Heard from a coworker who knows a manager that more layoffs are scheduled in the Capital markets, shared services and multifamily divisions. Managers have been given instructions to reduce headcount by 30%.
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@OP I head the same.
They need to lay off mid- and high-level managers, not us individual contributors or lower-level managers. Their salaries are twice as high as ours, and most of them have no understanding of the actual processes. All they do is take credit for the team’s work, and honestly, the team would operate just fine without them, if not more efficiently.
Why are they not cutting directors, VPs?
Sounds about right. It will go on til the end of the year.