It came out in a manager's meeting, and a lot of names were brought up. Many had been with the bank for years and knew how things were "glued" together and were well regarded. There was mild panic about all of the knowledge they took with them, not that executive leadership cares.
"...they've confused efficiency with purpose, growth with meaning, and the elimination of people with progress." - Eric Markowitz
@jt Don't forget they are also making room for people from Microsoft as they embrace AI.
Some of these “leaders” love to have “yes man” managers under them. After a certain point it does not matter what you know, what matters is who you know. Some tech managers don’t even have an idea on how to plan a project for success, they miss every timeline that “they come up with”.
To me this is a pretty simple playbook in CT&O. Removed legacy BB&T and SunTrust leaders to make room for more leaders from Wells Fargo. The new SLT has to make room for all their friends.
@e9 agree that is why we have offshored for the last two years. partners and leadership know that they’re broken, the ones that don’t are the employees in tech. Offshore may not be perfect, but we’re getting the same product for cheaper.
@e1 - You’re telling me Truist is in the running against another competitor bank for a lucrative new client deal, and the client will ultimately choose the competitor because Truist’s software engineers couldn’t deliver the solution within the required timeframe? I thought Truist had the best teammates in the industry! We’re supposed to be unstoppable! Come on, team! Stack those hands!
@bm - I totally agree. I work with teammates in Enterprise Technology who’ve been with the bank for years, and honestly a lot of them are a joke. Basically glorified secretaries sending out boilerplate emails and meeting minutes. They add little to no value. Half the time they don’t know what’s going on and just end up wasting everyone’s time.
Those of us in adjacent teams cringe every time we’re pulled into meetings with them. It’s just a massive time su-k. And don’t even get me started on the software engineers. We’ll have high-priority items tied to bringing in new business, and somehow these teams always say they can’t deliver within the needed timelines. It’s pretty pathetic.
At the end of the day, it feels like some of these teammates are more of a liability than an asset. There needs to be a serious rethink around performance and who’s actually contributing, instead of just letting things coast.
@bk What city?
Can they focus on layoff the micromanage who bring no value to the team instead of letting go people with knowledge and experience who actually bring results?
It is unfortunate I have to say that but if they saw what a couple of our managers do (or rather not do) all day, they'd have an aneurism.
Six figures to decorate office spaces and play politics.
A total of 9 people were let go, including one amazing manager with over 30 years at the bank. We were told today it was because of "budgeting".
This is a very similar playbook that has been and will continue to be run across the bank. Bring in a super expensive ELT/Op council type from wells, jp, boa, etc. These leaders subsequently hire their besties at a premium to become their “servants/doers”. Those 2 moves blow up the budget and they have to cut enough to cover those big $$$. And that is the teammate who was just layered or been here for years and knows what is keeping the place running. Look at any of the big time outside the bank hires over last 2 years - and see how many rifs have happened in their areas.
@a1Not my area of the bank. I do not work in CT&O but was told this by someone involved.
@OP hmm can you give insight as to the leader they were under? And how many?