The cuts will come from the CFO structure. GL takes the reigns in March. It gives them a perfect excuse to "clear house" because there is a new coach for the team. Just in time for May investor day. He will "see all the inefficiencies that the old CFO couldn't" and wants to make an impact so I will put my $5 on this bet right now.
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That id--t wasnt hitting #s in USPB but now hes CFO... checks out
Agreed. They will start there and "spot" more inefficiencies along the way.
Which is funny because the expense ratio has not really changed. Whats more is the ratio is expenses/revenue. Somehow we had blowout years of revenue but we still had blowout years of expenses therefore we stay flat for the ratio.
Like going to a circus and watching the tigers chase their tales in circles lol
That makes sense, but I think the cuts will go much wider than that. The March round sounds like the 1st or 2nd round in late 2023/early 2024. Waves of staff through reporting chains down likely to follow the leadership cuts. That and lots more offshoring of alllll kinds of roles. This year will be a brutal end to transformation.