We have and will continue to witness significant employment changes in the workforce because of technology, financial crises, and internet sales just to name a few of the most prevalent. Regardless of the cause, you or someone you know will be affected by: job loss, demoted, more responsibility at the same or less pay and a host of others.
For example, a recent Headline in the Wall Street Journal said: “Bank of America’s Rural Branch Exodus”.
Question of the day: If you’re in banking, could this effect you, your family or your lifestyle. Let’s see:
Bank of America pulled all its branches out of Indiana 4 years ago when it sold off a group of antiquated storefronts. They’ve closed about 1,600 since the financial crisis as it tried to rekindle sagging profits and focus on major metropolitan areas.
To put some perspective around those numbers it’s roughly the equivalent to shutting all the Citigroup and Capital One outlets in the U.S. The scope is wide.
These closings are a departure for a bank that was built over the decades on the idea of offering a coast-to-coast network in areas both urban and rural. “Bigger is indeed better” said former CEO Hugh McColl in 1998 when Bank of America and Nations Bank merged.
That’s all changed due to the financial crisis and the need to go down a different path, one that would restore profitability. Now the mantra is “you can’t be everywhere”. The banks footprint, with 4,542 branches covers 80% of the U.S. population.
Others are following suit such as Chase and Wells Fargo. The question is:
If you or a member of your family is employed in the financial service industry, how are you protecting yourself against being one of the unfortunates that ends up without a job?
I know, the thought of a job loss is sickening. So, allow yourself a little pity party and then start seriously considering other options. There is another way to protect yourself. And it’s called creating a home-based business.
I know, everyone says they don’t have time to add one more thing to their plate. If that’s the case, then what is your plan to have a safety net around you in case your institution, your branch or office, your team or you must face
Something like a branch closure or a branch consolidation. What is your plan?
As I said, there is another way. I’m happy to share more of what I believe is happening in the financial service industry. and I can be reached at firstname.lastname@example.org.
Don’t get caught empty handed. As I said, I’m happy to offer suggestions. That’s all.
Journey well – see you on the next video.