Thread regarding Bank of America layoffs

The last post is wrong. Over the last 6 years bofa been reducing its real estate. The my work program was one of the ways it used to reduce its foot print in a lot of locations. So leasing or owning real estate is not the problem. It's the bad deal with countrywide and Merrill that started the problem. Along with the culture changed once the bank acquired Merrill. They want to keep their high salaries and luxurious offices while they squeeze the hell out of their employees. Things won't change until the management culture change. Investors know what bofa is doing so why the hell would they want to invest in the bank.

Due to all the acquisitions over the past decade or so, the bank either owns or has long term lease obligations for office space. With all recent cuts in head count, it makes no sence to pay for office space and fund work from home too. The cuts/downsizing/right sizing/whatever you call it will continue until they are able to increase the stock dividend and attract institutional investors back into BAC..

I was forced to go on MyWork by my manager. as I was working through chemotherapy. I worked from home for a few years and wanted to go back and work in the office as I was healthy. I was in the Charlotte office, and was told that there was no space for me to come back in so I stayed in MyWork. Guess what? I was laidoff end of 2015 because I was not working in the office which was shared with me by management.

i am not in gt&o but am curious about this. what exactly happened? Someone in the audience accused her of killing mywork? why would someone do this? or did they somehow imply it?

and then i gather from above that she then responded shocked.

Nothing is going to change until the board of bofa realize that the management culture is killing this bank. Until that happens it's only going to get worse. They only care about keeping their billions while all the employees work like slaves to their masters. Democracy is dead. It's now being ruled by dictatorship.

Cathy is the BAC version of Hillary Clinton. She is a liar and a bad one at that. If you speak up, you get on the list for layoffs and if you question anything you get on the list for layoffs. As the saying goes, power corrupts and absolute power corrupts absolutely. She has clearly been promoted beyond her level of incompetence.

@ -grt The only way to have a definite answer, and not speculation, is for Cathy or Aditya to come out and say. With that said, from what I heard it's a combination of things. Ran out of space and underestimated the costs/expenses of doing it. Now for true speculation, I think they did it to cause as many people to leave as possible so they don't have to pay severance. I don't think they expected everyone to go back in, which is why space and expense took them by surprise.

I think the worst of it is the disrespect, bring treated as if we are so stupid we won't notice that they contradict themselves. I'd have more respect for her if she just admitted they messed up and told us what the mywork fiasco was really all about because it doesn't make sense.

It was initially part of bofa 's green initiative because Charlotte is so polluted, they needed to get commuters off the road. It was also part of work/ life balance and attracting good talent. And let's not forget, the savings from no longer having to lease office space.

So, what changed? It's not about having people collaborate, because they are separating everyone out through their torturous fake automation processes and teams, and workers are still spread across the US and across the globe.

So how does this fit in with new bofa... It certainly is more expensive to have employees in the office.. unless the ultimate goal is to eventually outsource and automate everyone's job. Get everyone in, document what they do, have them train and automate their h1b replacements.

Employees are no longer valued assets. The race to the bottom has begun.

The entire management team is full of hypocrites! There are Band 4 managers and above who work from home FULL TIME in non-hub cities and towns who require their employees to commute 1+ hours to work each day. How is that fair? They don't have to pay for parking or gas, wear and tear on their cars, etc. AND they make more money! Enough of the do as I say and not as I do. Ask your employees who have long commutes if they would like to work from home. I know what my answer would be!

Does anyone know who started the push to kill MyWork? Was it Bessant or Aditya? Or someone else? What a stupid move. With one fell swoop, they instantly cut productivity in half.

Anyone have inside info (as opposed to speculation) on why the migration back to the office was stopped?

To J1PKyyb-nty , the poster who thinks his co-workers are cheating by working from home a couple days a week ,you are allowed to work from home from 60 up to 70 hours a month depending on your team. No one is sneaking. Folks usually pick Friday and Monday.

The fact that you don't know this is a bit weird. Perhaps you are a contractor, so you are unaware of the rule. Your snarkiness is not appreciated.

