I had heard that many senior employees in tech have left and that more are planning on leaving. Is rto the only reason why?
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As someone 15 years out of university, I will not do what I did when I started in the industry and work 60 hour weeks "to prove myself" to management that doesn't care about me. They grow to expect that level of effort and think a pat on the back and a pep talk after a zero defect release is enough. Family absolutely trumps work so I am not going to keep up with industry best practices on my own free time just because the bank is too scared to use tech from the last 5-10 years. Why reinvent every tool internally to a much lower standard and a decade after it was invented? I either ignore family and hobbies, or just rely on the 8-10 hours a day working with irrelevant tech and become obsolete and unmarketable. I have chosen to dedicate my time to learning the industry and will be starting a job elsewhere in September.
Or maybe it could be the sweet a-s benefits package they are offering the senior level people who are up there in age so then can call it early retirement. Full pay until the age is reached and full benefits. I’d take it in a heartbeat!!
GBAM tech was a overstaffed, smoke and mirrors operation from the very beginning. By using the leverage of their NYC, APAC and Euro/GB buddy-system, GBAM Mgmt wrestled away control of the tech enterprise from legacy BOA tech without any real knowledge of worldwide operations, processes and tools. This gang was led by, among others - CTO David Reilly, who brought no real-world experience, except of course majoring in Literature in college. These guys single-handily destroyed a very effective and fiscally efficient Tech Ops Team.
@pfp+1cpVHfha don't get me started on Enterprise Change Standards and the weekly changes ... SOUL CRUSHING
Fully agree with what has already been said but in addition a large factor for many is that it has become an incredibly tedious place to work. So many needless extra rules and processes added to an already bloated enterprise mean that getting anything delivered is soul destroying.
@kij+1cpVHfha You hit the nail on the head with that analysis
My team has lost over 40% of staff in GBAM tech. After a horrid compensation year, lack of promotions and lack of increases and then throw salt on the wound with RTO as if nothing happened. Also, it seems that the BofA has fallen on deaf areas on what the employees want. The Job mkt is picking up with visa restrictions helping to curb some of the obstacles and labor arbitrage. Employees for the first time in decades have a slight advantage in opportunities and finally in wage increases.
Senior Mgt is so out of touch with reality on the ground that they do not know how severe this problem is. A ton of SME knowledge is lost already. The people they hire in India are just collecting a paycheck and more warm bodies does not get things done. They do not know how to do the work nor communicate effectively. In-fact it takes away focus from what people are doing. This isn't the early 2000s anymore outsourcing these remaining jobs here is the final nail in the coffin of innovation.
What I predict will happen is a total culture shift. Many of the most loyal people will see their peers and others put priority on careers that matter and for companies that value employees even just slightly more. In a year or two BofA will try to mitigate the issues but offering such benefits such as hybrid or low key, but they can't compete on the trifecta of Compensation, Flexibility, and Cutting Edge Technology. They've missed the mark on all 3. The business model is getting quickly out dated and most of the revenue generating business like Sales and Trading will be mostly ecommerce.