stack somewhere. One of the two companies knew they were going down. Either Compass was and was hiding it..or BBVA was and bought Compass to make it seem like Compass drug them down! Yes this is the banking industry we are talking about so yes pass the buck!
As for 'Anonymous 27 Jan 2009 @ 6:20'....seems like you might be a foreigner that needs to go back to where you came from if you call this the United States of the World! This is the UNITED STATES OF AMERICA and damn proud of it! Where in gods name did you get of the world?! America may cater to the world....but the whole world takes advantage of that! The only ones celebrating other cultures in america are those of another culture that Americans let in! Which is becoming a huge mistake for this country!

Anonymous said...(on 1 February 2009 at 06:46 )  

haha don't get upset buddy!! Truth hurts doesn't it...this is the melting pot of the world!! Anyone can live here and still feel at home!! American's go to any other country and are hated!! Sucks for you!! Keep up the good work...oh you guys don't have many jobs anymore i'm sorry...hahahaha...we'll keep taking them so they don't go to waste...good day!!

Anonymous said...(on 1 February 2009 at 06:46 )  

haha don't get upset buddy!! Truth hurts doesn't it...this is the melting pot of the world!! Anyone can live here and still feel at home!! American's go to any other country and are hated!! Sucks for you!! Keep up the good work...oh you guys don't have many jobs anymore i'm sorry...hahahaha...we'll keep taking them so they don't go to waste...good day!!

Anonymous said...(on 1 February 2009 at 17:42 )  

I left just two weeks before conversion to BBVA Compass...take my word for it...the people who were laid off last week just received the greatest gift! BBVA Compass is all that is wrong with banking today and if you are a customer , God help you. This has nothing to do with the bank being owned by another country, BBVA Compass operates just as the old Compass did. It was in trouble before BBVA bought it, and for some reason BBVA still let it run full steam ahead when converting it's first 3 bank purchases into Compass. As far as I'm concerned, it can run full steam ahead right into the ground.

Anonymous said...(on 2 February 2009 at 08:54 )  

Wholeheartedly concur with previous comment! BBVA is just now realizing what a HORRIBLY run company they have acquired and are now having to face the hard task of righting a ship that has been listing for a decade. Compass bank is the poster child for greed and hubris in the banking industry. BBVA is too smart to let it continue.....

Anonymous said...(on 2 February 2009 at 15:15 )  

I totally agree that getting a Broadcast email just before the weekend advising of the massive layoff of 1,200 employees was not a thoughtful gesture. I must say this was very distasteful not to mention it certainly ruin every one weekend. Thank you for the major stress levels everyone was forced to endure.

I also agree that this has nothing to do with the bank being owned by another country, however, I do see a problem with BBVA not doing their homework before finalizing their decision to operate under Compass rules. Compass Bank had too much bad publicity and other unethically practices. Don’t penalize the employee for all the bad choices that both banks risked.

Let’s all just pray that our economy will soon recoup from this nightmare so we can all continue to have normal life plus a job and good health.

Anonymous said...(on 2 February 2009 at 20:02 )  

Its a little dangerous now with skeleton staffs people are looking haggard and its tough to find people to correct problems, loans deposits etc,,,I thought we were supposed to be "customer focused? Its going to be interesting this year to find quality folks to make this a profitable bank like it was. the word is spreading like wildfire, the top producers will leave--Wells is still hiring!!!

Anonymous said...(on 3 February 2009 at 06:35 )  

Banks are never truly "customer" focused - they are profit focused, and since Compass has spent the last few years trying to make their P&L look good so they would be acquired, they are worse than most! Az and FL watch out - wouldn't be surprised if BBVA dumps you. They wanted Texas......

Anonymous said...(on 4 February 2009 at 01:01 )  

I couldn't be happier. I worked at Compass and it was filled with corruption from top to bottom. I am sure more bad news will come from this dung heap masquerading as a bank. This "bank" is a prime example of our government turning a blind eye to corruption.

Anonymous said...(on 4 February 2009 at 04:33 )  

If you do a little homework, you'll find that BBVA's history is full of red flags, from its roots with the terroristic Basque seperatists, to its off shore accounts that were discovered several years ago, to its connection to Hugo Chavez (including financial support to get him in office). HMMM!

Anonymous said...(on 9 February 2009 at 14:49 )  

Broadcasting layoffs by email was indeed the most unprofessional way of handling it. I unfortunately was laid off which was to be effective immediately. This gave me no time to say my good-byes. Nevertheless,this was the best thing that could have happened. I was proud of my bank before it became Compass Bank. So much for punctuality, staying late, never calling in sick its the dead weights/slackers who still have their jobs. It's true the bank kept this hush hush & many employees were told their jobs were secured months later we're being laidoff. No doubt in my mind this bank is headed to failure.

Anonymous said...(on 10 February 2009 at 06:28 )  

I agree with anonymous 02 Feb 2009 15:15 BBVA should have done their homework before acquiring Compass Bank. How they made the decision of using Compass banking system is beyond me. Their system is the dinosaur of computers and the tellers work offline what's up with that. Not only that the bubby's that were sent from Compass to train the employees still need continuing training themselves. Some did not have the answers to questions when asked. As I recall one buddy who's been with Compass for more than 5 yrs would contact someone else for answers then that individual would contact someone else (domino affect). Calling customer service/ROSS for guidance, what a joke. Friends & former customers complain on a daily basis what a mess TSB has become. As for the previous owner of TSB shame on you but money talks. Hope you sleep well at night.

Anonymous said...(on 11 February 2009 at 18:08 )  

Same goes for the owners of State National Bank. The former employees of SNB paid the price for your greed. As you spend your millions, Tom, I hope you think about those of us who didn't make it!

Unknown said...(on 26 March 2009 at 08:40 )  

i am a reporter in the dallas area and would love to hear from any compass bank employees who were recently laid. please contact me at thank you.

Wish you all happy and fruitful trading and investing activities with safety! = = = Post a Comment

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