Is it true business banking is laying off?
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They need to remove lot of junk from middle layer. We have an engineering lead who mainly does project management and no tech skill (was a manual QA before). He blocks others from moving up and has fear of people outsmarting him. If such people are in those position by luck , those positions needs to be reevaluated for both individuals and company growth.
Yes, the have to make room to
- Account for lending volumes flat to down
- To pay for AI hires.
I have heard rumors of CCB and CIB. Big business though, so its not unlikely. This is rather typical for this time of year. get all layoffs after the fiscal numbers are out, before the end of the first quarter.
Also, with the shift in senior leadership I can imagine there will be some shifting in lines of businesses including role responsibilities. In my department we are converging Correspondent Lending with Conventional and there are rumors that some of the current roles will be rolled into other roles. how that impacts individuals is yet to be known at my level.