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I've seen some similar chatter internally. It's true, there's been a bit of shuffling around, especially in the middle management layers. My feeling is it's less about any sort of impending crisis and more about strategic realignment. Companies often use 'special projects' as a way to test the waters with new organizational structures or to quietly transition individuals who might be better suited elsewhere. Keep an eye on which departments are getting the most new blood – that might tell you where the growth is intended to be.
Interesting observation. My experience over the last year at M&T has also felt a bit like musical chairs. While I haven't heard specific details about new hires in unrelated areas, I have noticed a focus on cross-functional teams and a general push to integrate skill sets. The 'special projects' might be part of that – trying to leverage experienced staff on initiatives that require a broader perspective before formalizing new structures. It's a common, albeit sometimes opaque, management tactic.