This is certainly not good but we only fool ourselves by thinking that BONY is typical of “layoffs across the industry right now.” Competition has always worked this way. Some banks successfully managed the disruptive changes in technology over the past 20 years and they are now the big winners. These “Fintechs” are efficient, quick to react and doing just fine. They shed staff naturally through attrition as they gradually became ever more efficient after successful targeted investments. This cannot be done overnight in 2 or 3 years.
Read this in another thread, I think @10BVXCXM-zhu makes a great point.