Related Posts
Additional Posts in Salaries in Finance
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Download the Fishbowl app to unlock all discussions on Fishbowl.
Copy and paste embed code on your site

Scan your QR code to download
Fishbowl app on your mobile

I get what you mean, but front office definitely sees cuts as well. Banks are trying to reach certain efficiency ratios, seeing if they can obtain the same results while paying fewer employees. That can mean a cut anywhere, but can sometimes seem easier w/ back office cuts since an understaffed front office team that communicates with clients means unhappy clients. Obviously an understaffed back office team can also result in unhappy clients, but more indirectly. I’ve been in both front and back office, currently more of a middle office role, and no one at all feels safe from being laid off.
The cruel reality is that financial institutions see retention of front office staff as maintenance of profit center. They tend to see back office as a cost center and would usually start to cut back office staffs during budget cuts. Of course, we all know the importance of back office support to their business models.