Did she just say the goal is to reduce technology from 15,000 to 8,000 people?!
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How will the business continue with 40% fewer tech resources? Tech already can’t do what’s asked for with current headcount.
And how long will these 8,000 “superstars” stick around when they realized a % of them are forced into “below expectations” ?
Bridget definitely has a personality disorder. Somehow managed to finagle a 1million dollar paycheck and come up with ways to reduce staff and hope she does not damage the bank so badly it cannot be reversed.
The day before Bridget’s townhall, Nancy had a townhall and part of the focus was on engagement and morale. Then Bridget comes on and says 40% of you better start getting your resume together. She is an absolute joke. I hope her contract isn’t renewed.
I read an article last year that most of the technological jobs will be redundant bcz of AI and automation in the coming years. I guess around 70%. So I think Bridget is playing her part well. I am also layed off but I guess Bridget is right. She is here to reduce the expenditure. In business way, it makes sense. Isn't it? Next thing I am doing is looking out for a job, definitely NOT in IT.
Seriously? A CIO post requires business knowledge and Suresh was a pure technologist. The last competent CIO in the Bank was Woods in Pgh. That was a long time ago, so of course it is all unraveling.
This woman couldn't shine Suresh's shoes. They made a big mistake bringing her on, but then again, the sentiment is the same for Charlie. They are running this once great company into the ground.
Just another way to make a firm/corporation appear profitable when it is not. Dump people.
Reminds me of the same conclusion I always end up coming to: the organization has no class and never will.
I couldnt believe it. I'm at a loss. To hear it so casually like that....
A Manager/Leader admitting that you think 40% of your staff is worthless is like getting a 60 on a Math test and blaming everybody else for your failure. Shame on management for not looking to turn that 40% into "stars" and make the company more innovative and relevant. Your job as a "leader" is to make people better. Don't be surprised when your 8000 stars say they don't have to put up with this failure of leadership and go somewhere else to be stars.
This is a failure of leadership of the worst kind -- because she is proud of her "F" rather than looking for help and solutions to get better. If any of us got this kind of grade in our work she wouldn't hesitate to kick us out.
"I only need 23 star-football players on my team, you can let the rest go, and if I had to, I could probably make it work with 19." -- Bill Belichick
Stupid_things_that_even_controvresial_"leaders"_would_never_say_or_think.
Maybe we can have a peak in Bridget Jones diary ?
The only way a merger may happen is if both banks spilt off asset management and that becomes one company. Would create more jobs, but don't see it happening and the U.S. Government is not letting one bank get any bigger.
Merger is a coming. Jpm and bny too big without all these lay-off
So Technology is the last area to have layoffs or more areas are still waiting to find out?
The town hall was a self congratulatory pep rally and then gadget says there are too many of you.. great way to k--l morale! #gadgethastogo!
How can you focus on technology risk and resiliency and controls and at the same time cut technology staff by 40%? Do they think the shop can run on robots, with the army of the OCIO overseeing everything from on high?
When was this town hall held ?
And they just said they are recruiting!
Yep.
And the subsequent focus on technology - which is important - seems to be leaving their business SMEs behind.
This is consistent with what some of us are seeing: no work.
Clearly, they have a plan. They will keep people that do what they value, and let the rest go.
Expect massive layoff of some departments within the near future. You’ve been warned!
Certainly sounded like it to me !