I just got hired 4 months ago. Really hoping they wouldn’t have hired me if they knew this was on the horizon but I’ve been pretty worried.
26 replies (most recent on top)
@2tym when I suggested someone of a lower level who was a poor performer, she said we won't get credit as HR said K and above. True story!
Howdy OP, I share your sentiments. I was hired the same time as you and wouldn’t be surprised if they hired me as a layoff cushion for my team because there’s been no real effort to onboard me and there are too many ratio of managers doing nothing and getting away with it through tactics like these
Usually your manager knows if someone is being laid off about 3 to 4 weeks, before it happens. This gives them time if someone needs to learn your job functions or projects you're working on.
So your manager wanted to eliminate your best performing employee simply because it would look good on the balance sheet? Get rid of the highest paid one regardless of performance!?
I'm not shocked at all if true...
Manager here. I was approached by my manager in early November. The goal was level K and above. I had to pushback as the name she suggested was our most knowledgable coworker. I told her we wouldn't be able to get our tasks done without this employee and our controls would suffer. Our team was already very lean. She eventually relented. Our team is very small compared to others in our LOB, so they probably took a head from other teams.
someone lucky already?
@1rkv+1kGZtLrE answers someone?
I would be interested in that as well @1rkv+1kGZtLrE
Sorry to burst all your bubbles. Especially the know it alls and ones giving false info. This place has been doing this for years. Yea they look at very high paid employees but also those close to retirement , definitely poor performers and ….. anyone new who hasn’t been here long as well. You have zero knowledge yet and can’t do cr-p to support the business . It’s been going on here for years as well as other companies
@1zqr+1kGZtLrE For how long did you know/have a list for who to let go? November?
I don't want to say LOB, but I'm technology. All levels. J/K/L for my team. There are M's also being let go. Also several Directors/MDs are also 'retiring' as part of this. many have been here for 30+ years.
any good/bad news yet peeps?
Cck+1kGZtLrE
This d-bag does this on all the threads. Ignore him -
@cck+1kGZtLrE relax ok, small auto-correct. But says a lot that people here are so caught up with the grammar instead of answering relevant questions. Pathetic and fits the narrative that BNY is garbage.
Well that’s quite a change, it used to cap out at 52 weeks.
No levels will be “effected” but some levels will be affected.
Brush up on your grammar, hopefully before you need to update your resumé.
@xqv+1kGZtLrE Appreciate the inside. Which LoB? What are the most effected levels? M ?
There was a list put together around August for ~ 5% cut. Those were supposed to occur September and November. The November ones were pushed back To January, and we were told to give another 5% on 11/4. We received finalized list end of November, just before we had to enter the compensation values. That way we could set the raises to zero for those people and allocate more to others.
The thing different this time is that since there are so many, HR isn't going to be in the meeting, we have to go over the compensation packages with the people. Typically the manager just says positions being eliminated and reads from a script then leaves and HR goes over the package.
They haven't changed the package, it still caps out at 48 weeks.
I have 3 people to let go on Tuesday.
I don't understand you newbies coming on this layoff board. You just started (and I know how horrendous BNYM is) but this is your honeymoon phase so you can't be coming here to complain. You also walked in making about $40k more than employees who have been here more than 15 years.
As for worrying about layoffs, just read some past posts. BNYM targets tenured employees (that means long term).
Back in 2016, management and their admin near approximately 6 months in advance of what they needed to cut and names to submit.
Managers usually know about 1-2 months in advance and in most cases they select the individual(s) being let go.
Ageist bank.
How long in advance do managers know before having to let ppl go? A month? A week? They must know for couple of weeks at least right?
What level are you referring to when speaking about management and what is your definition for a lot of money ?
I’m the poster and I make 130k
If you are not in management or making a lot of money, no worries. If you are- worry.