As far as I could see from the news the explanation for announced layoffs is that they are performing a reorg and shrinking the workforce due to rising interest rates.
Can anything similar happen at BofA in the near future? Any rumors about such layoffs happening?
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Two words: Plan ahead. All the financial experts speak of a collapse. Listen to what they have to say and start budgeting and saving. Payoff debts. Live on less, prepare for inconveniences, etc. You never know if or when it will come to fruition but at least you have a plan and will be somewhat prepared.
BOA hires contractors rather than make it a regular practice to layoffs employees. WF frequency downsizes when market conditions change. I wouldn't worry as most are now tied to financial centers.
Makes sense in the mortgage division b/c as rates go up, housing becomes more expensive. When housing is more expensive, less people can afford to buy. When less people buy, there is no longer a demand for loan officers.
I heard that Walmart had to layoff all of their seasonal Christmas workers. I wonder if BAC will layoff based on "seasons" too? Anyone heard any rumors?
Just because WF lays off specific employees doesn't mean that we will follow. I'm pretty sure that our mortgage division is different from WFs
I hope so, so that the company will weed out the lazy whiners, union organizing, and complaining about RTO.
No need to stress about layoffs. When it happens it happens.
Considering all the other job openings at BoA and how they can't even find people to fill those roles I think it would make sense for them to just shift people around rather than lay people off. But, then again, the company has made very little sense in the past year or so with their decisions by upper management so you never know.
I saw this article myself. I am a Fairly new CSA in a branch and the stress and anxiety are already causing me to loose sleep. I could just cry.