Reductions continue:
http://www.wbtv.com/story/31400008/bank-of-america-headcount-almost-down-to-07-levels
7 replies (most recent on top)
It's kind of like the ISIS head count! Keep cutting to show your success with something that can be measured tangibly and be shown as a sign of strength!
Headcount to 2007 levels. This is wow, unbelievable on the face of it. Pre Merrill and Pre Countrywide? So, this company has been Hugely Successful, can't see how anyone could read it any other way, hugely successful in reducing overhead, ie employees, and this must be a far better job than any of its so called peers, right? Yet, the stock continues to be the DOG of the financial group, Moynihan gets a pass at poor performance relative to His peers to pick up a big boost every year, and well. Maybe it isn't working out as well as the financial engineers are telling the boardroom it is supposed to. Maybe the toxicity of the associate base these prolonged actions of cut cut cut and the affects it has had on the the rank and file is hurting the bottom line far greater than the so called positive effects these leaders think it is supposed to have. In other words, maybe this whole process is completely back firing on them. I know one thing, I sure hope so. Keep cutting Brian, in fact cut deeper and quicker, let's see where it all winds up. Course, you have no worries, you'll get your golden parachute should they eventually decide you sunk the ship.
The employee satisfaction survey is contrived to convey the results that managements expects. The fact that it is created and executed internally is biased by definition. The results are consistent with the responses of subordinates - meaningless, nothing objective or substantive, clearly something a manager can show to his or her manager to indicate some kind of performance achievement - like writing your own test and getting an A.
In addition, the company’s employee satisfaction scores, which suffered in the depths of the financial crisis, have since recovered, Bowman said. “We’re comparable and exceed our peers in many of the scores, and most people are proud to work here,” he said.
Seriously? What a crock of sh*t. How about actually conducting a survey for the current scores, outside the board room and their 23% pay increases.
Doing what's right is not important! A sign of desperation ...
at.tri.tion
the action or process of gradually reducing the strength or effectiveness of someone or something through sustained attack or pressure
Wearing down. wearing away. weakening.debilitation.enfeebling.sapping.attenuation.
NOT right!
From the articke, "Cutting jobs is “not pleasant,” Moynihan said. “But we use attrition. We just keep driving it down.”" - More like driving THEM out!