My team has lost over 40% of staff in GBAM tech. After a horrid compensation year, lack of promotions and lack of increases and then throw salt on the wound with RTO as if nothing happened. Also, it seems that the BofA has fallen on deaf areas on what the employees want. The Job mkt is picking up with visa restrictions helping to curb some of the obstacles and labor arbitrage. Employees for the first time in decades have a slight advantage in opportunities and finally in wage increases.
Senior Mgt is so out of touch with reality on the ground that they do not know how severe this problem is. A ton of SME knowledge is lost already. The people they hire in India are just collecting a paycheck and more warm bodies does not get things done. They do not know how to do the work nor communicate effectively. In-fact it takes away focus from what people are doing. This isn't the early 2000s anymore outsourcing these remaining jobs here is the final nail in the coffin of innovation.
What I predict will happen is a total culture shift. Many of the most loyal people will see their peers and others put priority on careers that matter and for companies that value employees even just slightly more. In a year or two BofA will try to mitigate the issues but offering such benefits such as hybrid or low key, but they can't compete on the trifecta of Compensation, Flexibility, and Cutting Edge Technology. They've missed the mark on all 3. The business model is getting quickly out dated and most of the revenue generating business like Sales and Trading will be mostly ecommerce.
Originally posted by @kij+1cpVHfha.