Someone mentioned a very important thing, and that is that competitors are going in different directions. No other bank is giving up its most talented employees as easily as BofA. I can't believe that for years they have done everything to attract the most talented and capable, and that they are now letting them go so easily. Of course the consequences will be huge?
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Thought the same! This was one of the bank with top talent. I even heard a few years ago other banks were trying to lure employees from BOFA because of their skillset but BOFA employees remained loyal. Interesting to see that they’re just willing to let them go. Decisions like these do have consequences but they wouldn’t feel it until things start to fall apart.
The skillset they’re replacing those skilled workers with are zero. A lot of people from the external who doesn’t know the job and will spend years trying to learn it.
It's kinda odd you made a post and commented yourself 5 times
For his stock options? Bank is down 20% since RTO, investors must know whats up
It’s so short cited with changes in the regulatory environment and will come back to bite the bank. The bank doesn’t value the experienced employees that worked through the consent orders. Sadly, history will repeat itself and the bank will find itself in the crosshairs again.
BM wringing out all the costs to get all the stock options he can handle. By the time massive sc--w ups occur due to all the talent having left, BM will be long gone and left someone else to deal with the fall out. In the mean time enjoy Bank of India.
Could part of the plan be to let people leave so when the recession hits, they won’t have to lay off so many?
The call queues and client feedback says it all. They’re floundering, and competitors are opening clients and employees with open arms.
The consequences are huge. Critical items are not getting done or and will not be done properly with the current crop of unqualified new hires.