Those that are butt hurt because branches are getting closed and people are losing their jobs are just not seeing the full picture. While I don’t wish for anyone to lose their job you have to look overall how not only this pandemic affected us but these were plans that were put in place long before. Banking is changing and if you’re not willing to evolve with it then maybe this isn’t the position for you
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This post is pretty rough but I agree with the author to some extent. Banking is changing and you definitely need to be ready for change as well.
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You seem to reasonably assume that layoffs point to the company being nimble and making smart, forward looking decisions to stay a step ahead. I’m sorry to inform you, but that’s not the case. The bank is actually causing irreparable harm to its product areas and reputation as well as its people.
Sometimes - like now for example, the exec leadership just literally hands each business line President a multi million dollar figure and tells them to cut their salary line by that amount effective immediately. Even when there is tremendous revenue growth and market demand to support ADDING more jobs. So please, listen to others who have it on good authority that the cuts are not at all strategic but rather, helping the C Suite get back to their previous efficiency ratio. You know, the “winning” formula we had amidst technology and systems old enough to graduate medical school, with lack of cohesive international strategy or talent planning or any of that stuff that costs money but positions us for the future. A few CEOs back we got “efficient” through a moratorium on ordering office supplies (they literally inventoried paper clips), we are “faux efficient” because we are truthfully inefficient but we slash cost and minimize any risk taking to create an appearance of extremely high efficiency. The c suite truly do report to the shareholders and seem to care less if they worsen your life/family situation as long as they hit their targets. It’s gross. There is a firm resistance against the concept of investing in programs, infrastructure, and people to increase actual efficiency and improve results. Our damage control is to throw tax deductible donations to the community and hope that no one wants to call us out on the rest of our sordid practices.
The “lay offs” started before Covid
Nice try, Andy.
Good post. Those who don’t prepare for the ever-changing business environment get left in the dust. As they should. The smart survive and the dumb and lazy fade into obscurity.