Anyone know anything about what’s happening in wealth management? Seems like teams are being thinned out and not being replaced
this seems to be more for bank side and tech but I just found this page
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I work in AMG tech and we have a lot of openings. First Bank did not have wealth management so the redundancy will come from elsewhere. But we are sitting right about conversion + 90 days, so i expect there will be layoffs this week. I'm sure they will want to get them in before 3rd quarter bonuses are paid.
I'm on the B/D side, so WM, formerly PNCI, and I've heard some and have been putting the breadcrumbs together.
The information I know fire sure is that seems to impact CRD and the RSO side (Supervision).
CRD had two open spots to hire for people who left from the RTO fiasco, but these positions were frozen. The only info I have if they're coming back is if they're allowed to hire, so who knows. They were close to an offer on an outside candidate and pulled it and then an internal candidate was told there was a freeze. Overhiring was also frozen.
Volumes are at all time highs so this doesn't make sense unless something else is in the works.
This is more along the lines of there's smoke, but no fire yet.
I've heard multiple times now that Guerrini is "re-evaluating" everything.
In addition, a few RSOs are being forced to work in CRD to help quell volumes.
Putting the pieces together, an this is only my own speculation, but I think all of Supervision will be combined and there won't be a dual structure anymore.
I have no idea how that will look, but I suspect a few managers will be let go, or they'll be made to process and be principals again. It's possible done RSOs and principals could be cut to have a more streamlined look.
There isn't any automation I know of coming to support a reduction in staff but companies do odd things.
@ac not Op but I’ve heard rumblings about retail but nothing really confirmed
Are we talking bank side or retail Broker dealer?
@OP nothing in WM