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"I've lost my banking job to a mad restructuring program dictated by clueless consultants"

I've spent the past decade working for a US investment bank that's in the middle of a restructuring program and I was informed last week that I am one of the casualties. 

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I accept that the bank needs to cut costs, but senior management should know that the way this is happening is crazy.

 

We were informed last year that a major management consulting company would be managing the reorg and that we needed to cooperate so that they understood what we all did. This was a huge amount of work preparing slides alongside our day jobs.

When the consulting firm eventually came back with their org chart, it bore little resemblance to what we'd explained to them. They'd simply fitted everything into their own "revenue and growth" framework and had classified a lot of things in ways that made little sense in the real world. 

We attempted to explain this to them, with limited success. As they impose the new framework on the firm, people are being promoted into jobs that they're unsuited for based on who they know internally, how much they've networked and who's fought their corner. Others, who are critical to business functions, are being let go. Jobs are being split up and dispersed across functions in ways that make no sense, and people are being allocated tasks that they've got no experience in. 

This might sound like sour grapes given that I've been laid off, but someone needs to point out what's occurring. Restructuring in this way means that internal politics are rampant, as it's not about who's suited for roles but who can play the internal Game of Thrones. It also means that many of those losing their jobs are, like me, women.

Nicole Gordon is a pseudonym

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AUTHORNicole Gordon Insider Comment
  • Jo
    John Bishop
    15 April 2024

    You can count yourself lucky… The firm is being mismanaged and if you’d not been made redundant, you probably wouldn’t have been able to change this… and your long term prospects would still be dire. Now at least you

    can seek out a role at a firm that is better managed.

  • Ol
    Old boy
    4 April 2024

    When credit Suisse was run by a management consultant several years back, the same thing happened. They culled all the most experienced staff as they were the higher paid but then the knowledge and efficiency was lost. As a client, the speed and quality of service was then worse (not too mention the loss of relationships of trust built up over time) hence they got less business from us, ….and that’s before the final demise.

    Periodically trimming the fat is key in banks but in my experience when done by external consultants they focus on costs without consideration of the impact on their longer terms revenues, and putting insufficient value on the existing strengths of the firm.

    There will always be politics involved, in banking you have to play the full game to stay in it so that’s nothing new, but I personally always find it disappointing whenever the management feel they have to bring outsiders in to do the job they are supposed to be doing themselves.

    Only thing you can do is play the game better next time.

  • Th
    Thommbe
    2 April 2024

    Lol had sympathy until the "women most impacted" line...nevermind who making all of HR decisions, could there be any other conclusion in the Current Year? So tiresome

  • it
    itchyB
    2 April 2024

    The moment you see a bunch of consultants restructuring you know everything is going down the toilet. So sad that many companies decide to trust more a bunch of overworked recent graduates applying the same cost-profit template to everything than their own employees.

  • Ci
    Citi VP
    1 April 2024

    Sounds like Citi. A lot of talented and great colleagues have been let go, moreso within Banking where the incompetent and political leaders have managed to re-invent themselves into roles to save themselves. Now it looks like a lot of the HC cost saves are being pushed onto the juniors as no actual MDs or Ds were fired...

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