Wow.Now here’s a tell-tale sign of what the sentiment must be like at Bank of America right now.
Employees are already beginning to jump ship as the massive wave of layoffs begins to hit the beleaguered Charlotte, North Carolina-based bank.
According to a Reuters report, rival firms have seen an uptick in resumes, calls and LinkedIn connections from current Bank of America employees who are looking for a new position elsewhere.
“With talks of layoffs looming many are actively talking to recruiters and trolling the job posting boards,” Roy Cohen, career coach and author of The Wall Street Professional ‘s Survival Guide, told Business Insider.
It’s not surprising. That’s because conventional wisdom tells us it’s easier to find a job when you already have a job.
However, this can be problematic for BofA because they can lose talent in an environment of uncertainty as well as for the employees looking for a more stable position because the job market is tepid.
The uncertainty at Bank of America gives competitors a chance to nab talented employees, bankers said. But they cautioned that many companies are only hiring selectively.
Because we’re in the fourth quarter very few firms will be making hiring decisions, Cohen told Business Insider.
“So there may be movement but not much in the way of actual placement.”
Another concern for bankers is their bonus. During the fourth quarter employees usually “sit tight” and wait for their bonuses, Cohen said.
That’s not the case this year, he added.
“If an offer is extended now, there are no guarantees being provided and it is unlikely that a ‘lost’ bonus will be made whole by a hiring company.”
Back in September, the embattled bank an astonishing 30,000 anticipated job cuts as part of the bank’s new efficiency program Project New BAC. The cuts will happen in phases.