I hate this period of protracted layoffs. Nobody is telling us when it is going to end, so we have days of stress and uncertainty. You are doing your best to do your work/tasks, but it may be pointless. Halfway through you may be let go. There is chaos in offices. Bosses are hot-fixing workload distribution as people are leaving the place. I am stuck now with the work for two, and still do not know whether I will be cut in an hour, tomorrow, or not this time.
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Don’t be paranoid. We are in the lowest layoff era in 40 years. This is an unbelievably great era of job security.
The real problem here is that we’re arm wrestling with Senior Management for our retirement and healthcare benefits.
One week is hardly a “protracted layoff era”.
The post layoff era continues to be only careful weeding of the garden. All based upon employee performance.
@4jsk lies. I know of 2 more that were notified today. Not to mention that it's short sited to be doing this company wide every 3 months anyway. If areas can't budget what they want to spend on labor for the next year or two they need some new leaders.
Are they still going on? I have heard mixed messages, some saying they are over, some saying they will continue this week. Does anyone know for sure?
It’s not protected at all. It was quick and done at this point. Likely more next quarter.
More than likely this stoner meant “Tokes”. Be easy on him.
Yep unfortunately. really gone downhill. 26th floor of 500g in Pittsburgh, RIP
@jlk, or, perhaps we should speak up and force them to treat people right instead of constantly leaving them hanging for no reason.
Layoffs are part of life at BNY. Accept it or get out.
The worst part is that they're is NO reason for the total lack of communication and honesty.
It there’s a silver lining, it’s that all of the serious layoffs were made from 2000 post Y2K economic crash to 2008 toxic assets crash …the era of 10% per year, every year, no exceptions. That era permanently severely shrunk the Bank.
Now if you’re engaged and communicative with your manager it’s very unlikely to be displaced. Not that this is comforting if you’re cut but it is a very good reason to not stress about cuts.
The layoffs are happening more often now because they set an unrealistic budget. All divisions are battling the budget. All divisions know the head count they need to let go off this year. It’s usually set the year before around November or December. with the introduction of digitalization a lot of jobs will be eliminated. From what I’ve heard for operations is 125 bodies, client services 10, FA 45, and individual contributors 50.
Keep doing the bare minimum. You will eventually get the package/force out or retire. Don't stress, wrinkles are so difficult to iron out. Relax, keep working at a minimum level to get past your conscience.
This is basically how I've felt every year more or less for over 10 years of working here. I've just stopped stressing at this point. If it happens, it happens.
All while BNYM totes their concern for the mental health of their employees.