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Yeah, this sounds like the usual song and dance before layoffs. 'Efficiency' is just a softer way of saying they're looking to cut costs, and headcount is always the biggest cost. Been through this a few times at different banks. Try to document everything you're doing and any bottlenecks. It might help you justify your role or at least identify actual inefficiencies rather than just buzzwords. Good luck, sounds like a tough situation.
Honestly, 'streamlining' and 'reducing redundancy' *can* be good things if they're actually implemented well. Sometimes processes *do* get bloated over time. The key is whether it's genuine improvement or just a smokescreen for cuts. Is there any actual analysis being done, or is it just a blanket directive? If you can point to specific areas where things could genuinely be improved without sacrificing quality or morale, maybe you can steer it in a more positive direction. If not, then yeah, brace for impact.