Some of my colleagues recently left because they could no longer cope with the stress. They didn't want to leave but BofA did everything to put pressure on them so they had to leave to save their health. This may not be called a layoff but it is a perfidious way to get rid of good employees.
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I don’t think it is a purposeful strategy by lower managers the majority of time but just mismanagement. Like a few people get all the stress cause they only ones who can do the work and the manager doesn’t know what else to do about it. Then stressed out person leaves and that work is dumped on someone else who then gets even more stressed and the snowball effect continues. Cause they don’t replace efficiently or know how. Higher management might be like this is good but that is because the lower ones aren’t telling them the truth about the ship sinking from it. But it is sort of common sense: if people keep leaving in certain areas mistakes will rise, errors will expand, and more room for fines, bad press, and customer dissatisfaction. All management fault in the end and possibly HR as well.
It is not a good way to manage. I have seen quite a few really good employees leave due to stress. It cost the bank way more to pay someone else at a higher salary but with less ability. One of the replacements is still struggling to even handle basic tasks after a whole year. This does not seem good operational excellence to me.
It's called "reshaping."
https://www.cnbc.com/2022/12/06/bank-of-america-ceo-brian-moynihan-on-how-he-plans-to-trim-its-workforce.html
Yes, this is quiet firing to induce attrition. Bank is just bad with these actions caused by so called leaders who haven’t got a clue.
That’s the plan. Make it so bad and stressful that you leave on your own.
I left in 2021 for this exact reason.