Hey, Bank of America is not leaving candidates hanging
Like many banks, Bank of America is dialing-back on hiring in 2023. But it's doing so a little more aggressively than some rivals because - like UBS - it's not planning to make large scale layoffs. Instead, it's all about cutting costs by trimming recruitment to the bare minimum and waiting for existing staff to leave.
Speaking late last year, BofA CEO Brian Moynihan explained how the process began. Sometime in early December/late November, Moynihan said the bank reviewed all its hiring plans and declared that, "all the job openings are closed, let's start from scratch”.
Sources inside the bank's HR team say this resulted in many thousands of job openings being removed. Two months later, although essential hiring is continuing, it's doing so at a much reduced rate.
What did this mean for people already in BofA's hiring process? The bank isn't commenting, but we understand that it's doing the right thing by them. "People who were already in the process are still active as candidates," says one insider. "They haven't been taken out of from the system, and offers that we've made verbally are still being honored."
Even so, it's probably doubly checking before resigning from any current role. - "We always tell every candidate not to resign from their current role anyway, until they pass the background checks," he adds.
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