Thread regarding State Farm Insurance layoffs

When I left the bank we were thriving after I left it’s faltering coincidence I think not all

I use SF Bank for my personal checking and it floors me how incompatible it is with damn near everything. Can't link it to Mint, can't fund my Privacy cards.

Makes no sense.

@SckVVbl-1hoq Last summer? Like when Mike Smith retired?

The greatest problem the Bank has is that most of the people running it don’t know how to properly run a Bank.

We know what you did last summer

The recently approved regularly changes will

make it easier for the bank to cut. No more stress test requirements, appraisal requirements for low balance mortgages reduced too. Not a ton of jobs but you’re talking $1M in salaries and benefits especially with those RD stress test employees.

If Trump really does repeal or roll back Dodd frank and the cfpb loses teeth then look out. Compliance, MARC (what a $hit show), Marc 2.0,...a lot of those people could be th first cut.

News out about the new CFO coming in. Bank has been shifting and removing/bumping people down already so I think there is some validity to your post but to what extent is tbd. I've said it before the bank can turn around easily just needs to align and have some actual vision. Potential impact of this pullback on the dodd Frank act will benefit many mid sized banks which we are. Could lead to decreased compliance costs. I'm optimistic but there is much work to be done.

I agree the bank needs major technology and people advancement. My business area has all of the wrong people, or perhaps not enough people, supporting the product. It's a train wreck. We are operating with a late 1990's presence and those in charge of growing the product run around like headless chickens, failing to solve any problem at all.

The STL location has been hanging on by a thread for years. It's finally diminished to a point where many areas have no leadership on site at all, with many having a low level supervisor as the highest ranking employee. It will be sad to see it close but the writing has been on the wall for a long time.

@SckVVbl-vsz You understand “operationally sustainable” means a level of employees which is sustainable given the forecasted revenues, right? Not a level of work that needs to be done.

The shifting down seemed pretty self explanatory...if you’re a 4 you’d move to a 3, etc. There are so many 4’s in the bank and I can only think of a handful that actually deserve it. Essentially the 4 role was meant to be for employees who would be staff analysts and report to MG4 or Directors. If you have an RA4 reporting to an MG2 or 3 then you’re overstaffed and the structure doesn’t make sense. So shifting down solves the structure issue and rights that shift and also in the longer term would lower salary levels as many 4’s are likely above the RA3 ceiling.

@intheknow This all sounds like what some might have guessed would happen, especially judging by the number of middle management, but given the number of analysts, and the work they will need to do for the bank to be "operationally sustainable," what does "shifting down" mean?

STL closing? How absolutely shocking.

@SckVVbl-idz The MG1/2 Supervisor title will remain, but for Ops Centers primarily (like it is now). The only thing being expanding the span of control for Supv and the for the Managers too so resulting in fewer Supv and Mgr in Ops Centers. BRC is likely to remain in BLM, but BCC is likely to move to Tempe where the labor is cheaper, to free up floor space for employees relocating from closed Regional offices. BLC/MLS in STL will likely be offered to move to Tempe.

Dynamite drop in “Tom Brooks”, the world sat on pins and needles wondering if you knew anything...at all...literally anything.

The bit about tech investment for the Bank is spot on. We have to make it easier to do business with SFB. It's one of the largest challenges we currently face. If they don't mean to fix that aspect they may as well pack it in

When you say ra4 to mg3, did your source mean ra4, mg1, mg2 and mg3s? Or just ra4s and mg3s? Your "no more managers reporting to managers" comment makes me think it's mg3s, not mg1-2, who are first line leaders.

No