Anyone here working on the spans and layers initiative? BNY Mellon started with 11 management layers and under Charlie, they cut 2 to 3 layers across the company as a result of their spans and layers review. In compliance, Wells Fargo just cut the Deputy Chief Compliance Layer on Friday (cutting the management layers from 8 to 7), and the interim Chief Compliance Officer said they were still performing analysis to determine if they could cut another layer of management. Anyone know what additional management layer they are looking to cut in Compliance? If they do cut another layer, there would be 6 management layers. Thanks and appreciate your incite.
9 replies (most recent on top)
These guys need to be consistent or they are going to end up with more lawsuits
that may be the case for compliance but in varying areas of risk that is not the case.
I was told by a Very senior person in Compliance that managers with less than 7 direct reports are NOT being turned into individual contributors.
Quit assuming that everyone is assuming
i love how everyone just assumed that as management layers shrink they are going to just let all the managers go who don't have 7 directs. Most managers with small teams, say 2-4 people are working managers who contribute quite a bit and are doing the work of an entire IC in additional to managing. these people will be converted to ICs and aligned under whatever manager they decided gets to have 7+. Will some managers be let go? Yes, but stop assuming all managers without 7 will be.
@1hcw
LMGDAO. Seriously? We are in the middle of a pandemic, of course it's going to be down, but stronger numbers that q2 and that's a positive. Our numbers will get better when the economy improves. We can make our numbers better by cutting a deal with shareholders. If we as shareholders agree to 0 dividends with a modest 1.2% interest on returns after turnaround, it would save jobs. Send me that offer, I'll sign it. I don't mind taking a hit on my investments to help save jobs for people. We are all in this together after all.
earnings released today and a note that WF will soon have an "efficient management structure" which I read as layers will be compressed and lots of managers will be displaced. and earnings were pathetic; I don't expect any change in pay, not sure I'll even have a job.
Wear perfume and brush our teeth and be brave and proactive to seek out tomorrow.
Seven is the current target. With our size it would be hard to get much lower