At the town hall Penny took responsibility for allowing the firm to become bloated. She said we had to eliminate people for the first time in our history. She said it never happened before and it will never happen again. They say they are doing this to better serve clients and to allow the firm to compete. Since PP and the ELT put the firm in such a precarious position and now they are causing large disruptions for associates and their families who never asked for this the only logical thing would be for her to step down so someone else can lead the firm back to the correct path. Plus, if PP and the people on the ELT who were here when the firm got in trouble would leave the firm would save tens of millions of dollars. This is not about serving the client and the perpetuity of the firm. This is about making sure the firm survives as long as possible so the people at the top can milk it for all they can.
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She recognized that we're bloated, but then she also bragged about being the one to oversee the expanded hiring. How in the world is she being accountable besides simply stating it out loud?
She won't apologize for bringing on outside consultants who have steered her towards offshoring, when Citigroup just recognized that focusing on offshoring put them in a hole and reversed that course. Apparently DC didn't learn that lesson before he left and wants to rinse and repeat that failure here. What a leadership.
She needs to be booted from membership. She couldn’t do my job let alone run a Fortune 500 company. It wont be Fortune 500 for long with her at the helm.
Because if PP resigns, STL Country Club may boot her from membership.
What is fascinating about all of this is that the firm had its most profitable year in history last year…even with all that “bloat”.
PP and the ELT are positioning this as a “turnaround”.
The truth is that ELT is attempting to distract branch teams from their own poor decision making and micromanagement which has resulted in failed new technology, support models and programs to branches.
Case in point…when you put Lisa Dolan, - who has been the ringmaster of the sh$tahows in service, operations and real estate over the past 5 years - in chance of “reimagining”, what do you expect the results of that will be?
Hint: it won’t be improvement. But it will be a lot of blaming others for her own incompetence.
This is obfuscation, pure and simple.