No one can convince me that cutting excellent employees is "cutting costs." I would rather say that it is a heavy loss for this place, because it is difficult to attract such people. A significant cut cost would be if they finally started to cut those who do nothing, for which they are compensated much more than they should be.
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McKinsey has become a blight on financial institutions. They have not done well by any of them in recent years.
They cut employees because McKinsey said to.
LOL They don't know how to do that! They like to get rid of anyone who sees through the pretense especially if they are getting close to retirement.