Anyone have a sense of how many people were layed off on 9/12 and which teams were affected? Nothing has hit the news.
Also heard that employees were told by their managers that the firm is not done (more to come over the next four months). That’s a great way to ensure comfort amongst remaining employees.
@jgog, what's your point? Firing people is NOT communicating layoffs. Their handling of layoffs is shameful.
That’s been that way of displacements ever since 2000-2008, and there were several thousands displaced exactly that way in that era.
Sorry if this is all new info to you.
Management is communicating layoffs? Who are you kidding??? The sneak up on you and tap you on the shoulder and don't even let you gather your things or say goodbye to anyone. In fact, they don't even notify anyone that you were axed.
You’re absolutely correct... managers are doing all of you a favor by communicating the plan for future layoffs. The problem is that the employees who still work at BNYM are lifers and seemingly terrified of layoffs even as they wish for displacement. It’s a bizarre example of Stockholm’s Syndrome.
They’re terrified of taking control of their own career and future. I’ve long been a proponent of jumping and have worked here three times, and had increases both coming and going. Also large increases when I left. A career should be exciting. Jeez, take a little risk will you?
Why would a relatively small layoff by a small, sleepy, relatively unimportant custody bank merit attention in the news media?
And that doesn't include the preferred shares Buffett "bought" in 2k8.
Buffet cashed out of BK as of 3/31/23 but he held it since 2010.
https://stockcircle.com/portfolio/warren-buffett/bk/transactions
BS, @afaw. Buffet bought BK stock in 2010 and other than selling some to keep below regulatory requirements, he held it until 2023. That's hardly dropping it like a hot potato.
Don’t forget that Treasury Services used to have a group called Implementations then changed the name to Onboarding and now…wait for it…we are called…Implementations.
I hate to say it but there are stars who are so valued that they can get away with working at home at will. They’re untouchable because they crank out an unbelievable quantity od high quality work. Mostly they are in software development and they work massive hours. No manager is going to displace a star.
No, that is the exact opposite of the way that Warren Buffet works. in fact he dropped his investment in BNYM like a hot potato about a week and a half after purchasing a stake in BNYM and doing due diligence.
So GCM, Global Cash Management, is now TS, Treasury Services, and GCM is now Global Client Management.
Apparently the Managing Directors have really been earning their bonuses this year.
For anyone laid off I’m so very very sorry. Who delivers the bad news - HR, the manager or both?
TS= Treasury Services
GCM= Global Client Management
We've always referred to Treasury Services as TS. In fact, you can even find it on our website in places such as Mariel Garcia's leadership profile.
And I've never heard of GCM.
We aren’t an investment company. Why would you even think that?
I’ve never before heard anyone abbreviate Treasury Services any way but GCM.
Guess there’s a first time for everything.
TS is Treasury Services. I'm sure you've heard of them, haven't you?
@fzr The WARN ACT is toothless legislation that is widely ignored, never enforced and really only a tax on corporations that displace workers but no money to the displacees.
I don’t know why people are so concerned about the WARN ACT…
Try again. There is no “TS” group.
@1kau
Yes the same thing happened with the JPMC and BONY Corp Trust merger. We went from state of the art technology at JPMC to quite literally filling out forms in triplicate on paper and going to a 1960’s cash system mainframe. We are still sending forms on paper to have them scanned by a centralized team with AIK. Seriously. We are still sending faxes. We have dozens of systems that don’t even talk to each other and do similar things, but we still need the different systems. And we follow completely different processes depending on geography. Things have not improved in technology since 2006.
We’re a sleepy custody bank which specializes in fee based transactions, lockbox processing, private label processing and shareholder services.
Not se-y at all. People don’t even know these FIs exist.
Why would it make the news?
You’re exactly correct. BONY purchased Mellon for our overfunded pension plan. Then they stole it it to fund theirs and gave Mellon Employees Pennie’s on the dollar.
Then they dragged our technology kicking and screaming, converting our state of thr are Exchange infrastructure all of the way back to the 1980s their beloved Lotus Notes.
They’re like serial acquisitors who su-k the life out of their acquisitions and destroy them.
Yep. We can lose business, ops and admin, HR, we can lose MDs, we can lose leaders and we can lose client facing sales.
But we cannot survive losing technology, application architects developers.
Come on now, let’s not exaggerate. This is one of the lowest layoffs environments in decades. These 1% layoffs are dwarfed by the 10% per year layoffs we had from 2000 to 2008.
It seems that the safer our jobs, the more the paranoia grows.
This IS a low layoff environment. 1% means 1 out of a hundred of you and your coworkers.
It’s such a joke that they have us keep doing these Peakon surveys. They don’t give a damn about what we think or how we feel. It’s just a way for your manager - who sees them - to know definitely you’re unhappy and if you give any indicating info they know exactly it was you that said it. Just a way for you to volunteer that info to them. There are even committees put together trying to address unhappiness - but they’re a joke! Why do they even pretend to care? And pretending to care about mental health and su----e prevention when they’re the ones causing many mental health issues.
Cmon people nothing they do makes sense and the ones who should be walked out aren’t. They have pulling this nonsense with layoffs after every review for years. It’s not new and it’s not going to stop
Managers are doing you a favor by communicating the plan for future layoffs. Get your resume/CV in order and be prepared to start a job search if you are affected. Probably very prudent to start now.
Don't worry about the Bank or morale. The leadership team doesn't care about you. Yes, it's sad, but the best thing every employee can do is take control of their career and future. If you don't, who will?
With SUB docs you get doc with all the positions in the group and the positions that were laid off . Im sure a HR person approves this list to avoid any type of discrimination. Our group only had 2% displaced ,which they dont need to report. Im sure they will keep doing this every quarter. If you are in a team , especially highest paid in the team (perform or not) you are on the list. The business plan here is to not grow but cost cut or show cost cutting every quarter. The executives are happy getting their bonuses and are driving a 200+ year company to the ground. When they cannot cut anymore they will buy some other investment company and su-k the equity out of it.
This is how warren buffet works .. if dont believe me check what happened to other companies he bought (with the exception of Apple) verizon, citigroup, kraft - heinz, etc
I’m sure they are prolonging this and doing it in waves to circumvent having to do WARN notices in the US. Sneaky.
It looks like business, ops and admin (e.g. HR) were affected, but not engineering/tech??
Is this the case?
Way to create anxiety and lack of productivity in the coming months, Robin. Remaining folks are looking over their shoulders for the next rounds and are not motivated to give you anything extra. Bravo!
Unfortunately, ensuring comfort among remaining employees doesn’t seem to be a priority these days.
On the other hand, if adherence to RTO policy (3 days in office) didn’t play a major role - that’s probably a good thing. Showing up in the building doesn’t really equate to value…
In any case - good luck to all who lost their jobs. Some may be happy to be let go, but I suspect that most are not.
How has this not hit the financial news?
I know a lot of people who still aren’t doing the 3x a week - and don’t have a WFH exemption. Why aren’t they the ones let go if we’re cutting costs? I know people who were coming in and were not ‘does not meet expectations ’ who were let go. Doesn’t seem fair, but then again none of this is. I’m sure Robin (and Alejandro) hasn’t lost a minute of sleep over this. He’ll have his golden parachute if anything happens to him. Remember how much Bob Kelly walked away with.
There is another round in November, at least for CT.
TS a bunch of long serving ppl got the boot