Since 1998 the wizards at BofA have spent almost $150 Billion on acquisitions.

Today, the banks stock market value is less than half of that and BofA is no longer the biggest bank in terms of assets.  And this people have been drawing down 6 and 7 figure salaries and getting huge bonuses for the last decade.  I want a job like that where abject failure is richly rewarded.  Is it any wonder that we have protestors marching in most major cities?

To be fair, BofA is not the only center of stupidity.  In fact, you might be working in one.  What can you do, if anything?

The lesson is absolutely clear.  The great turnaround stories have always spun on a cultural transformation.  Executives, new or existing, realize that continuing to apply old thinking to new problems is a form of

insanity.  As keepers of the culture HR needs to lobby top management to reassess the vision, culture, brand and strategy of the company.  All those have to be evaluated in the light of the new market.  Forget for a moment the administration of HR services and go to war for a corporate transformation.  It is not impossible.  I’m working one now with a Fortune 200 company where we are tearing the old system out and replacing it with a new one.  It is a lot more fun than overseeing another round of layoffs.  Oh yeh, BofA is beginning a 35,000 person layoff program, but guess who is being cut?

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