Can we get back on topic for a bit and talk about layoffs? When can we expect more and which areas are the most vulnerable at this point? I don't live in a fantasy land in which layoffs are not coming, so not knowing anything is annoying and stressful, to put it mildly. Is there anybody who knows something?
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Your pink slip awaits you at the return-to-office desk you haven't seen for 3 years following RECORD PROFITS!!!
Tomorrow.
This recession is already starting to remind me of the Great Recession in 2008-9. This time, however, a lot of the experienced, talented bank employees that navigated through those storms are now gone. I would expect major layoffs heading into 2023. The bank will be hard pressed to find employees to bail them out this time.
Since the new model of promoting unqualified associates into management positions across the company at all levels has become the norm, it has now become the norm for accepting failure as a viable option. This had translated into BOA becoming far less competitive globally over time. This will be the basis going forward for more layoffs.
I heard about reductions in Mortgages a few months ago when rates began spiking upward (fewer applications = fewer headcount needed), and some local small-ish "fine-tuning" for FCs in less busy places.
Currently there are nearly 2,000 open roles on the BofA Careers site -- and those are just the ones posted. (way more if you count the non-publicised roles) They're already meeting any expense reduction with the leavers.
Personally, I am begging to get Rif'ed ("paid to leave"), but so many people who left voluntarily they don't need to. Plus, they aren't really enforcing RTO until January. After Feb bonuses are paid, I bet even more people leave making any massive RIF unnecessary.
If you are worried, then aim to not only meet - but exceed - your goals, and you will be fine. A lot of lay-abouts, mostly in mngt, still around, so if you actually do stuff, you're a keeper.
I don't think layoffs will be needed when they finally announce the RTO decision. Many will probably leave on their own.
it is in progress. You are safe now if not heard so far.
I don't think we will see any major layoffs unless it is an LOB for awhile. Things are already breaking because of a lack of people resources. It is becoming quite visible at all levels at the bank. It seems routine now that a single employee is responsible and covering areas that 3-4 employees were previously in the pre-pandemic days.