Are there layoffs already in the works in Compliance? I am being told to give my team’s work to others groups, and told to wrap up projects my team is working on over the next few weeks. My team has gone from being busy to twiddling their thumbs...so weird. Manager won’t answer my questions either.
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Compliance is over bloated. If I get a request email or call from compliance I have no idea what group within compliance they are from because there are so many. The bloated compliance is just a show for the government. 80% of it is useless. They make work to justify their jobs but really all they do is push it down on the people who are really doing the core work. These core workers then have to not only do the core jobs but answer to compliance. If they were that useful the stay would've already been lifted. Compliance salaries are bloated too compared to the team members doing the real work.
I'm totally convinced that risk and compliance are not immune to layoffs due to redundancies. I think the layoffs will be complemented with selling off lines of businesses like the way they sold off auto insurance.
I heard that there was a secret compliance offsite meeting in Charlotte the week before last on Thursday to discuss the new organizational structure that is going to be rolled out. The people they like are being redeployed. The rest will be laid off as efficiencies. This will go down end of 1st quarter to beginning of 2nd quarter. As soon as the bonus check clears, I am out of there. The people who are left will be drowning in work and will be stressed out in order to clean things up at the pace and Charlie and company are going to want things done. They will trim jobs along the way. Then as soon as the consent orders get lifted, there will be another big wave of layoffs. I know. I lived through it at two previous banks who went through the same cycle. At the last bank, I was laid off as soon as the compliance dashboard went all green and they could give my job to a lower paid robot who could keep the wheels going.
It certainly appears as if the writing is on the walls in 12 foot letters.
Compliance people are bloated and ineffective because the company is truly a too big to manage bureaucracy. Some will lose their jobs because the temptation to save money and reorg is too tempting.
Everyone who works here should be prepared to lose their job. CEO is being very transparent in his remarks that orgs will change, costs will be cut etc, talent will be improved, things will change.