Bank Closures and Layoffs: Is This Just the Beginning?

Banks Behaving Badly: Just Another Tuesday?

So, TD Bank's closing four branches in the D.C. area. Big deal. Banks close branches all the time, right? They blame it on "market conditions" or "streamlining operations," which is corporate-speak for "we wanna make more money, so screw you, customers." But let's be real, it's always about the Benjamins. TD Bank to close 4 D.C.-area branches

And then there's Evolve Bank. Oh boy, where do I even start? Their CEO getting canned for allegedly propositioning an FBI agent posing as a minor? Seriously? You can't make this stuff up. It's like a bad movie plot, but it's real life. What kind of judgment does a guy like that have running a bank? Makes you wonder what other shady stuff was going on behind closed doors. I bet the shareholders are thrilled.

Layoffs: The New Normal

But wait, there's more! Ally Financial, that "digital-only" bank, is laying off 2% of its workforce. Again. This is the second time this year. They say it's to "better align their organizational structure." Translation: "Our profits aren't high enough, so we're cutting jobs to appease the shareholders." And offcourse, they give the usual PR spin about "full salary and benefits for the rest of the year" and "career counseling." As if that makes up for the stress and uncertainty they're inflicting on people.

They were on a "hiring kick" in 2021. Oh, how the turntables.

Two percent doesn't sound like a lot, but when you're talking about thousands of employees, that's a lot of lives disrupted. And most of the cuts are at the manager level or above. So, the people who probably busted their humps to get where they are—gone. Just like that.

What's particularly galling is that Ally reported their third-quarter revenue was up 3% compared to last year. So, they're making more money, but they're still laying people off? Something doesn't add up. Or maybe it does. Maybe that's just how capitalism works these days.

I mean, are we really supposed to believe these banks are acting in good faith? Are they looking out for their customers, their employees, or even the communities they supposedly serve? Or are they just cold, calculating machines focused on maximizing profits at any cost?

Then again, maybe I'm the crazy one here. Maybe I'm expecting too much from these institutions. Maybe I should just accept that this is the way things are and move on. Nah. Where's the fun in that?

So, What's the Real Story?

It's all about greed. Plain and simple. These banks don't care about anything but their bottom line. They'll close branches, lay off employees, and engage in questionable behavior if it means making more money. And they expect us to just sit back and take it. Ain't gonna happen.