Like an army with too many Generals, Synovus should reduce its executive workforce! The test of these expense reductions will be how many execs are included in the layoff. If its only tellers and customer service reps that get the ax, then it will be plain that management is not serious, and that the plan is more window dressings than not. Wait 30 days and count the execs (other than Elizabeth James who retired last week) who are no longer with the company. Then all us shareholders will know what really is going on.
If this is action is in preparation for a buyout, then I'm sure many executive positions will be eliminated. We may not know how many until any such announcement is made. It is interesting that this announcement was made the week after the head of HR retired and presumably the position was not filled. Massive reorganization with cuts in HR is a mystery unless it has takeover implications.
exactly, HR is a place that will not be 100% absorbed in a take over. lower level ee's within HR will stay but the high priced ee's will be history. I would have also retired if I was her!!!! Also the fact that she has not been replaced is just another signal that something is up.
If you believe the ecec's will be let go,I'll make you a great deal on the Brooklyn Bridge. Watch what happens. Costs will go down and all of the exec's plus the board members will all get increases in salaries and benefits for a job well done. How soon the little people forget.