How do they lay off people? Do they give you any advance notice? I just joined the bank 2 months ago and shocked to so many people let go.
9 replies (most recent on top)
It depends on the area and how many are going. Typically a mgr at the regional level (4) has input in the stack ranking. Sometimes, however, that's not the case. I've seen layoffs where great managers and employees were cut purely on a 'last in/first out' basis. It's true that managers are held to a 10/70/20 model and getting or giving an exceeds/exceeds is nearly impossible.
I was just let go after 9 1/2 years. I was a My Work employee working on smaller projects. We had higher ups starting to ask how many internal users used our applications, so I had an idea it was coming. The good thing is that pay is better at other companies than in GT&O
Having been with the Bank for a very long time, you can identify exactly when the toxicity became overwhelming - 2008/2009 - thanks Merrill Lynch!!!
GT&O is particularly alarming, and while some of my best co-workers are Indian, I have to say the majority of the Indian teams are just piss-poor at their jobs. No flexibility, no honesty, no creative thinking, "yeah yeah" to everything. No surprise that Americans are being replaced.
Never get notice.
Try for jobs at credit unions if you want to stay in banking, they never have layoffs. Small credit uniins will crosstrain you in lots of areas so you can pickup a wide ranging skillset. Plus, they are a lot more common sense in their procedures.
How can you compare 2 employees who have diff amount of work experience/skill set(1 year vs 20 years)
I would suggest that you keep looking for other opportunities. Get out as soon as that opportunity is given to you. Don't stay with this bank very long. As you can see BofA wants loyalty from you but will cut you with no notice. And since you have less than a year, you will not get severance. Trust me, I was with this company for 42 years, love it until changes took place after 2008 financial crisis. Culture became very toxic, no support from management and employees losing their jobs every quarter in large amounts with no notice or logic. Doesn't matter whether you think you're great worker. Your REAL performance levels is not the decision factor. It's all a numbers game and if your number comes up....you're out.
well they will tell you it's a combination of things - i've been through many years of these and sometimes you know why they were let go and sometimes they make no sense at all. HR will tell you the decisions are thoroughly vetted by them and it isn't just a direct manager decision during severance layoffs. BUT i also know that's BS because vocal folks who are doing a good job will get hit too. Managers of teams that seem valuable/unreplaceable will get hit. If you are an obvious contributor to low associate sat, or if your manager just doesn't like you. Your managers manager will know about that and will factor it in to talent planning and stack ranking.
Talent planning occurs midyear and by August pretty much. Compensation decisions are made by October/Nov at the latest. Your MidYear ratings are basically your EOY ratings so your EOY reviews are fluff. Also, your manager and their peers sit around a table and rank everyone in the group. So if you have 2 high meets, the managers have to argue which one is better. Someone is always on top, someone is always on bottom even if they're a decent contributor. If you want to give your DR an Exceeds, you're typically told it isn't approved. Only 1 or 2 exceeds can be given out based on the number of people across the group. I was once in an org of 60 folks and we stack ranked all 60. So imagine doing a wonderful job and ending up in the middle of the list.
First a group will be told they have to eliminate X number of people. Then it really becomes a popularity contest by managers. Yes people and brown nosers are safe. If you are an introvert that all you want to do is do your job ... you are screwed. If you are not always promoting yourself with look at what I did today ... you are screwed.
GT&O is a toxic organization with poor leadership. They fail to target the true deadweight and inefficient management layers.