How banks really cut managing directors: "6 months to get out"

I work for a major US bank in London. Earlier this year, shortly after bonuses were paid, the bank asked a number of executive directors (EDs) and managing directors (MDs) to leave.

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It wasn't like a standard lay-off. These senior people were basically given six months to get out. If they didn't, they were cut, given notice and given severance pay. 

It's now six months on. These EDs and MDs are leaving the bank. The troops think they're leaving of their own accords. They're not - these exits are all planned and they are all forced.

The ideal is that the senior people who are leaving find jobs elsewhere before the six months are up. That way, the bank doesn't have to make severance payments. This is why you will see senior bankers leave for lower ranking firms. 

Trust me, it is not because they want to. 

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