Layoffs coming to Risk & Controls and Tech in next 2 - 3 months... For tech it will be engineers and developers..
All thanks to the > 8,000 people they hired in India...
18 replies (most recent on top)
You could say the same thing about firing every single person in Hudson Yards. $50M+/yr in savings and absolutely no negative impact. The opposite actually.
“….look at COSMIC….” EXACTLY, look at all the noise about COSMIC yet here the bank stands. Literally does not matter what happens or who is let go. HPSA and HPOO retiring, let’s isht can a bunch of Tech oh yea, while forcing PTA at the same time cutting what little efficiency there is by an additional 3rd.
Will not matter. Bank will roll on.
I hope they start with CCIBT control. They are a train wreck and horrible individuals.
I love all the assoc mgrs, mgrs, and sr mgrs who have no employees reporting to them.
risk is a big area and while there may be layoffs they will not be in core functions
It’s about time. Risk is filled with overpaid senior manager and directors who lack core competences to do basic risk management. To a large extent they were good old boys from scandal era. Why are they still here?
I am an SVP in credit risk and I have heard that there will major layoffs in risk before end of third quarter. Hedge you bets folks.
fwiw there are a bunch of hiring freezes being enacted right now
All the prep work is done. they are just waiting to solidify the date before flushing the toilet.
I mean look at the disaster that occurred when they got rid of those COSMIC engineers.
Good luck with those tech layoffs. I’d like to see the chaos that ensues with India trying to manage the mobile and messaging infrastructures.
Control org has been steadily displacing for months in tiny increments.
RCSA is an outsource prep program, not a risk program. The real purpose is to prepare the company to move from 33% overseas employees to over 50%. If a few risks get mitigated along the way that's ok too, whatever.
CRO, ORM, Compliance
ironic aye, add risk by hiring risk folks offshore
Tech has had layoffs every time there has been one. This is nothing new.
With the amount of Control people WF hired in India and Philippines over the last year, I am surprised it hasn’t already happened. I guess they want to wait until majority of RCSA workshops occur.
Do you mean Control Management?
Which LOBs in risk and controls?