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Some MD's retired and took packages. Rest appear to be level K's. I can't understand some of the names. Two of the Directors on Pershing Technology let go were people that knew what they were doing and also involved.
I guess they either rocked the boat, or asked to be let go.
Most of the M level candidates , who were let go, opted out it seems. With a year of pay (almost ) and unemployment with 2022 bonus included it is a year of paid vacation on your way to retirement. Or come back after a year as a consultant or a re-hire.
It is a sweet deal
Also I wonder who comes up with these concepts of a person being indispensable. If a worker bee is let go it does not mean the department will go dead. The other staff will figure out a way out of the mess (or blame the person who was let go and invent a new process).
I have seen this happen. It surprises me that in this modern era someone feels that he/she is so important to this (or any) organization.
BNYM will last longer than you whether you like it or not. You may want it go down (all the hate) but it is not happening. It may stutter but will pick up and run .. And HAS RUN.
I know of 2 Pershing managing directors have been let go or have taken a separation package. One lower level manager also was let ggo and I'm sure there are more. Hopefully the real workers will survive and cut more of the high pay, less work employees.
Bigwigs high tail it with every CEO move. Chainsaw Charlie brought in a host of cronies who followed him on the way out when it was done. The Board only cares about this when it comes to layoffs. Does it lower customer satisfaction in surveys? Even if it does, that drive losses in revenue? Even if it loses revenue, do cutting costs offset that revenue loss? As long as this holds true, cuts will keep happening, especially as all finance companies are taking the biggest hits since the 2008 crisis, and managers who don't produce results from the people under them are especially prone to getting chopped, up to and especially CEOs.
I think everyone knows that Wells Fargo has been accumulating a lot of useless fat since Boomers started working. When huge cuts happened happened under Charlie, it actually improved productivity quite a bit, probably because the work of useless chaff was taken over by people who were just that much better at doing the job. Then the COVID lockdowns showed who mattered when people were lounging about at home, and who cut down on their work when they thought no one was watching them.
No, but so know a big wig who high-tailed it out of here days ago because he knew he was on the chopping block.