On the Corp. and Investment Banking (CIB) all hands control call today, our control leader said that impending layoffs are an “intelligence conclusion.”
This in response to a question specifically about layoffs. No numbers given and most of the response was corp. speak type language. This, along with Perry Pelos CONFIRMING layoffs in no uncertain terms means that even the once very profitable Wholesale Banking group will be hit.
It does sound like the skills survey is more around the FRB consent order stuff, so less concerned about that now. Corp. Risk does have the activities survey, which could be more to be concerned over than this skills survey.
Spans and layers confirmed, no big surprise there, and more realignment in the CIB org. Seems like a constant thing, which is unfortunate but perhaps needed after so many years of being organized differently compared to the other big banks.