More hits in the north Texas market tomorrow. Be prepared for another bloodbath.
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Good employee here in Texas, got laid off yesterday for cut backs. Their loss now
There has been in a movement in the last few years to break down the silos and make sure that the "knowledge" is spread around among the teams. This means that everyone is expendable and having experts is unnecessary. Mediocrity rules! as your upward mobility and success is purely dependent on what others "think" you are doing as developing your own knowledge and expertise is really no longer important. This "brain-drain" cannot be positive in the longer term.
I get it that sometimes layoffs are needed and a role is eliminated i.e. the work goes away or a project comes to an end with nothing afterwards. Many roles you go into explain up front that this position is not a long term need of a company and when the work is done your not needed anymore. However, this has not been the case with many of the layoffs over the past couple years. Key players and subject matter experts that support critical infrastructure or processes have been let go leaving gaps at BofA. Ultimately, the customer ends up suffering with horrible service because individuals supporting the technology or process are no longer at the company. for example: "system X" has errors and ticket gets assigned to the team that supports "system X". Sorry, that team was let go except for 1 person and that person is on vacation. Meanwhile the customer keeps trying back with no resolution to their issue.
Its time for BM to wake up and think about the long term sustainability of the company. I'm afraid BofA is running itself into the ground with reckless layoffs trying to save a dollar. The lack of strong leadership, sound business decisions, and a strong growth model shows in the declining revenue and poor customer satisfaction. I find it amusing when leaders talk about becoming "best in class" but are too cheap to properly staff its technical teams, financial centers, and call centers.
I had a simillar experience recently at BOA being layed off. Having just read the book "Flash Boys" by Michael Lewis, one can appreciate that "Fairness" and integrity is not the hallmark of Wall Street and the banks!
Say your prayers for yourself and your co-workers..Being laid off when you are a good employee is one of the worst things to go through. It's an emotional mind f---!! Why BOA lays off the associates that actually care and let the slackers stay is beyond me. Makes no sense! If they can take the time to lay off 100's of people they can take the time to actually review each associate first to see if they should actually be laid off. How can you get a raise and be laid off less than 30 days later? Why? How can you make amazing reviews each year and then get laid off when your co-worker sits at their desk surfing the Internet all day and wishing they would get laid off. This process the bank goes by is not right. Do I sound bitter? You bet I'm bitter! None of this is morally right and you can only hope for some type of justice at some point. But really, pray for yourselves. It's does NOT matter what type of employee you are! Also, pray for your co-workers and the associates you know that have been laid off. I complexity get it now and wish I would have held a higher regard for the ones that were let go for NO GOOD reason. These are people's lives and they are shaken to the ground all in a 5 minute conversation. BOA is not making good choices and it will show in the end