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"MDs at my bank only care about their own bonuses"

I work for a major US bank that has recently laid people off. It's doing so in a way that's creating bad feeling internally.

The bank is marketing its RiF policies as transparent, but they’re nothing of the sort – they’re purely bureaucratic. Top people, MD-level people are making the decisions without all the information. They don’t talk to people two or three rungs of the ladder below them about the cuts. They only care about their bonus and aren’t paying attention to the real issues here - issues that we raised weeks or even months ago.

While the MDs go ahead with cuts and ignore the real problems, it's the people below who are suffering. The bank’s top-level management needs to fire the people that are ignoring the opportunities for change, instead of those that aren’t able to address the issues due to their seniority.

The worst thing is that while they're laying off people who didn't get us into this situation, and who've been trying to do something about it, they've been hiring new senior people. Something is seriously wrong here - they want their loyal employees to go, and they bring in new ones instead. There are serious issues of leadership. They know how to yell at people, but they’re not even trying to understand the root cause of their problem. The only thing they care about are their own bonuses. 

Robbie Margolis is a pseudonym.

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AUTHORRobbie Margolis Insider Comment
  • Ja
    James G
    31 July 2023

    That's my firm

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