Does the Bank layoff software engineers or just other IT people?
I mean the software engineers automate tasks which lead to other layoffs so...
How can the bank hire and layoff people in the same time span?
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And specifically only those citizens and foreigners that are of diverse backgrounds ie non-white.
Looking around you will see there are a lot of fresh college grads working at the bank. The bank is always hiring college grads. Both tech and non-tech. Both foreigners and US citizens.
Exactly!
A lot of the FTE's were indians on the H1B though. How is that diversity?
As I said @Jeoq, it is based on diversity. Diversity in this place is the performance metric!
Return offer is performance based
@wgsf, "almost all" - means those that are of diverse backgrounds get return offers or actually hired! It's quite simple to determine how things are done these days just look at what the Dems were doing with the CFB, spending millions of dollars on meaningless investigations and missing or just ignoring the real frauds.
New grads join the bank every year. Bank hires interns every year as well and almost all get return offers for internships or new hires.
College grads? In tech? Hired at bank of america? And coding? Seriously? I'd like to say name me one in the past 10 years, except this is a board for anonymity. Oh yea, one more criteria. One that doesn't fit into a nice diversity number
@wgsf I would have never joined this place as a new grad but cannot blame those who have. The pay is decent; just make sure you set your expectations right as there is no room for growth.
Finally, I'm glad some new grads have joined as they bring new blood into this boring place.
A lot of new graduates get brought on by their college recruiting programs, I wonder why new graduates work here given its reputation of laying people off.
Technologywise there's always someone better out there - at least in theory, what does experience matter these days when you know it all at age 20 and this is actually accepted and acknowledged for some reason as being true in our current society. For some reason young people are regarded as being more tech-savvy maybe because they know all the latest apps and the coolest new crappy frameworks - however computers have been around a long time now that it's not just the younger people but even the earlier generation, that have experience with technology and are tech-savvy. Re-training existing employees is just so boring. There is a demand for IT and software especially on the Merrill side but it's primarily being used to beef up the diversity numbers and lower the costs at the same time so don't get too excited if you're not of diverse origin.
If you don't want to worry about layoffs, you're definitely at the wrong company. It has always been thus with bank of america, and over the past 5 years it has just gotten much worse. Used to be if you were a good performer you could feel confident the lower performers were going to be the first to go. No longer. Some really decent people have been let go while some real losers are still on the payroll.
Technology wise, I am very satisfied but I dont want to worry about layoffs etc
Short answer: not likely. But seriously do you really want to worry about that this early in your career? Be honest with yourself. Do you want to move up the corporate ladder? Find out how frequently promotions take place and how long it took for the individual to get that promotion.
Do you want to play with the latest technologies? Will this place allow you to do so?
Cool, wait so the ones fresh out of college can also get laid off within 1-2 years?
If you are just out of college run as fast as possible. Work for a company that has real growth, good culture and competent management.
There are plenty of opportunities out there. Pick your companies wisely as you will be judged by them in the future.
What if you are fresh out of college?
The jobs goto contractors and Indians. Your mid level tech job will soon b gone...
Or move to Albany NY we get to work from home.
The bank has contractors and full time employees foreigners too.
Are the full time employees more likely to get laid off?
Simple, fire the expensive local guys and replace them with cheap contract guys from India for less than half the price - what a deal. You'll need to re-classify the positions though, just a small technicality and a small price to pay for over enthusiastic subservience with below average skills.
Cause it's fun to b--ch
Why don't you guys unionize instead of constantly whining ?