Are there any layoffs expected related to RTO or other factors? I know they have to match the 401(k) by the end of November or in December."
14 replies (most recent on top)
i am being told as a MD all based at home employees will be exited by end of 2025. The company is making a hard stand if you can get to an office you do not need to be aN employee.
Thank you for your confirmation. I agree with you.
I see the 401k matching policy in Exiting Employee Information Guide that you need to be an active employee on the last day of the plan year.
I have no idea where prior comment got information that you're employed as of October 1st, you get the 401(k) match for the year. It is a false statement.
@sae+1vvneIWA False you have to be employed as of 12/31 to receive the 401k match I was let go in Dec of last year and did not receive it.
@1xy+1vv what cause?
50-60 RTO badge swipers have been terminated with cause over the past two weeks.
What areas in operations will have cuts? What locations? Any I’m NY?
November Layoffs are done and dusted. Dec for folks missing the dates due to long/mandatory leaves. RTO ones would be case to case basis.
Layoffs are not! Jan we will see some action, Feb for locations where consultations are mandatory.
RTO terminations are happening as people flag a second time. They will always be going on. There's no need for these posts every two weeks. The answer will always be yes.
As stated above, if you're employed as of October 1st, you get the 401(k) match for the year. Being employed as of December 31st theoretically means you could still get your 2024 bonus, but that's not guaranteed - they'll probably just put the money back into the bonus pool for those that are still employed when bonuses are disbursed.
We had RTO violation terminations in my office last week. Not layoffs. But this still helps BNY get closer to their pre Covid numbers they are shooting for and does it cheaper since I’m guessing they lost their sub pay and benefits.
The "free" coffee won't pay for itself...
In order to get 401k matching, you need to stay at BNY from January 1st to December 31st, then the 401k matching will be credited in your account in March.
The 401k matching will be credited in your account in March, assuming you were still an employee as of 10/1/24.
Not many people talking about November layoffs on prior posts.
Some comments mention that they are trying to layoff aprox 2,000 across Operations in 2025.