Layoffs are one thing, but the endless outsourcing and focus on AI makes it REALLY hard to think my role matters anymore or what the future looks like. Anyone else?
13 replies (most recent on top)
Some days coming in it’s like watching Game of Thrones or the Hunger Games.
Everything has crumbled, I had the absolute worst manager there while in cardmember services. Honestly, I am really shocked she was a manager and brought our team down tremendously. There were complaints about her but nothing ever done about her management.
Because the bank spent the 40 year of declining interest rates using private equity tactics like leveraged buyouts (mergers) to grow the business and relinquished control to consulting companies, namely McKinsey, when they actually needed to build products/services. Now they have to compete with wildly better product offerings tech-savvy banks like Ally, Synchrony, Capital One, Schwab, etc. Of course, it's a disaster.
Senior management's only play was M&A and you can't do that in (1) a higher rates for longer environment and (2) when AUM is ~$650B due to regulatory constraints. If this were a private company and/or a smaller bank, they would sell the bank as the coup de grace.
There is no good future: the bank will hemorrhage NII for the next 10 years while (1) outsourcing to increase their efficiency ratio and (2) selling hope/dreams to investors on a box wrapped 'AI'. Both will be failed initiatives, but buy management enough time to make it to retirement.
For those that think this will pass, that's unlikely. Management has this company in a death spiral. Layoff, re-org, layoff. Companies that cut people for years are unlikely to every return to a quality first environment.
Lucky I have a good manager and that’s about the only thing that makes it tolerable. Above my manager I don’t feel like my job and role matters to this company at all. The company does a good job of making themselves look like they have such a positive image but it feels like the exact opposite right now amongst the employee morale. I didn’t feel this way even last year but once the conversion went through it feels like the culture of this company has gone in the toilet. They obviously don’t listen to the feedback so why even send out the talk to us survey. Feels pointless executives just do whatever they feel like.
I’m being told I need to do more to cover for people they laid off, but I’m able to do less than ever before because it’s just too much and I don’t even care anymore.
As a customer and shareholder, it is appalling to see the quality of code in this current state. There is zero creativity and ingenuity.
Anyone who is proposing outsourcing to India, should be assigned to deliver a digital feature and report back the feasibility of doing so after working on a ‘product team’ for a quarter or two.
@1pcu+1tcPjutP - there aren’t enough people to do the work!? Then why are so many being laid off and unable to find work? There are plenty of people, it just cuts too much into MC and stakeholder payouts
I’m lucky to have an awesome boss and team but yes leadership and vision is lacking in integrity and execution.
Too many layers of people just trying to stay in power and taking credit.
Here’s the thing-and I understand the frustration-AI is happening all around us no matter the industry and it needs to in order to increase our efficiency ratio. There simply is not enough bodies to do the work so we have to get better at how we do the work and there will be greater emphasis on promoting from within because we need to build that retention pipeline. There are just a lot of moving pieces right now.
just show up and take the money
This is a rough time here. Many of us are in the demotivated and depressed trenches with you. This place really su-ks right now. I keep reminding myself that this too shall pass.
I’m right there with you!