Reduction in force...I was just affected by these layoffs. Worked before and after Christmas and New Years then get laid off after 12 years. CRAZY!! They send an email quarterly saying how much Net Income they've made In the mortgage sector... but then can't pay employees??!!
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@1vpp+1qusyeQY - very true. My opinion over a lifetime of working with “business consultants” is that BCG’s interests first and foremost is $$ for BCG. The easiest way to do this is to align with management ($$).
I have witnessed some absolutely horrific management teams in my career (and you can add Truist to the list); executive teams that were CLEARLY the problem, yet not once have I ever witnessed a consultant presentation saying “you need to replace the CEO”. Warren Buffett has remarked numerous times about what he considers the absolute farce of business consultants, and the conflict of interest.
I always laugh when I think of the comparison to football teams. If consultants were in charge, no 0 - 10 head coach would ever be fired. The issue would be deemed the head coach and his staff were simply not being paid enough! The report delivered to fans by a cadre of recent college grads who don’t watch football, don’t understand it, and don’t even really care to.
Many of the folks are trying to make heads and tails of the decision tree. Give up and go fret about something else or spend time doing what you like. Why? Because there is nothing you can do about the decision tree. Whether it was made 5-6 levels up so what. All you can do is make sure that if that day ever comes , you are mentally and financially ready to deal with plan B . That’s where your energy should be. Plan B.
@1rel+1qusyeQY Glad someone gets it. Must be over age 40.
The chopping of heads continues & is on going. Happy New Year.
@1jqq+1qusyeQY This tracks just like John Oliver's takedown of BSG's competitor McKinsey (Last Week Tonight episode from 10/23/23). I wonder if the BSG psychos are singing "Hit the road, Jack!" about our RIFs.
BCG wasn’t brought in to get the design right. BCG was brought in to make the recommendations to the board of increased executive pay to manage oversight of the new streamlined business.
This is why we have a bloated operating council. It’s a circle. BCG gets consulting fees. Execs get raises. Rinse and repeat. The layoffs could have been done through internal work, however BCG is needed for the increased exec pay component.
Anyone else find it funny that BCG was who the bank used for initial org design post-merger and is now has been brought in to get the “right” design? I guess if you keep failing, then try, try again. I’m sure they’ll get it right one day
Analytics makes those decisions now.
@ fvy+1qusyeQY I do agree with you. My take is do enough to keep your job but when clock ticks 5PM shut the laptop, go home and work on building skills. In my team people who do absolutely nothing have been retained because manager wants to look good to his superior and others. Mind you those people are influential in the department, tightly woven into the nepotism ecosystem.
@1mtj+1qusyeQY
Yes - because hBBT is like a good upper-decker: even though you flush, there's still some left in the bowl.
Has anyone else heard that they are back at the drawing board adding additional names to the RIF?
@ 1rel+1qusyeQY “decision came 5-6 levels above me” is a bunch of baloney! You manager and his/her manager were primary people who made the decision. They weighed in and put your name forward. “Decision came from 5-6 levels above” is a blame shifting tactic! Good cop vs bad cop!
I had over 17 years in and was let go. in those 17 years never had a yearly review that was less than meets expectations. more often than not it was exceeds expectations. but being as i made more money than anyone else in the department, i was let go. it's all about what saves them the most money. was told the decision came 5 or 6 levels above me, so the ones making the decision don't even know the people they are getting rid of in most cases...
Keep doing the “bare minimum” by the way. It is being noticed. Don’t bet for one minute that it won’t be used to show you the door. I would rather hold my head up knowing I did my best no matter what than to stay in the sewer just on the opposite side of the street. The sludge runs to the same sewer.
Ultimately what it comes down to, folks, is how much you cost the firm. Any firm. Ask those laid off at the once great Merrill Ly--h after Bank of America bought them. (And before you jump on the claim that ML was sinking - not the wealth management division. We were what was keeping that firm going - we just didn’t know what was going on until after the fact. ML wealth division was great and treated everyone down to their client associates like they were valued. Bank of America destroyed it and has just about finished burying it.).
You don’t know what the heck it is like to be laid off and shown the door no matter how many years you have. Sadly corporations haven’t cared about their employees for about 50 years. And the mo--n who keeps posting “unionize!” Ask those Ford, GM and Chrysler workers how that turned out for them. Unions have helped to destroy this country. Who do you think helped pushed NAFTA through behind the scenes?
Have some compassion and empathy for a fellow human being. If not, you become as evil as Roger’s and Thompson are. And no one will be crying for you when that door slams behind you. AI is already taken over jobs. (Heard of Alexa btw?). Keep your heads buried in the sand as to what is happening to our country and the world. It is in plain sight, but so many are still enjoying what they see with their head stuck in the sand.
@ fnf+1qusyeQY I don’t know who EJ is but I like your perseverance through multiple posts! I fully support your wish! RIF EJ!
So many idoits masquerading as “leaders”, it is a fu king joke! Leaders that when you look up the only thing you see is their asre hole! They lead technology teams and think they don’t need to know any technology stuff they will just “lead and inspire” people. Smh! Such a disappointment!
You are managed by Analytics now. Sorry.
BCG at work
@fvy+1qusyeQY That's the wild part. I've seen a bunch of colleagues now that are producers and make the bank "their salary times x" and still get RIF'd or pushed out by way of restructure, etc. And no metric has seemed to matter. We haven't been favoring young/old employees either way from what I've seen. Guess we are just a number even if in what seems like a well producing role.
Stop expecting loyalty from your employer. It's not a two-way street anymore.
People think words like loyalty mean something and don't understand why they get laid off. The people that are safe are the folks that show their worth their salary times X. The rest are just a number and are expendable. You can have a gal that graduated from college 4 years ago and a gal that has been at the bank 30 years, they're going to keep the one they think makes them more money going forward.
Well obviously they care about tenure/loyalty/performance, those things tend to reflect a more expensive FTE so they are cutting those people
I think it very interesting that loyalty/tenure/performance are out the window with this RIF. What does that leave, salary/DEI/nepotism…sounds about right. Given that pre merger hBBT slashed staffing to the bone in prep for the purchase, the post merger population was 2/3 representatives from hSTI. So who do you think will be cut this time? Kelly made a deal with the devil and lost. Probably go down in history as the worst merger ever created. Merger of equals—riiight.
It’s the worst. I keep saying these RIF’a here don’t give an eff about tenure/loyalty/performance. That’s the most demoralizing part and why I’ve simply done the bare minimum the past few months. Colleague RM of mine had 26 years with the bank, met his goals, and got demoted/forced to quit.
He was furious and I felt for him. Others have said this is how layoffs are always done in big corporate. Haven’t been through it before so can’t attest to that.
Sorry you were laid off and hope for the best for you going forward.