There’s been a lot of 2 steps forward and 1 step back. Lots of AI selling and such but one thing we know for sure….heads are going to roll. FTE and contingent, its coming again.
The contingent for a time or two have laughed at the FTE hand wringing at being on the chopping block. A sentiment of “they won’t let us go they are running off the higher paying FTE’s. Ha ha, look at them worry.”. Now it’s different. I’ve heard from various parties now that contingent are to be scaled back on. MD’s have been asking for lists of contingents to let go. I think we’ll see some churn soon. Some teams will be hit hard and others not so much. Its all up in the air but the focus does seem to be on the contractors.
3 replies (most recent on top)
It’s pendulum. Citi was not enforcing country term limits - 18m, 2 or 3 years, that other banks like BOA does. They just started doing. There will always be some T&M
This is company has no proper future, they are just doing layoffs as bandage for the mishaps of top level management and who are not willing to take responsibility, entire reorg is nothing but a massive failure, now they have to show cost benefits and hence layoffs. Adding to this all the regulatory issues and fines. Need change from top level.
U.S. Bank here. We’re currently undergoing the same and I heard from someone at WF that they’re making major cuts to contractors there too. Hired a huge wave of temps less than a year ago and making massive cuts to them now. Rinse and repeat.