A few weeks ago, our CEO announced that 15,000 jobs would be "saved" over the next three years. Not from the poor bloody infantry in the branches and telephone offices. There were promises to leave the infantry alone and noises about "reducing layers of management" instead. Even in an organisation which hands out "manager" titles too easily, 15,000 is a big chunk: someone worked it out as 1 in 4. During the internal announcement, they mentioned en passant that The Bank hires 12,000 people a year, so a hiring freeze would do the trick. Maybe it does, but it doesn't hire 12,000 managers a year.
And if anyone is worried, they aren't showing it. There are no rumours, except that we should be hearing something in the next couple of weeks, and that the Director-level people know what's happening. There have been no mysterious project groups or secondments and if the angels of death from HR have been flying (they were roosting in senior managers' offices every day during the last re-organisation) it's been at night. Nothing. Which could mean everything (no change, just a recruitment freeze) or nothing (the evaluation and redundanc... err... rationalisation process will be announced).
Because of size of the company and the numbers involved, an actual cull would need minimum 30-day notice for At-Risk letters and a public process to get rid of people. This deflates morale faster than a pin in a balloon, and they did it to us a couple of years ago. The feeling is that with a major IT integration due to happen in the next month, management don't need us distracted by re-applying for jobs within the company, looking outside and generally feeling like crap. They don't need us feeling like that, but they might be willing to live with it.
I'm guessing everyone is thinking that it will be everyone else. A large number of people have been working full-time on integrating The Other Bank into The Bank, and yet the business has carried on. Those people are wondering if they aren't rather disposable. My bit of The Bank went through a blood-bath (sorry, rationalisation) a couple of years ago, when they really did get rid of a bunch of... less-performing... expensive middle managers. (And I got stuffed.) Other bits of The Bank dodged that, so many people in my bit think the axe will fall elsewhere. Everyone is hoping that Operational Risk will vanish in a puff of smoke to some central office, never to be seen again.
The City, of course, is expecting 15,000 pulses to be stopped. The internal announcements made it sound like it would be 15,000 positions, a decent proportion of which are already un-filled already, so what we were looking at is a hiring freeze. I don't think so.
Earlier this year, the new CEO held a meeting in Birmingham of all the managers and head office folk involved in the businesses. It took the largest conference hall in the NEC and the trains to and from London in the morning and evening were rammed. I'm guessing he took one look at the assembled crowd and said to himself "We do NOT need this many f....g people to run a frigging bank".
I think we're going to get a really nasty shock.
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