More to follow as 60 have been given notice that they gonna be cut in june from the investigation department for compliance.
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tampa technically hasn’t announced any layoffs yet just JC but they have consultants down here “looking at the processes” which translate to “how many of your jobs are worthless and how fast can we get rid of you”
After Tampa theres only AZ and Jacksonville left. They just opened 2 sites in Dallas and both directors are in Dallas, pretty sure all other sites are done.
With two higher ups visiting the Arizona location recently it sounds like they are trying to see who they can get rid of. They are really looking at the details of our process.
45 in Tampa just got cut. Summer cleaning it looks like.
The head person is coming to Tempe from Texas tomorrow afternoon. I’ll post a follow up if she has anything interesting to say.
anything republicans enact will take 3-4 years to come into effect. This has to do with a new director who is based in Texas firing people that make 80k and rehiring at 40k. Its simple math really
Compliance is being cut because there is a Republican regime. Republican regime calls for de-regulation which requires less compliance and regulatory controls.
Happening all over the place. Most senior employees out the door, and no one left with experience to do the job, management figured ," hey with these SOPs, templates, Scripts. anyone can do the job, let's fired them all and get interns or veterans"
From what I have heard they implemented a new system which was supposed to heavily automate the job but it was a massive failure, but they are still going ahead with their plan to layoff and shut most of this operation down. Whats going to happen is they fire everyone and let the “bots” do all the work until they get fined then hire these punks fresh out of college for $38k a year. Thats the reason they are moving it to dallas. Too many old timers making way to much in NJ. Jacksonville is next...
I work in (formerly called) FCOI. My understanding is it’s our Investgative Review. I’m not sure if anyone else is effected.
Is this cut from AML compliance? Or GS&I/FCOI? Which compliance LOB?
I don't think people think they can sit in a job for 30 years and retire I think people get upset because management will LIE right to your face and even hire people up until the layoff announcement knowing good and well it was going to happen a year ago. Scumbags at the highest level.
I also heard about the cut. This is not a big surprise. JPMORGAN cut compliance employees from a number of different offices less than a year ago. I’m not sure why so many people treat these kind of jobs like they are some kind of long-term career.