What you are seeing at BNY and at many other organizations is a simplistic strategy to cut operating costs.
Automate: identify and define tasks currently being done by manual labor and automate them
Outsource: whatever cannot be automated should be outsourced/contracted to reduce cost and liability
Understaff: Streamline operations as much as possible. Consolidate tasks and positions. cut middle management
Terminate: Eliminate positions deemed no longer needed
Stay strong everyone, you are all in my prayers.