I spent seven years at BoA. One of the nicest places I have ever worked, at least at first. By “nice” I don’t mean free coffee or any silly perks, but competent professional people doing meaningful work. Of course, there was bound to be some bloodletting after the financial crisis, and it seemed like the real hit was to the brick and mortar banks. But eventually the other parts of the organization took their hits.
After I read the article below, one thing that always bothered me made more sense. I saw a string of very capable people promoted, then quickly fired. I’m not talking about one or two, but a bunch. At first I though it was just some twisted version of “up or out”. Now I think I see where these “managers” came from, at least where I was. Can’t recall seeing a “real manager” go, even though a few really deserved it.
“While cutting rank-and-file positions, Moynihan realized three years ago that they had left too many managers — about 30,000, he said. He slashed a third of those jobs in just a few years.”