WM and PCG will be hit HARD very shortly, expect either half of all positions gone or the complete elimination of the PCG role. Investment side will be hit but not as hard as customers are causing a meltdown of their phone system with the economy still all over the place. WMIS in general should be on the ready for a 45 day notice soon.
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How's this joke of a program still around? These mindless managers are trying to make it into the Chase CPC program and it's failing miserably! Don't blame the wealth management bankers, if they can make 90k a year, work 25 hours a week and just input heloc aps, I may want to send my resume to them.
Wealth management group at us bank is a totally corrupt program. I agree, as a former branch manager, the pcg banker would literally come in at 9:45 and leave at 3:30. Just sitting back and waiting for a heloc or a potential cd/mm account to be given them. Pcg management would look away as long as their banker was hitting their numbers no matter how unethical the practices were and the counterproductivity of the constant churning of existing us bank loans into a pcg product. This was going on through out the entire region. One of the most incompetent roles in my 25 years of banking.
I was part of the mass layoffs that occurred last year, I was an assistant manager. The things I observed wealth bankers doing to make money was totally fraudulent. Opening 2nd and 3rd savings accounts for customer's so they can just move money from their existing savings to the newly opened account to be eligible for comp. Or refinancing existing debt to get paid that hurt my branches p & l. Opening CDs by taking money from another us bank account to get paid. As I spoke with other managers it was going on in every branch. The wmg did more harm than good.
Anymore heard more about PCG/WM layoffs?
As an in-store banker I was doing the same exact things a wealth management banker was doing. Opened money market acct's, cd's and submitted helocs for 1/3 the salary. Total joke job!
It's amazing that the wealth management program has lasted as long as it has. The banker's would work half a day and wait for us at the branch to give them business. Such a mindless role but was jealous of the hour's they worked!
OP, do you have a source for the WMIS layoffs? Or just a hunch? Also wondering if Mike Otts departure is a sign of things to come.
Heard IT is going to see some headhunting too of their managers too many chiefs not enough indians.
I have heard the same rumor and that the OPS role (what is left of the QA positions) will be eliminated in the coming month. CBB is considering lifting hiring freeze was the latest though so retail CRC and CRA Loan Officers hiring again... but they will eliminate all tellers and thin out RM and biz bankers