Word on the street is 2024 merging consumer and Business Banking into one unit. If this is true and it happens be prepared for alot of tough conversations. The bank will lower headcount with this move lots of duplication.
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So isn’t business banking and GCB already under the consumer umbrella? Under dean athenasia?
It makes sense. They already started by moving the SBC’s (or SBA) under retail in the April realignment
They did this with Small Business Banking and it's a nightmare. Every call is recorded and audited. Everything you do has its own outlined process. You get defects and spoken to if you miss steps. These defects affect compensation. Turnover is incredibly high and now they are hiring anyone with a pulse. If they were smart they would merge SB and BB and leave consumer to stand alone. If they merge BB with the LOB as it stands now buckle up and kiss your autonomy goodbye.
If this is true, won't need layoffs. With increased processes/micro management of BofA's Retail Bureaucracy, they will leave on their own.
Classic BofA playbook: Announce "no layoffs", then make people so miserable they leave.
If there were any lay-off in BB, chopping off the egotistical head and its sycophants would be a good start.
https://en.as.com/latest_news/find-out-which-bank-of-america-branches-are-closing-in-june-n/?outputType=amp
Our Business Banking unit was collapsed into Retail Consumer. Retail immediately started to micro-manage our team, change our compensation, divide us into groups based on age, and ultimately eliminated the jobs of half our staff. At the time, our unit was extremely profitable and had the highest efficiency ratios in the company. We went from relative freedom and creativity to lockdown control hyper-micro-management. So yeah, it's a bad idea and this from firsthand experience.
Obviously we can't say much but I have pondered if this very idea was being put into place about 2 years ago. I have no concrete data however I have been watching some small and steady changes that make me think that a merger is on the horizon. I'm guessing Q3 or Q1. If my gut feeling is correct I'm going out on a limb but I'm not predicting a layoff either. The employee ratio will naturally even out. I'm not normally so optimistic, but certain things are lining up in a way that I have only seen once or twice since I have been here.
Another cost saving idea. And turn a lot of those people to contractors.
Bad idea. Business Bankers will not be amenable to Retail. Good way to cut payroll expenses for senior experienced employees, but will cost bank in long run. The regulations for Consumer banking will alienate and frustrate both corporate clients as well as Business Bankers. Far too intrusive and onerous.