They are like Russian nesting dolls. Often they with 3-4 layers of directors reporting to one another and sadly none knows enough about their business or function to e mildly effective! Leadership at JPMC is much more streamlined and effective.
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They are members of Politburo and serve at the sole pleasure of the Chairman.
Major pruning is happening as we speak, but there will be a big push on Q3.
It's the way of the company since pretty much end of COVID. Hire from outside-- JPM, Truist, BoA, etc. Hire managing director, exec dir, etc. Rinse an repeat. Meanwhile the favorites get promotions if they've been around for a bit. If you're not one of the favorites, you're sc--wed. We went thru a ton of supposed flattening only to just add layers back in again.
Two out of five is what is now being referred to as “low value human capital” and will hopefully be replaced by AI.
All those levels of middle manager who add no value and do not know their own business is where layoffs are needed.
Depends on what you are calling a director. An Executive Director is not that rare. Managing Directors are much rarer.
It’s called smoke screen and it’s designed to mask the dysfunctional organizations.
Of course wf needs more leadership.
No sh-t Sherlock, it’s Wells Fargo. Go back to JPMC.
By the time you have to wait on your 3rd or 4th managing director up the chain to make a decision, The moment for efficiency updates is gone and the end result is always them pushing down questions that make no sense because they have no idea what was even broken. Rinse and repeat. The reality is, you could carve out at least two middle management layers and no one would notice.