The rumor is there will be 30-40 Group Account Reps laid off in March/April timeframe. The deadwood bringing in new business. Also, several retirements in the works.
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Mutual's technology still is not state of the art. The digital transformation was a massive flop we have seen over the past 3 years. We are so much behind other recordkeepers it is actually funny. The only solution is to sell the company and consolidate with another recordkeeper. Maybe if we did, we could save 75% of the 1050 current employees and the new recordkeeper would agree to take most of the employees on. Otherwise, if Mutual keeps going at its current rate, we won't have any employees left.
Memo to Stevie Rich: "SELL THE COMPANY TO SAVE JOBS."
Maybe the new company will allow smokin in the boys room
After HR Permitted Smoking Throughout All Private Offices at their new 320 Park Avenue Headquarters in 1995, HR could not hire really brilliant Technology staff (most fled, ran away, or were horribly fired). Many of the new Technology hires would not want to go into their peutrid Cigar and Tobacco Smoke Filled Offices to Upgrade Technology, and left job.
Tom Moran, CEO spent three decades visiting managers in Smoke Filled Private Offices, was not suprised he died very young, he was only age 65, way too young. His wife, Joan M. Squires, who was in charge of all Technology, pretty much ignored non smoker complaints. It seems most Back Office Technology got Frozen in the 1990s and Y2K after "Really Smart" Technology people would not stay around when there are so many better opportunities elsewhere.
When is the ground breaking on those $100M worth of 287 luxury condos on Boca going to happen ?
I heard they accelerated the firing of the 30-40 GARs and that happened right before Jesus's birthday but you are correct. It would not surprise me if 30-40 more people get the pink slip right before Incentive Comp is paid out.
Group contracts going to Voya.
If the market drops 10% this year, that will wipe away $2B in assets. Add that to the $2B in contract terminations and another $2B in individual distributions. Inflows will be $2B. So, total net outflows will be close to $4B. If that is the case, the math adds up to laying off 125 more people.
It's inevitable that Mutual of America Securities, LLC will be sold or spun off. I'm sure the Regulators, in particular, NYDFS, is trying to some type of agreement about this. With recordkeeper consolidations, the company could really only be sold to another recordkeeper that has the schitty OMNI platform. I see the company has recently hired Accenture as a consultant. May god bless everyone still left on the Titanic. Before Trump is sworn in, maybe he can bail us out. Happy Chinese New Year--the year of the Snakes at 320 Park Ave.
After IC is paid to GARs in February (if it’s paid) many will most likely leave on their own. After IC is paid in March as it has been for the past 40+ years (if it’s paid) many more will leave. While there maybe rumors of more layoffs (and that is highly likely) the company won’t need to lay off many because most will voluntarily leave on their own seeking safety. The company will not be able to maintain the current expenses while revenues are dropping like a lead weight. They will be forced to cut again and that’s when the other half of the titanic will sink to The bottom of the ocean. The company will not survive beyond 2025 with the current people at the top. Leaving out the word “leadership “ strategically here as there is no real leadership steering the ship and hasn’t been for a very long time.
Agreed, everyone outside of Cap Mgmt. better fire up their resumes now!
I wouldn’t get comfortable if I were in ANY role at that sinking ship of a company. Rumors running wild about Cap Mgment getting sold off to investment house, group contracts being sold to large carrier, and the doors closing by end of 2025.