No fear mongering or trying to stir the pot- just "keeping it real." I have heard from quite a few people that 1/9/23 will be a layoff bloodbath. Recession and Covid/flu/RSV factors, as well.
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As with all previous catastrophic layoff rumors, this dire rumor wanes with every day and month that it is pushed back. We’re a manual Ops based clerical operation with ancient technology. No major layoffs are possible.
This is a tempest in a teapot and this should be clear to all.
Operations folks… has your job been “Automated”?
Your aisle doesn't equate to mass layoffs across the bank. If there ever really is another major layoff, and that may well be in January, you’ll know it. I’ve walked into a floor with no people except for a light in the far corner and one aisle of 8 cubicles with 8 depressed people. Just some perspective.
You have no clue. 10% would be huge.
To give some perspective the decade of 2000 - 2010 BNYM displaced 10% every year. It was brutal. Even the last layoff of any significance…. Charlie’s August layoff 4+ years ago was a tempest in a teapot by any historic viewpoint. We might see 1 or 2% at the very most.
Even over 10% sounds very unrealistic. For that to be feasible, they'd have to resign themselves from servicing a handful of large but unprofitable clients. They aren't going to do that without an opportunity to drastically increase fees first. Have we lost any large clients recently? Van Eck was a major loss in 2019, but even they were just a drop in the bucket compared to our client universe. The other possibility is selling off certain services, but I doubt that would equate to a number over 10%. Even if that was the longer term plan, we would not see the layoffs to reflect that in less than a few weeks. And even then the reputational damage would far exceed any cost savings.
Around 25%. Year end review got pushed to late January and the 10 stocks we are about to get start in February. It’s all by design. So manager don’t have to waste time with year end review and discussing merits increases if the employees aren’t going to be here.
Did you all think digital forms wasn’t going to come at a price? Why would they need all this employees if the digital forms feed everything into the system now. You only need a few employees to handle any rejects and client interactions.
The numbers are higher than you think. It’s not 10% it’s more 20-25% layoffs coming.
I doubt that this will even tie our last moderately significant layoff, Scharf August 2008 4 1/2 years ago. But the 2000 to 2010 era between Y2K and toxic assets with 10% layoffs in each and every year are never going to be equalled.
All of these proposed numbers are actually pretty low on the annual layoff scale. Those of us who have been here here for 20-30 years call these good times.
For Johnny come lately employees I can see that you might view it as the largest yet. Trust me, the 10% per year layoffs from 2000 to 2010 were blood in the streets. January 9th isn’t going to come anywhere close to that era
More layoffs the better. There are way too many incompetent and lazy people who are overpaid, overrated, and overall beat.
@3wnr Not even close.
The largest layoffs yet were 10% across the board a year for 10 years straight from 2000 to 2010. Nothing since has even approached a month in that era. I like to think of 1999 as pre- sweatshop and 2011 onwards as post sweatshop.
This is does mark the first serious layoff experience for GenX downwards not just here but in the industry.
Odd… I’m hearing that January 9th is our Emancipation Proclamation.
An I simply Cain’t wait Massah…
i'm hearing 5%. Just like GS.
1/17: 10-15 percent cut across the board!!!
It’s been 4 & 1/3 years since the last substantial layoff by Scharf way back in August 2018. Sadly we knew it was inevitably going to to start up again someday. If this is true, and it likely is, relatively few of us remaining have any concept of how these can be. At least they will be far lighter than the 10% per year 2000 to 2010 decade.
It's 1/17 now. Get ready for the mass lay off. It's the largest we've seen yet.
There are always displacements with cause and those in the Todd era were graciously given a generous package. There has been nothing remotely like Charlie’s layoffs since August 2018. If there really is a big one coming we’ll all see the difference between a smattering and a Scharf style “doomsday”.
5 years without layoffs? Wrong. So wrong. I know 7-9 others within a year of the date I WAS laid off in April 2021. Pray for the call, life is 100x better after Bnym
@yfm+, FYI I was one of many laid-off in 2021 and it did happen on the 2nd week of January that year. Count yourself lucky if you are still working for BNYM or Pershing. I worked the first week of the new year and got the package offer the following week. Best thing that could have happened to me as it had become a really bad company to work for. Count yourself lucky if you find yourself getting the notice that you've been selected to be given a separation package.
Don’t mix up displacements for cause, with a generous package, with layoffs. The Bank is taking the high road here but likely it’s to prevent lawsuits.
But it honestly is performance based. Wish they treated long term high performers with the generous package, but that’l never happen.
There were quarterly layoffs upto covid (early 2020). It is false to say no layoffs in last 5 years.
I hope this is true. If there’s a God in heaven I’ll be one of the lucky one to get jettisoned from this institution
Please mr TB pick me pick me
If anyone believes there have not been layoffs in 5 years they are living and working in a bubble. The meaning of the phrase significant layoff is all relative. My management let go 3 people in my group in Q1 2021 immediately after TGs 2020 promise expired. HR plans these layoffs in small numbers from week to week to avoid negative publicity and to spread out HR workload.
This clown that’s on here all the time talking about “no significant layoffs” sounds like a government Lackey . Carefully wording some thing to try to make him right. First the clown was constantly saying no layoffs, and then, when he was proven wrong, he changed it to “no significant layoffs”. Go back to scraping barnacles off uncle Todd’s yacht
Dooms day might be a little bit of an exaggeration.
Just sayin…
@mkz is correct. I remember back in February 2019 I knew at least 15 people that got laid off. I’m not sure what the total number was but that day was ingrained in my memory. Whether it was part of a more massive layoff or it just happened to be those 15 were the only ones, it doesn’t matter - all it takes is you knowing 1 or 2 from the whole bunch to know something bad is happening. They can’t cut 10% of their staff, but even 1-2% is enough for most employees to notice someone or at the very least hear about it.
I’ve seen the numbers as well and there have been No SIGNIFICANT layoffs since August 2018. Simple math… zero significant layoffs for 4 3/4 years.
Don’t be a fear monger and needlessly scare people.
What do you mean no layoffs? This is from someone who sees the info. There are layoffs consistently. Instead of a “mass” layoff there are consistent smaller ones. Wake the heck up people!
March 1, marks the grand opening for obtaining H1B visa. Free up all your openings for all highly skilled and young workers.
For a company that’s always trying to cut costs except when it comes to exec comp- , pretty comical, that they are forcing everyone in & therefore having to SPEND money on office space
So hilarious… the sky is always falling.
Inevitably there will be layoffs. but after 5 years of no layoffs we need to rationalize our bloated operations. Particularly as our automation efforts have failed everywhere except, apparently, Regelman’s LinkedIn iniatives…
I have heard the same thing.