#banking

Posts mentioning hashtag #banking

Below are all the posts — topics as well as replies — that mention the hashtag #banking.

Mention #banking in your post to continue the discussion!

Acquisition Target

Fifth Third just announced they are purchasing Comerica to form the 9th largest US lender. The current administration is going to be a lot more open to consolidation. M&T is no longer be able to compete with the larger institutions, especially with their reliance on commercial real estate. Despite huge investments in technology, it's obvious that M&T can't keep up (as evidenced by the failed People's United conversion and an antiquated web banking platform). These layoffs could be an effort to make the company a more appealing target.

#Acquisition #Banking #Layoffs #Technology

Collective Bargaining is the way forward.

Collective bargaining is the only way to stop the autocratic march of America and business. It fixed the great depression, it will be the only way to fix the coming depression. They think AI will replace all of tech, but it's not ready.

All the naysayers have no clue just how much manual work goes into maintaining the illusion of this bank never going offline. If tech even took one single day off, the bank would suffer a huge financial impact. I work with one of the tech prod support groups, and you would not believe the amount of emails about things breaking. It's non-stop.

If IT wants to push back, form a union. Yes, the people who've been here forever (yours truly, over a quarter-century) would probably make out like bandits. So what? 5–7 years of being compensated what I'm actually worth, and I'll sail off into the sunset, never to work again, opening that job to the next person who has been paying their dues with personal time, for decades.

Management only has control if you let them have control, and you all - for some reason or another - are willing to let them run roughshod over you. So what if the economy is garbage? Anyone who works a real IT job here knows it takes a minimum, bare minimum, of 2–6 months to get someone onboarded and trained up. Even then, you start them out with smaller, more forgiving work, because it's a depth of knowledge job, not a breadth of experience job.

Just think back to how they thought they didn't need QA, laid all the QA groups off, then 6 months later, everyone you knew who worked in QA was back in the GAL.

Collective bargaining works, history proves it.

#CollectiveBargaining #Union #IT #Banking #Overworked

Wells Fargo Charlie and Opco Moving to West Palm Beach

Once Chainsaw Charkie took possession of the board he told his directs one down west Palm beach next year or you are gone. CRO Derek will do anything as he's close to firing he's yes. hR is a no CFO has other offers he's a no. COO mostly uses the jet to do personal self fulfillment he's a yes. CLO is a no Compliance is a no. IA is a No. And they want to move technology out of anywhere but Iselin NJ bc Bridgette wants it and she won't be forced to go. The CxOs were shocked and really none but Charlie want to go they will shut HY which they just moved into the entirety is poorly thought. So even if you are saf now next year is worse. My hope is to find any Job where I'm not treated like a baby given more work and leave. It's the first bank in 20 years where I've asked for more work and they won't give it. So I attend the meetings I have ideas for work one took and I'm dragging it out in case they lay me off in October they don't get the work product.

#Relocation #HQ #Banking #Leadership #Rumor

Desktop Activity Analytics

Verint is the vendor, they track activity while logged into the network. Not all departments have this, most do not. That probably will change at some point.

Essentially it measures activity, idle and inactive time as well as time in applications. Some activities can be flagged, like people that write a book in MS Word by putting a coffee cup on their keyboard, mouse jigglers, etc. Uncertain about putting yourself in a Teams call meeting or other ways to trick the system.

Check your entitlements for Verint and if you have it, assume your clicks are being tracked in addition to network login and out activity. Again, I assume everyone will have it at some point, but you probably don’t as of now.

#ProductivityMonitoring #Surveillance #DataPrivacy #Banking

Banking veteran here

35+ years in the industry, across several banks. I’ve seen it all. What’s happening now feels like the complete dismantling of banking as a business, a service, and an institution. Working in this industry has never been worse: more stressful, less rewarding, and utterly demoralizing. I doubt it’s any better at other banks. I’m close to retirement, so I no longer care much. But for younger folks, here’s my advice: don’t expect a career, don’t invest yourself too deeply, and don’t think hard work and skills will pay off. If you still have time, change lanes.

#Banking #Advice #Morale #Retirement

RTO to force attrition only works in a job market with good mobility

We are far removed from the days of the Great Resignation. Anyone trying to change jobs these days can tell you endless horror stories about the current job market. If attrition is slowing and Shart thinks he can juice the stats with this 8 hours a day thing, I think he's in for a rude awakening. There are diminishing returns on making your employees' lives miserable, eventually you're just beating on a long dead mule for no reason. Sooner or later the C-suite is going to have to man up and get with the voluntary buyouts or mass layoffs

#ReturnToOffice #Attrition #Banking

Does it count against you if you step out for a break?

