Thread regarding Bank of America layoffs

Big layoffs in mid-August?

A consistently reliable source tells me that big layoffs happening in mid-August. No other info available.

Can anybody shed more light on this?

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Post ID: @106y1Ioc

31 replies (most recent on top)

Wondering if this happened yet

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Post ID: @106y1Ioc-zabl

@xyve GT&O lay-off people every month

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Post ID: @106y1Ioc-xpgi

Why just global markets?

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Post ID: @106y1Ioc-xyve

Sep 18th? It is a Wed after everyone backs from Labor Day weekend. If that’s the day, then global markets can use it to remove expensive directors and MDs who can’t bring revenue in

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Post ID: @106y1Ioc-wnyd

Interest rate cuts will decrease earnings. Bank tied very heavy to consumers who are over leveraged, filing more bankruptcies. Expect cuts.

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Post ID: @106y1Ioc-venb

That is interesting. My team is hiring. Hiring contractors but hiring...

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Post ID: @106y1Ioc-unpu

Which lobs?

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Post ID: @106y1Ioc-uvuh

I’m hearing September as well.

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Post ID: @106y1Ioc-tbsd

@rlby

That can be changed with a bottle of cheap jalapeno vodka and pineapple juice.

Please save me a can of pineapple.
May need it later today....

😆🤣😂

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Post ID: @106y1Ioc-rvrd

Strategy has changed to reduce severance costs. Employees will be "repurposed" to a like role or micromanaged until a mistake is made so terminations can be completed.

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Post ID: @106y1Ioc-rkpk

It’s all quiet this week in GTO

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Post ID: @106y1Ioc-rlby

Dear God, let me be me this time.

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Post ID: @106y1Ioc-lnjs

Are the layoffs supposed to happen on Tuesday Aug 13? Seems right based on previous layoffs.

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Post ID: @106y1Ioc-khie

Within gto? CTO?

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Post ID: @106y1Ioc-jmim

How are people targeted? Young tech associates?

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Post ID: @106y1Ioc-ghjh

Rarely have seen middle management getting hit with layoffs. MM can dink around all day, brown nose, play politics, be completely incompetent, and not really manage anything. How else do you explain why the bank is run so poorly operationally-speaking? The people who get cut always seem to be the ones doing the grunt work towards the bottom of the pecking order. MM protects their own.

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Post ID: @106y1Ioc-gqhe

I feel like whoever posts these layoff questions is an insider fishing to see what employees know. There's never reliable information. And revenue isnt down overall if you heard 2Q report. Expenses were flat so unless OP Ex can bring those down, responsibility growth will translate into layoffs. I dont think en masse but where they can (most likely redundant layers of management). Although automation plans within each department are going to reduce how many bodies they need in the office so that will drive future layoffs.

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Post ID: @106y1Ioc-fkgo

The reason for 7-10 layers of middle management is the same reason the executives are always re-structuring the management organization charts of each group and each department. Plausible deniability for the executives in case things go south and plenty of "fall guys" in the middle for them to blame.

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Post ID: @106y1Ioc-dxyo

Is the impact limited to specific verticals?

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Post ID: @106y1Ioc-csfq

For August, I am hearing that some, not all, MyWork Associates will be impacted. (They want MyWork Associates gone by year-end so I will be curious to see how many in August get let go.). I am also hearing that LOB cuts as well, prior to the 4th quarter that begins October 1st. Revenue is down and they need to cut expense to compensate. Contractors will replace those critical MyWork Associates.

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Post ID: @106y1Ioc-ckbb

Middle management needs to justify their existence by making endless unnecessary changes. There is no need for up to 7-10 layers of middle management.

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Post ID: @106y1Ioc-bzja

There is still activity. It just gets deleted quick. The way we like it ;)

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Post ID: @106y1Ioc-bdjy

It is undeniable the rate of layoffs has subsided over the past 18 months. Lack of activity on this board related to actual RIF is anecdotal evidence, if nothing else. I personally expect they will return, and never really feel secure in employment at this place.

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Post ID: @106y1Ioc-axqn

I heard from reliable source or is based on how frequent and the amount you take to p–p

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Post ID: @106y1Ioc-7vnp

Is it based on VPN hours or card swipes?

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Post ID: @106y1Ioc-7thu

I heard directly from my manager that there are “changes” coming in a September.

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Post ID: @106y1Ioc-7pri

It seems like this year the layoffs have just been one or two here or there. Nothing like a couple of years ago when it was widespread in each area. What does the source say about this one? Will it be one or two or are these deep cuts?

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Post ID: @106y1Ioc-7xvg

As far as it being real or not, my source has been right 9 out of 10 times.

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Post ID: @106y1Ioc-6fah

It doesn’t seem like this is real news? Are they getting rid of the myworkers in GTO? Doesn’t seem like a real rumor.

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Post ID: @106y1Ioc-6qet

Please give more info as known -

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Post ID: @106y1Ioc-4eeq

August 7th or 8th would be ideal.
Toronto here we go!!!!

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Post ID: @106y1Ioc-avj

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