anyone heard anything if retail banking, especially credit card safe from layoffs? Leaders sounded not to have a definitive answer and keep saying they're trying to cut the costs across in order to prevent any layoffs.
5 replies (most recent on top)
Member contact, for the most part, is safe. Although RTO will work its magic and force people out for various reasons.
I have a slightly different take. We are rushing to bring member contact from 3P back to being internal employees. (More expensive).
All while strategically transitioning to being a digital bank.
And simultaneously massively expanding our membership.
I have no actual knowledge but I wouldn’t say 99% sure “safe”. I think this a short-term play to get us out of 3P contracts - but not ready to be digital.
I’m about 99% certain that member contact jobs are safe. But, sadly that is a very strong 1% when it comes to Wayne and wanting to save a buck to increase his bonus and salary.
In my years the only bank member contact positions that were volatile were in mortgage. I came to work at USAA at a time when there wasn’t a layoff policy only a “talent pool”. That changed in about 2001 when I/T was offshored to save a buck. For myself in a staff position, my department was forever in reorgs and “right sizing” ad nauseum. When one reorg ended the next was announced. Or not announced even though everyone knew it was there. While I’m glad I survived and benefit from the benefits that are no longer there, and while there were many interesting and challenging experiences along the way, poor leadership and stupid decisions contributed to an ongoing anxiety over job security. But you don’t wear the golden handcuffs so you’re a free agent to trade up!
Pretty sure member contact is safe.