Thread regarding Bank of America layoffs

Back story on why Bessant is out

When BM arrived, CB started to make her case for her tech empire. A portion of that included significant investment with promised returns due to improved operations etc. That investment happened, and we all saw hiring frenzy and salary increases from about 2010 to 2015. Then, it was time for CB to pay the piper. And for the past 6 years or so, salaries have been frozen, layoff cycles, budgets cut...etc. AND, the death blow, morale dropped large. So with poor staff reviews, people leaving in droves, and inability to make good on promised returns, CB is replaced.

Expect Hari to fill Aditya's old role. Additionally, we will see a heavy emphasis of consumer technology approaches to be implemented. In other words, Reilly will have to shift a bit. Expect to see Reilly gone in 2022.

Don't expect things to get any better salary wise as Aditya is expected to continue on streamlined technology delivery. And yes, bonuses are re-baselined after last year's "haircut" and more is anticipated. In other words, don't expect things to get better financially.

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Post ID: @OP+1cOPrFaa

9 replies (most recent on top)

she still made millions and has a job. has it been a normal joe in bofa...they would be on the chopping block.

rules for thee...not for me

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Post ID: @2pov+1cOPrFaa

Public cloud can save you

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Post ID: @1nna+1cOPrFaa

She will in Paris, no more GT&O for her

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Post ID: @1dfd+1cOPrFaa

All of the technology mandates hamper teams more than help them. For instance saying every tech team has to use agile. If a team that won't benefit from agile is forced to change how they have been doing things for years that takes time, money, and overhead and in the end you are left with less than you started with. You also have disgruntled workers who know better than management and understand adopting to useless methodologies has no benefit will start looking at other companies. They are basically making the intelligent and useful people leave in droves and keeping suck-ups and sheep. The unintended consequences of mandates will be felt at the bank for years.

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Post ID: @1max+1cOPrFaa

A lot of that frenzy was probably tied to the move back to TSYS, which was supposed to save tons. Based on what I heard, no everyone is thrilled with their service. So in 2015, once the transition was completed, heads were rolling everywhere. Right after that, raises, bonuses, etc took a dive.

Personally, I think CB wasted more money than anything she claimed to save. It was a bunch of hype she read in a book somewhere. The whole RTO thing is linked to an agile requirement that teams should be co-located. Of course, agile adds a slew of overhead no one in management considered. Not saying agile itself is bad; it has some good things. But the methodology has to fit the bank, not the other way around. Seriously, did they really think we would want to install every 5 minutes like FB? It's a financial institution; it's stupid to install with that kind of frequency.

Ah the sins of CB. We can list them all day.

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Post ID: @1xje+1cOPrFaa

They’re tossing money into a toilet by paying Agile coaches. I don’t know if there’s a less useful position. Maybe a Six Sigma coach.

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Post ID: @1ojq+1cOPrFaa

Are you the same guy that reported that CB was out a few weeks ago?

If so, do you have any info on how they will handle the vax mandate?

Sorry i know its a tangent. Its just of concern. Thank you!

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Post ID: @rnz+1cOPrFaa

The hiring frenzy ... was it for SDM/Agile framework? It's a useless POS.

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Post ID: @xnf+1cOPrFaa

This sounds legit. Both Hari and Aditya i'm afraid will just maintain status quo. I dont think they are there to change the world. Hopefully i'm wrong, but as long as BM still the boss...they won't do anything different.

As far as Reilly goes...It's about time. He's very arrogant and sits on his iron throne like a king. He hasn't done his area much justice.

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Post ID: @aul+1cOPrFaa

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