Semantics ~ you still have a chain of management appointed by a board which is voted in or out of office by the members or shareholders (and it a matter of choice what each business wishes to call them). In that respect there is no difference between working for a mutual or demutualised bank or building society.
"A mutual exists with the purpose of raising funds (or money), from its membership or customers (collectively called its members), which can then be used to provide common services to all members of the organization or society. A mutual is therefore owned by, and run for the benefit of, its members - it has no
external shareholders to pay in the form of dividends, and as such does not usually seek to maximize and make large profits or capital gains. Mutuals exist for the members to benefit from the services they provide.
Profits made will usually be re-invested in the mutual for the benefit of the members, although some profit may also be necessary in the case of mutuals to sustain or grow the organization, and to make sure it remains safe and secure."
Either way, today they paid me my 10.4% annual bonus in addition to putting my wages in a day early
Imagine how much it could have been if they actually employed more competent people!
