The fact of the matter is this; this company doesn’t give a damn about isn’t people. Upper management’s only concern is the stock price and that goes up when they cut people. This was just part of their plan to encourage people to look elsewhere without paying a severance. If you’re one of the folks affected but this, you’ll note a lot of ex-employees as contractors, lots of H1B1’s and continued layoffs. Bunch of guys got theirs just before the holidays. It’s a shame. At one point, I really did love the job but I cannot continue to embrace an employer who’s made it clear that we’re not valued.
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I think killing it is directly related to workforce reduction, period. Force a bunch to quit who won't commute the 1-2 hours into a site. Let go others who hang on. Remember the party line when they pushed people to MyWork? It will improve work-life balance, it will make you more productive, it will save $6k/yr per employee, and it will save the planet by getting all those people off the roads in their polluting cars. The question I have is: Which one of those turned out to be a lie? Actually, none of them. So that turns it right back around to headcount reduction because there's no other benefit if their original position was correct.
The myWork kill is enterprise wide. It's not Bessant's call.
Reply to IMHO no one knows the why behind death of Mywork in GTO. Cathy and LU-tenants had to be very much opposed to it. To posulate on why I proffer counter thought, which is none of us knows why it was introduced in the first place. Oh, it was offered because of the reasons they gave? BS. They most likely did not offer it, as it might appear, just so they could jerk us around years later and bait you to hopefully leave, as if you need a reason. IMO they offered it for the same reason as they took it away - they were playing monkey-see monkey-do. Other tech orgs (JPM, google, yahoo) led the way, boa followed. Those same orgs stopped, boa follows. That seems best explanation. BAC management isn't much brighter than that. If original thought was a prerequisite for saving your overly paid management job, or for even the life of your firstborn, the management at this bank would fail everytime. This bank has minimal talent, and no innovation, despite what they will tell you as captive of a BS all hands calls. Aditya's best idea for innovation is common code. Kriste, thats the same tired line floating in tech since the 1980's. In his defense, he was still having mommy wipe his backside then. This bank is bankrupt of ways to make money, they don't have a clue. Start ups are eating their lunch. 2b2f? Hardly. They are dying a long slow death of a thousand cuts. The little folks are being axed regularly as evidence of management failures to lead. That's whats going on plain and simple. Aditya and Cathy will turn out the lights, that's about all they have to hang their hat on at this point. Long live and prosper...not.
The point is that while Brian Moynihan talks about cost cutting he continues to spend $448K to commute. If he moved to Charlotte he could be cutting that amount annually. This is so hypocritical cut everywhere as long is it doesn't impact the higher ups.
: none of us outside some band 2's possibly a few band 3's really know why Mywork was killed for the tech org. I'd say Cathy was very much on board with the decision and blessed it. The again, to offer counter thought, not of us knows really why they offered it in the first place. I don't think they offered it originally just so they could jerk us around years later and give us a stronger reason to leave, as if you need one. My opinion, only, is that they offered it for the same reason as they took it away - they were playing monkey see monkey do. Other large tech orgs (google, yahoo, jpm) led the way, BAC followed. Other tech orgs (same list) stopped, BAC follows. That I would say is it in a nutshell. The management of this bank isn't much bright than that. Seems to me if original thought was a prerequisite for saving your overly paid upper management job, or even for saving the life of your first born, the management at this bank would fail in each case, every time. This bank isn't rich in talent, or innovation, despite what they will tell you on flagscape or when you're held captive to one of their bullshit all hands calls. Aditya's best idea for innovation is common infrastructure. Christ, that's the same tired line that's been going on in technology since the 1980's, but in his defense, Aditya was still having mommy wipe his ass then. This bank is bankrupt of ways to make money. They don't have a clue. Start ups are eating their lunch. Too big too fail? Hardly. They are dying a long slow death of a thousand cuts. The little folks are being axed regularly as evidence of management failures to lead. That's whats going on plain and simple. Aditya and Cathy will turn out the lights, that's about all they have to be proud of at this point. Long live and prosper...not.
The remaining employees in the department I was let go from btw I was MyWork, they were told it would be in their best interest to go back into the office to keep a target off of their back.
Moynihan chooses to live in Boston while his bank is headquartered in Charlotte, North Carolina.
I believe that the figure stated was that Bank of America spent something like $448,000 last year on flying CEOs back and forth
on their private company jets.
Why is it that the CEO gets to spend over $500,000 year to maintain a quality of life by computing from Boston to Charlotte every day? MyWork actually saved money for the company unlike the private jets that the CEO has to take to get to work.
Confused here - could someone speak to if Cathy killed the My Work program for HER world - or is it a corporate wide kill.
I was severanced in late October as a MyWork associate living flights away from the operations center that I supported. I worked remotely for many years before a "MyWork" Program was introduced. Not only was I a low paid band 5 and 4 employee, but I never billed my internet/phone expenses and rarely traveled to help in controlling expenses. Additionally, I continuously delivered high measurable returns on every process I was affiliated with. Most importantly, if it weren't for this program I NEVER would have been able to balance career and motherhood nor stand on my own two feet after experiencing a very abusive divorce.
I was hired into an organization that became part of GT&O about a year ago, with no concerns over my home location. The above posts are the first I am hearing of any "rules for visiting sites" in GT&O. In fact I haven't been to an office in several years, This is also the first I am hearing of the "program" getting killed, but it is a truly sad thing. This will impact Bank of America's ability to recruit and hire talented associates and severely kill the reputation as a great place to work and supportive of diversity and/or working mothers. II suppose that its time for me to change along with the company I once loved. Not only will I not seek re-employment, but I will remove all of my banking relationships and encourage friends and family to do the same. Even if it means waiting tables, I would rather support a company that I believe in.
My work was a requirement to my position and was touted as a benefit; thereby explaining why there was no salary increase. Now the work locations have changed and the travel to work will be an hour and a half, plus the additional expenses. Will the bank be providing the salary increase to compensate for this lost benefit? As an adult and a professional, i'm sure there was a way to reprimand the workers that did not attend the all-hands calls or other violations. What about the other 49,777 My Work employees that did not violate the rules?
Getting rid of one program that benefits so many based on a few poor performances is a cop out. Maybe upper management could actually provide the real reason My Work is being disbanded. Perhaps employees would 'buy in' to the truth.
She killed a program that greatly benefited thousands of people because of her ego. She is part of the reason moral is so bad at the bank. There is no transparency and absolutely no trust in upper management anymore. Every year brings more budget cuts, layoffs, and more offshore to take the place of associate resources. People with 30+ years experience let go routinely. I don't know if it was the Merrill acquisition or just corporate greed in general, but the atmosphere has gone toxic over the years.
Cathy killed the MyWork program for GT&O because people were not following the rules like coming in for all-hands as they were required to. That is just one example. You are NOT entitled to the MyWork program. It is a perk the bank can give to you and take away whenever and for whatever reason they choose to. Sure it may suck to have to drive into work after working from home all those years, but it isn't Cathy who really killed the program, it was your fellow employees who didn't follow the rules. Grow up and be an adult and a professional.
Would love to see the % of teams that are 25% co-located in same street block, let alone same country.