I developed a way to save money for the bank. I was laid off right after that. It was my friends who told me later that the pilot program of my project saved bank 2 million dollars. It is a zombie bank.

US Bank just laid off many of their Asset backed securities people today. This was the division they bought from Bank of America. And this same day Bank of America laid off more of the remaining employees at BofA from that division.

On March 10, US Bank (Riverbank) laid off several hundred employees. This came after a mandatory 2 weeks unpaid was introduced to prevent layoffs. The 2 weeks unpaid made the news, but the layoffs did not make the news. Why? No information about the selection for lay off process was provided and employees were forced to sign waivers of "no contest" in order to receive severance pay. In the aftermath, those identified ex-employees are mostly in the 50+ age group, highly educated and experienced, hence were probably the more highly compensated, experienced employees. Do uneducated, low paid employees really make the best employees?

A dozen employees in my area have lost their jobs and were part of the U.S. Bancorp Cutbacks effective 3/17/09. They had been employed at the bank around 22-35 years and are between the ages of 47-64. Because several are not old enough, they have lost their retiree credits and other benefits. Several also had to forfeit their stock options. Because of losing their jobs, they only had 1 month after their last day to excise; USB stock at low, so they had to forfeit them. It seems the economy is making it most difficult for the more knowledgeable, most loyal, skilled and experienced employees to keep their jobs.