As previously announced the ban was planning to cut costs by $10 billion over several years. 2021 will be a major bloodbath.
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I'm in IT. We've already had our contractors cut. They're gone.
About a month ago a handful of managers were let go, including mine.
The latest that we've heard is that cuts to "individual contributors" will be next.
Just one data point.
Just another reason why people should use the term firm instead of bank
The bank. Not the ban. Took me a while too.
What wa banned?
Yes, there have been cuts. About 10k since 2019. I have noticed internal emails with "contractor resources" embedded in the address, so true headcount is probably innacurate. Outsourcing perhaps.
@qzj+18JDVe6k, I doubt even if the regulators lift it that will help, there still are too many people working here. They still need to cut 50k minimum. This is the primary issue, yet they keep hiring but then cutting current staff, so not sure any progress has even been made.
There’s already been around 9k reduction since about Sept. that would not include savings of shifting bodies from US to India.
JFC people. do the math. the estimate is about a 50,000 reduction in headcount which includes branch employees as well as us back off dregs in IT, security, risk, etc.
highly doubt it will be a "bloodbath." It's really up to the regulators and politicians to decide when the consent order will be lifted, that would save lots of jobs. Otherwise, they will just shrink the headcount to fit the ROA and NIM required.