So they take a part of the bank that was functioning fairly smoothly for the past year or more, then tear it apart leaving basically no one who was there before and bringing in all new people who don't know anything about what is going on with this area. Then new director gets to hand pick his managers/supervisors/analysts. He has no direct knowledge about what has been going on. They don't interview anyone or get to know what kind of leader any of these people have been. How does that make any sense? Am I just completely stupid? This makes terrible business sense to me. WHY? WHY? WHY? anyone?
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As previous poster said, it has been a disaster for years. SM is in charge now and running the same cost cutting playbook that was run in Life Co. She is DP’s meal ticket and will have free reigns.
The decision making process it has been opaque, like so many other things at State Farm. Bank employees who opted in got to list five areas of interest. With no interviews all selectors had to go by were current assignments and interest forms. Maybe they get to see EPRs but most are 2/2 so those wouldn't add much insight. This being the Farm I'm sure cronyism trumped merit in the selection process. Opting out has created some stress but I don't regret it for a second.
QTD is Aug. 31. I think enough people are taking voluntary severance that there will be few if any outright dismissals of analysts in Bloomington. It's a different story if based in ATL or DAL, or a teleworker. They need to find work in another department or they will be involuntarily terminated. People in STL have begun to bail out, not sure the story in PHX.
Who is all affected by the bank changes ? Who is losing their jobs ? What qtd and severance is being offered ?
Bank has been a disaster for years. MS and EM were terrible at the compliance end, piling up a number of issues with regulators. At the end of this reorg their costs will be much lower but so many of their best performers will have jumped ship that I'm not sure they can save it. I wouldn't be surprised if Bank winds down operations within three years. Allstate, MetLife, and Nationwide all dumped their banking business. It's not as easy a business as it appears on its face.
They're just bailing water out of the Titanic with a single bucket.
The motivation is to save money. Easy. But that should have started 15 years ago, not now. Too little too late.
Why? The answer is very simple: State Farm is being run by complete idiots who should have been fired years ago.
Definitely age discrimination but not just in Bank