Taking away mortgage consultants commission. Not one wants to deal with agents for just base pay . F that. I hear union bank is hiring
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This seems like the first step of dismantling the bank all together.
Only ones to survive all this will be the top people the externals and those from far away! No talk at all about reducing these folks at all! Cheaper to keep em!
Too bad. Used to be a great place to work. Original BLC management and work atmosphere was great.
Bloomington bank management is worthless.
So all these cuts then what? Do they have a plan or is this just right sizing and then they will get around to a plan?
Have they ever addressed the AVPs and Directors cut out of the management team?
I am confident in the current Bank headcount of 1991 I posted earlier. A reduction of 366 would be over 18%. Keep in mind there were about 200 positions lost due to attrition after the hiring freeze instituted about 18 mos ago when RP became CFO, so you could look at the starting point as ~2200.
There will be employees impacted in Phoenix also. The percentage is not as large as St. Louis, but there will definitely be some people who do not get placed in a position. Hubs are not immune. I have a feeling this was a shock to them.
The initial high level overview is obvious that St. Louis operations will transition to Bloomington at some point.
If you search the SF Directory, it shows 510 employees under SF Bank.
The 366 reduction is taken from the current level, 1991 or thereabouts.
Don't have exact numbers with me but Bloomington will see a slight increase in Bank headcount. Sharp decrease in directors/managers offset by slight increase in Prof/Technical and a larger increase in Paraprofessional. Paraprofessionals and statisticians (RDs) exempt from reorg. No more Bank employees in Atlanta and no more teleworkers. I think it's only managers and analysts who are given choice of voluntary severance. QTD (Qualified Termination Date) is Aug. 31.
Sf intranet states overall reduction of 366 bank employees. What percentage of the total is that?
STL site being reduced from 167 to 50 in paraprofessional technical field (MCs, Underwriters, Analysts) Managers being cute from 17 to 3 and supervisors being cut from 33 to 18. There will be a total of 181 jobs loss at St. Louis Corporate Woods
Looks to me like this is the prelude to the end in STL. At least until the next round of executive decisions in about 7 years, when I'm sure they'll decide to go off all half-c---ed again.
That 167 down to 50 is ALL people at BLC and MLS with underwriting positions and all of those with Business Analysts titles. 29 more supervisor and manager positions eliminated. It will be a skeleton of what it once was. Remember, PA positions are not eligible for any severance so if they wanted to quickly dispose of them in the future, it is easily done.
In STL, 167 bank analysts being reduced to 50.
The structure study site explicitly states STL is not closing because it would be too expensive to relocate operations and the bank needs the expertise in the location.
Corporate Woods Bridgeton, affected. Supposedly Para Professionals are safe for now. Supervisors, UW, MC's and others selectively cut. Criteria for layoff uncertain. All teams have not been notified yet. Guessing it is the beginning of the end for STL Bank location.
Building management overheard saying that State Farm is leaving the building. Full impact unknown at this time, but people are being let go at Corporate Woods.
must be bad no comments