How does the hour tracking even work? In Minneapolis there’s a “site leader event” outside so does that mean if we attend then we need to stay longer since we are leaving the building ?? Or is it just based on your last active timestamp? This RTO tracking is becoming ridiculous. We are not children!

#ReturnToOffice #Policy #Banking #Question

Audit

Will audit ever slow down the revolving door of people leaving? Every time you turn around you are explaining a finding to a new auditor that is so clueless you wonder how TAS operates and gets anything done.

#Audit #Turnover #Banking #Question

@OP+1k65v2bkx: Your frustration with the 8-hour RTO mandate is spot-on—expecting 4am office arrivals for India calls is absurd and screams mismanagement. The badge-tracking data, as you said, is a legal landmine; law firms could feast on it for discrimination suits (e.g., targeting women or over-40s, per @av
). Morale’s in the gutter—Glassdoor’s 3.7/5 culture score and 2025 Worker Stress Survey confirm it. @bm ’s right: this isn’t about coffee badging but execs chasing stock prices while alienating talent. Wells Fargo’s solid on paper (A+ Fitch rating, 5-star BauerFinancial, >10% CET1 ratio), but its toxic culture—echoing Tolstedt/Stumpf days—drives churn.
To show regulators and outsiders how bad it is: Log RTO impacts anonymously (e.g., Google Forms) and tip CFPB (consumerfinance.gov/complaint).
Flood Wells’ engagement surveys with blunt feedback—leak results to media.
Post on X (#WellsFargoRTO) or Glassdoor to amplify.

Collective action is key—solo moves risk retaliation. @aa+1k66fwnj9, keep planning that exit; this bank’s stable but broken. #RTO #Morale #Banking

@OP
+1k66fwnj9: Your point about employees “checking out” and doing the bare minimum under Wells Fargo’s RTO policy rings true, and it’s a symptom of deeper issues. I wouldn’t call severance a “golden parachute” either—those are reserved for executives, not the rank-and-file waiting out retirement. The churn you mention, especially among younger talent, aligns with what I’ve seen: Wells Fargo attracts good people with competitive pay and benefits but loses them fast due to a toxic, command-and-control culture. @aa+1k66fwnj9, you’re wrong. The bank’s reputation is not universally “evil” --especially outside these walls—millions spent on PR post-account scandal helped. But let’s look at the numbers to see where Wells stands. Using the following prompt to evaluate Wells Fargo’s performance:
"Provide a detailed evaluation of Wells Fargo’s performance as a bank, focusing on its financial health, regulatory ratings, credit ratings, and customer satisfaction. Include regulatory assessments (e.g., CAMELS, stress tests, asset caps), credit ratings (Moody’s, S&P, Fitch), insights from research/surveys (e.g., ABA, BauerFinancial), ‘too big to fail’ status, and key financial metrics (e.g., ROA, capital ratios, revenue growth). Use recent data and cite sources like FDIC or Federal Reserve where applicable. "Here’s the reality: Wells Fargo is financially solid but struggling with trust and morale. It’s a G-SIB (“too big to fail”), with ~$1.9T in assets and a 2.5% capital surcharge, passing 2025 Fed stress tests (CET1 ratio >10%). Credit ratings are strong: Fitch (A+, stable), Moody’s (A1, stable), S&P (A-, stable), reflecting resilience despite litigation risks. BauerFinancial gives it 5 stars for safety, and ABA surveys show 94% customer satisfaction with service. But dig deeper—consumer reviews (e.g., WalletHub) average 2-3/5, citing fees and poor service. Accenture ranks Wells mid-tier for digital experience, and employees on boards like this echo psychological strain from rigid management. This bank’s size and stability draw talent, but its culture—evident in RTO pushback and your “checked out” colleagues—drives them away. @aa+1k66fwnj9, you could retire and thrive elsewhere, like I did, building a business with less stress. Management’s policies, from RTO to past scandals, keep morale low and risk another PR hit. Charlie’s leadership may not land him in jail, but 200,000 frustrated employees venting online isn’t helping. My advice: set boundaries, plan your exit, and don’t bank on a “parachute” from a bank that’s stable but stuck. #RTO #Morale #Banking

RTO policy isn’t going to make people quit

Most of the people in my building are 50+, many 55+ and 5-10 years from retirement who have long checked out and are just waiting it out for either retirement or to get their golden parachute. RTO is only making people more checked out and they are just doing the bare minimum and playing the game while cashing their paycheck which I see no problem with. The only people I see who might leave are a few younger ones who might be able to find remote work but those are definitely the minority. Another failed policy from WF and management is always wondering why this company doesn’t attract talent and morale is low….