This is by far the best thread that has ever been posted on this site!

Hahahaha...had a great laugh! Thanks!!

Anyone till now doubt where Aditya's head is... Hahaha!! This can go two ways, either he looses his job with this MyWork fiasco and low employee satisfaction, or he takes her job similar to the trend being set at lower levels. Either way, this comment from Cathy on why anyone thinks she wants MyWork out is just too funny!!

I sit to some My Work folks that were brought back. 2 of the 4 teams have their bosses in other states. Most Mondays and Fridays they sneakily work at home on their laptops. With MOC and email on, the boss can't tell where they are.

And if the job is getting done, then who cares where they do it from? They have group conference calls daily because their bosses aren't here in person, so what's the difference if they do it from home?

Would free up more parking at our site toi

Are we in competition with OCWEN to place all of BofA into India's hands?

That's the Democrat way - these successful women know what it takes to get to the top!

Context, it's an internal BoA call. If you're an employee you should have heard about it and know how to access the replay. If you're not, then you're out of luck. It's a meeting for employees only (and possibly contractors).

And if they want an EVEN PLAYING FIELD as they keep harping on, then have Brian Moynihan move to NC instead of BoA having to pay for his flights to commute each week. You can't keep saying do as I say, not as I do to grown adults. Don't talk about disparity and championing creating an equal environment when Execs get special treatment all the time (travel, bonuses, corporate retreats, etc). I'd like to hear how much that meeting of the 7 leaders cost and how many people will be laid off to make up for it. Do flights to India cost less than flying to sites here in the US...are we saving money that way??? We are not blind to what is going on. So don't LIE to us in Town Hall....THAT is why your survey said we don't trust Mgmt....so you're causing your own pain (boo hoo) Aditya.

I used to work MyWork, and this post is awesome and so true.

Is this a Town Hall call? Will it be available to listen to? Someone please give context .. .thanks!

C'mon, guys, this is "a noble effort" as stated on the call by Cathy yesterday. As a funny side, when I went to type "as," it auto corrected to "b.s." Yeah, the response on the MyWork question was so transparently bad and counter to the Town Hall.

Yeah, and Aditya was so HURT that no one trusted management to do anything about the surveys.....it's because actions speak louder than words (or lip service). Management has become out of touch, uncaring and corrupt in some instances....then they wonder why people don't like them. Maybe some more mandatory indoctrination classes, oh I mean BoA Culture Courses, are needed again. We can always layoff more people to pay for them. Culture wasn't bad because MyWork removed employees from the environment, it was/IS bad because of our current Management team. Let's keep MyWork and try a new group of Executives instead.

Agree completely! I remember that Town Hall.....How could anyone EVERY think that they were hunting the MyWork program...LMAO And the example she used where one employee was commuting two hours a day...OFFER THEM MYWORK!!! That is a situation where it should be approved, then if the employee declines it there is no uneven field...they chose that situation. When MyWork started it was to allow for a better work/family blend and allow for keeping/seeking good talent no matter the location...now they are fine with that as long as the location is India. You can't keep saying it's sooooooooo important that everyone be in the same location and then outsource sooooo much to India. And even when they did bring people back there are teams still split up in different offices, some sitting all by themselves in different States...where is the logic in that??? Oh well, I thought Cathy came across cold, unconcerned and distant from employees overall just like the articles have said in the past. And Aditya had his head so far up her @ss it was funny to see he was like a Minion (from movie of the same name) tending to his villain.

Can original poster/anyone link the article they are referring to? Or was this a speech? Where is the "shock" etc documented/source? Thanks.

We were told up until very recently by our managers that Mywork was a dead program... that everyone would have to come back - no exceptions. Then a few weeks ago we were told the move back was put on hold. So some of the team are back in office, some are still on MyWork.

If those who came back wanted to reapply for mywork, we were told that would most likely put them on a short list for layoff.

We were not given any explanation.. ran out of room?