In my group, we have tons of job openings "that we can't fill" but yet we aren't allowed to make offers to actually hire anyone. It's as if they want this illusion. I seriously don't understand.
Many have departed of their own accord. Then we were told we could fill positions but not in NY / NJ, they had to be in Plano. But they supposedly from up the food chain to our leader on the Operating Committee, we aren't allowed to make offers.
So we go through this song and dance about all these job openings, and acting like we are recruiting, but we aren't really making any moves.
I hope it's just my division, because this is nonsensical if it's more widespread.
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I'm copying someone's post. I hope the author doesn't mind. Since this is also happening in my group, I think it is widespread?
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When Jamie first got here via the B1 deal, he was very averse to using consultants for just about anything. Now, you can't sp-t without hitting a current or former McKinsey guy at JPM. And I'm sure the PPT output has gone up proportionately.
I've often wondered how many of our FTE have the word strategy or strategist in their job title. And most just make PPTs. That isnt strategy.
These strategic guys, and yes the majority are young preppy guys who crunch numbers without understanding the industry, business, clients or the dynamics of the location being impacting. All they are interested is the expense of the city, staff and the state or country enticing the move with incentives (sometimes these incentives mean future government positions for them, even though the Bank has strict rules, they have no control on these guys when they leave). All they are interested in how does this get them to the next senior position and the "LARGE" bonus.
there used to be legitimate space constraints in Midtown, such that I could see the drive to push work to Brooklyn, Jersey City, Delaware, Ohio, Plano, etc.
But now there's nothing but empty offices in Midtown.
the Location Strategy teams are dreadful. In that there is no consideration given to lost productivity involved in moving roles elsewhere. Not to mention, when you move jobs to certain cities, there just isn't much banking talent on the market to choose from, whereas in Tri-State, at least there is a talent pool available.
To “Nothing new “
Jobs not filled are either off-shored or used to cut a Divisions headcount budget in one area and transferred to another area in a different US location. It’s a budget game tactically played by managers and executives to address initiatives put forth by the strategic location masterminds. The strategic masterminds should be renamed “we earn our pay by building, moving, and tearing down mastermind Executive Director ” and relocated to a cheaper site.
May the execs need to be relocated…I hear property is cheap in the Amazon.
Nothing new if you have been there long enough to see the pattern. I have worked there over 25 years and that is the tactic. They post but rarely hire. You can tell they have no intention of hiring since the posting is aged beyond one month, sometime the job is out there for a year.
ON THE OTHER HAND, when they do fill open jobs, the candidate is already identified before the posting the job. Internal and external interviews are done through referrals or those in their network, (its who you know not what you know ) the job is posted and the person is asked to post the job and wait for HR to contact them with the offer. All those who post within those 2 weeks have no chance for an interview,
You are missing the biggest component of the headcount equation.
A 5500 NET gain in FTE in a quarter, means they replaced all the departures and then added another 5500 in addition to that.
How many thousands have departed? It's got to be massive.
So I concur. net gain of 5500 is a fudged number. But why?
That 5500 number seems highly suspicious though I looked at the earnings release and there it is.
I'm not even sure in a pre C19 world the bank could've interviewed, background checked, hired and onboard 5500 in a given quarter. So, like you, I find that number very hard to believe.
I guess some of it would be college hires, but that's primarily a CIB/AWM thing. Again, 5500 seems unreal, if true.
For real? I cant even imagine how theyd onboard 5500 new people in a quarter these days, given all the logistical nonsense in the current environment.
They dodged the legal landmines of are you/arent you vaxxxed, how many days in office/hybrid negotiations, c19 testing protocols, space considerations, and so forth??
For 5500 people? No fing way.
90% of the job posting are fake jobs. All large corps do it. Know anyone in HR in a large corp. Ask them.
todays earning release shows the firm hired over 5500 people just in the last 90 days. what groups are getting this headcount? I see nothing like that, and I am in a front office group. Anytime someone has left, they aren't replaced.
"Banking is such in a sad state."
You just described Corporate America... it's not just banking
Not surprised by this since I have completed many job applications and they just sit there without anyone reviewing them. 🤷♀️
This is a tactic the companies use to show the government that there are many job openings but no one to fill them so they can hire H1B visa folks through contractors. The contracting company gets the money from the company and the H1B folks get pennies. It's a corruption game. You have to be in the system to understand it.
My company does the same thing. Ever notice a re-application of an H1B visa persons job has to be posted on a bulletin board inside the company. Notice how specific they are with the job description so anyone applying will not have the exact job experience. This way they can continue for 3 more years the H1B visa person. It's all a game. Now due to Trump's law, the h1b guy is getting just as much if not more then you. Actually the contracting company that hired the H1B person.
In my area of AWM, we have had specific jobs get reposted online for over a year now.
Mind you, we aren't allowed to even hire anyone to fill the role. But we just keep re-posting the "open positions" and acting like we can't find anyone.
To the person who mentioned the idea of the firm "creating an illusion," I am with you, based on my little AWM worldview.
They want cheaper locations, overseas or someone on visa.
They are looking to suppress wages even further.
Goldman and BofA doing the exact same thing. Exec pays doesn't change though...
Banking is such in a sad state.
Don’t be surprised if more continue to leave and more openings remain unfilled.