Has anyone heard any real news about redeployments or layoffs coming this week? I am worried with this rumour of March 27th going around.
https://www.pymnts.com/news/banking/2023/bank-of-america-reportedly-shifts-employees-from-lending-unit/
9 replies (most recent on top)
Yes I was moved to a new org.
Preferred lending collapsed and reassigned, some market leaders reassigned and some changes in small business role. A lot of movement announced but no layoffs
Just had an ALL Hands call put on my calendar tomorrow, 15 minutes mid-day, “audio only”. All Preferred lending.
Reshape is shifting. Well said!
To the person below. Go F yourself
"We don't lay off people, but we have an ability to reshape our headcount pretty quickly just by the turnover that occurs," Moynihan said Tuesday during a financial conference.
To the person who said, "Once again BM and SLT lie to us. No layoffs just shifting. All BS!", no one ever said anything about shifting. It was all about no mass layoffs. Try to work on paying attention and reading. You'll learn a lot! 🤣
I know they have realigned workers from lending (not sure the exact group but it was around mortgage underwriting) to other areas. It makes sense because after rates went up refinancing went down. In my area there have been a lot of changes with executive leadership and otherwise… more than I have seen in my 15 years. That makes me nervous. More nervous than usual because of the state of the economy. The fed goal is to raise unemployment to decrease inflation. I may have my own issues with the bank and how many things have been handled but I don’t want to be let go in an unemployment hike. I worked during the housing crash in collection I saw people you’d never imagine be broke … be broke…so rather redeployment than layed off until the economy gets right
Wealth management LOs were hit last week. Round 2 enterprise self sourcing this coming back, other LOBs, please chime in.
Once again BM and SLT lie to us. No layoffs just shifting. All BS!