Thread regarding Bank of America layoffs

BOA is not taking care of valuable employees, Promotions & pay increases are based on the relationship that they have with the leadership team , if they want they promote/ increase pay. The way they kick out the employees they don’t want is by giving them warning letters for no reason. I have a friend who worked for more than 10 years & he got fed up & joined another company recently. According to him many employees are not happy, but continue to work, as BOA benefits are really good.

I recently read an article that said that BoA slipped a notch in the “Too Bog To Fail”.category of importance by regulators, down to bucket #2 out of four. The top notch remains JPM. What this means, I think, is stiffer reserve requirements. What it says, is the balance sheet isn’t as clean as some might think, and why that is has everything to do with talent. Am I surprised? No. Not after years of sc--wing over the workforce on compensation. The top talent has and is leaving, and taking their connections with them to other places. This downgrading is what happens when that happens. You start to get left behind, and that is exactly what’s about to happen here. Too much focus has been on share buybacks over the last 5 years, listening to the grumbling of Wall Street. Well, I hope those with the ability to bend the ears of leadership with messages about trim expenses to squeeze out profit to buy back more shares to raise the stock price, will enjoy the end result.

In about 18 months from now, the talent pool scramble in the economy will begin.

They have stopped caring for their employees. They hire power-suit people who come in and clean house while placing the bulk of their determination on pulling back pay increases (I assume in the hopes that people will look elsewhere for employment) and getting but+s in seats. The shared workspaces are a nightmare, and most people can't get any work done as they beg for a turn in a quiet space for 1:1 conversations. What is the focus here? What is the end game? I recently heard a manager in a meeting say only 2 of her 13 direct reports were getting pay increase. Firstly, what the heck?? Secondly, that's none of my business! Why could I hear that conversation??

All of the above + more.

@2uxe+1vF4kqZZ - right behind you after I get this year's (likely paltry) "bonus" payout.

Smoke and mirrors.

How do they get away with it?!? Cash in those RSUs the minute they vest!

I finally left this sh-t show of a bank. Finally feel like I can breath for the first time.

This bank went from sugar to shlit. This bank has no real leadership. This bank only has a bunch of empty suit mutherfockas walking around with no clue on how to get things done through others.

Yes, unfortunately BOA is slipping and sliding down the path of extinction. Attribute this to a dinosaur leadership team of tunnel visioned hacks hiding under the covers until retirement.

Very well written and very accurate sadly. I remember the bank from twenty years ago investing in me flying me out for training. There seems to be limited interest in innovation unless it has a cost cutting element to it. Third party consultants seem to override common sense.

Sad but true.