Thread regarding Bank of America layoffs

In my time leading people at BAC, I wasn't allowed to terminate anyone. Instead, B3 employees who were doing B5 work were moved to roles with less responsibility and their pay was not cut. It's sad that so many people who work at the bank are content to do as little as possible and collect their checks. The volume of employees who are actually underpaid based on their role and responsibility is small. That's why they complain but never leave! Those who were truly contributing and were underpaid sought new opportunities when the bank froze all hiring and required that we keep taking on more for less money (record profits yet lower bonuses every year), left and are compensated handsomely in our new roles outside of BAC!

I am really curious which B2 got taken down to B4...

Literally this is happening to me. I can’t wait to jump ship. I’ve decided to do the bare minimum and half-assed.

This was happening back when Ken was CEO as well. Nothing new. Loyalty and hard work means nothing to corporations.

ALWAYS put yourself and your family first.

If you make a great executive salary, pay off all debt (including your house) and invest more instead of increasing lifestyle.

Become financially independent and build FU money.

This company is a complete shlithole!!!!

Saw one BAC exec cut THREE band levels (B2>B4). Bonus cut by half, salary by a third. Did not budge. Came in every day. Did the job. Took 3-5 years, but finally got severance.

(comp was pretty high to start [external hire]. So even with the cuts, was still making a pretty penny. Got 18 month severance for decades of service. BoA ended up paying same or more as they would've if they just offered package upfront.)

This is a real thing. Horrible for people earlier in their careers.

definitely see it going on within the Bank driven by weak leaders who want to ensure their favorites rise to the top.

Snickering