#RTO #Morale #Banking

8hr a Day? Bridget and Charlie...the new Tolstedt and Stumpf

My group wasn't told this, who said this? I have most my calls from 6am to 10am with people in India. Do they expect me to get up at 4am to get to the office by 6am to take these calls? It's not going to happen, and i don't like threats. A word of warning to management. You track this stuff, you now have discoverable data that any outside law firm can get a court request for.. They will love to slice and dice that data to see different classes of workers doing different hours. Law firms love suing big banks for stuff like this, and with data like this, its a gold mine.

#WorkingHours #RTO #Policy #LegalIssue #Banking

ISO 20022 layoffs

Is someone/anyone getting laid off for the sh-t show that was ISO 20022 wire debacle? Touting that they worked on it for 3 years and the roll out in July was horrible, and still having impacts to our customers because the vendor we're using can't handle the volume. Calling the wire room is useless as you can call 3 times and get 3 different answers as to what is going on

#ISO #Layoffs #Banking #CustomerExperience

OceanFirst Bank announces 114 job cuts in mortgage shift

  • OceanFirst Bank to lay off 114 employees
  • Cuts tied to exit from residential loan origination business
  • Bank to partner with Embrace Home Loans for mortgage services
  • Move follows recent hiring in commercial banking expansion

https://njbiz.com/oceanfirst-bank-layoffs-nj-mortgage-shift/

#Layoffs #WorkforceReduction #Banking

Leave Traditional Banking Job For Fintech?

Howdy,

Got an interview request to do cyber controls/risk work with a "crypto leader." Recruiter is being coy about which firm but I figured I'd post here for thoughts.

Anyone here have info on how the gov/risk/compliance departments are here? Would you recommend leaving a similar job at an established top 10 bank for a riskier job in this space for an 80k pay bump plus equity?

I did see there was a 20% layoff in "crypto winter" 2023 but my current company had a bigger layoff in recent years so not sure how worried I should.

#Banking #Interviews #Finance #JobHopping

If there was ever a time to offer voluntary displacements...

The bank wants its on-shore employees to be gone.

Many (most?) of these same employees hate their jobs but are unlikely to leave due to the current job market. It's hard to spend all day in a job you hate and then find the mental/emotional energy after getting home, dinner, etc to job hunt. It's not impossible, but difficult.

Enter severance.

If the bank is worried about high performers leaving, they can stop worrying. Disengaged employees are not high performers. People perform highly when they like their job.

Nearly all employees that would take the voluntary buyout are exactly the employees the bank wants gone anyway.

The bank keeps hoping that people will leave on their own. It's not going to happen. Wells needs to take lead on this.

Until then, the armies of unhappy employees will continue to do the bare minimum. I don't understand how the bank sees this as the better option.

#Severance #Displacement #Layoffs #Banking

Marketing Data is taking WAY too long with layoffs

Due to both offshoring and reorgs, this org finds itself overstaffed.

It's incredible how long this is taking to correct.

Most will retain their jobs, but getting rid of the relatively few unproductive folks shouldn't be this difficult.

Wells would rather continue paying salaries, benefits, and bonuses to these people 🤷 🤡

#Layoffs #Reorg #Offshoring #Banking

Goldman Sachs laying off 343 employees in NYC

.Goldman Sachs has implemented a fresh round of layoffs that will affect 343 employees at its global headquarters in New York City.

According to an amended WARN notice filed with the New York State Department of Labor on Monday, the layoffs began on June 22 and will continue through October 14.

Per the notice, the layoffs will affect about 3.4% of the 9,965 employees who work at Goldman’s New York City headquarters.

https://citywire.com/selector/news/goldman-sachs-to-lay-off-343-nyc-employees/a2473793

#Layoffs #WarnNotice #NYC #Banking