All these layoffs will do is provide short-term gains that will fill executives' pockets in the long run. The bank will not benefit from this in the long run at all. People whose groups were affected will become overworked and their productivity and morale will drop. But hey, the execs will be taken care of, at least. Fu----g sad.
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Of course these layoffs will provide short-term gains, but they won’t be filling the executives the executives' pockets. We work for the benefits of our shareholders, not our executives. Don’t get me wrong, . but the bank will not benefit from this outside of happy shareholders paying more for our stock.
Our offshore workers are every bit as competent as U.S. and they have a stronger work ethic. Customers will be pleased.
Can anyone articulate the strategy for their division or for the bank as a whole?
Always a sad state of affairs. Lay off a massive number of people and reward the CEO with a multi-million dollar bonus. All these layoffs just push many of the most talented people to look elsewhere for job opportunities. The talented ones who stay are usually trying to hang on for fear of giving up long term employment benefits that they've accrued like vacation or even termination benefits -- or maybe those (like me) who are close to retirement. So who else is left? New employees that need training and the less than stellar workers. Doesn't seem like a great strategy for retaining existing or attracting new clients.
@uai, but they will REALLY be offset by lack of future savings and addition expenses. Things will suffer that are not easy to measure. Be it lower customer satisfaction, decreased security, decreased resiliency, fewer efficiency improvements etc, etc.
Any perceived savings from letting go good workers due to greed will be offset by the massive bonuses taken by the executive suite. it's all BS
Yes & when clients realize the work is being done overseas they’ll move it to a bank that doesn’t ‘offshore’ & revenues will plummet. We’ll done!