Credit Suisse – “Be prepared for a layoff...”

Pros

Can pay well when times are good. Typically good information technology platforms that are sometimes cutting edge. High priority business obviously get the biggest bang for the buck, but there are some dinosaur projects and systems out there that are funded because of who the managers or system owners know.

Cons

Frequent layoff cycles terminating sometimes good employees because a technology, system or business is no longer considered 'strategic'. Rather than retrain good employees who don't have the required skills, Credit Suisse would rather layoff and rehire staff who are already skilled in the new technologies or businesses. This has happened frequently over the years and even people who thought they were 'safe' (once a strategic project/business/technology) were dumped abruptly.

Major changes in IT management happen frequently and teams are known to be told to stop paddling and switch directions. This wastes TONS of money - if this company had consistent leadership that would develop a long term plan (more that just a year or two) it would save tons of money.

Advice to Senior Management

Stop treating your people like a commodity and show some interest in them as people. Don't promote people based upon who they know and apply the same rules to all staff equally. You let too many managers get away with a ton of BS because they scream louder or know someone powerful in the organization. Too much politics.