Who came up with the idea there will be 2,500 cuts in December? And where is the evidence to support it?
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BNY Mellon's labor force isn't the problem. It's bloated, unfocused management. Everyone manages up, only concerned about their do-nothing jobs. Always penny-wise and pound foolish.
That’s capitalism. BNY Mellon is trying to run a business. It’s not going so well, so they need cheaper labor and fewer people overall to cut expenses. They told employees about this over a year ago. You should be updating your resume and sharpening your skills.
I miss the bagels.
I heard it's over 9,000
2 years of BE is just about her normal tenure.
Who came up with the idea of layoffs? What LaLa Land are you living in. Do you want our name and id number? Open your eyes and pay attention to your environment.
Five years of cheaper younger foreign workers did not work out for our department. We just let most of our on-site contractors go. And by now, our experienced staff is mostly gone. Local management is aware (maybe in shock) but under orders to continue with the plan. Many other FinTechs are struggling too, which you already know if you’ve been looking for a job. This is not just BNY, it’s just that BNY is handling it particularly badly. Good luck to us all!
It’s probably “ Specialist Developer“. BNYM HR struggle to communicate even simple things if you haven’t noticed.
send in the clowns ... don't bother, they're here ...
An awful company to work for. A circus run by clowns
If they have external consultants in your area doing "routine" inventory in November then you are part of a department that can expect MAJOR layoffs in December.
It interesting. There are posted multiple IT opening including Special Developer on BNY Mellon. What is that? Just one more necessary advertising to have excuse for new VISA?
2 years of BE is just them hoping you will leave on your own without a package. Once they don't need you, or can replace you cheaper with either younger or foreign workers, this is how you get your BNY reward. It has nothing to do with your performance.
Time to get rid of the Chiefs (MD & D) and not the Indians (the ones who do the work). There are to many of them anyway. They are complacent and all they are good for is playing in the sandbox.
She promised a 6,500 to 7,000 head cut in technology alone and was very clear about the numbers. No way to misinterpret 14,000 or 15,000 in technology planned to go down to 8,000.
Gadget did say she wanted to cut IT by 50%, hope she goes as well.
Four thousand? Seven thousand? Hell, lets just make it and even ten thousand...!
I cannot imagine being on be for 2 years. That’s totally insane. A normal company would either fire you, lay you off, or give you a path back to achieving expectations. Bny Mellon is so messed up. HR does nothing to help its employees in situations like this. It’s just not right
I heard 7000
My Be started 2 years ago. First they skipped my raise and told me I was already at the top of the pay scale, then they followed up with the BE to justify it the following years. Anyway only here because of my age. If I were 10 years younger and more marketable I would have left after they skipped my raise 3 years ago, but now they can pay me to leave.
Well, Well, Well - There is something wrong with everyone who got BE and still with the company. Company is giving you time to find a better paying job, go go go :) - Real smart ones are already out the door, market is extremely good for skilled folks. Suspicious!!! knowing there is layoff, managers are not treating them well and still sticking around means either not capable of or knows how to kiss the near!!! Folks knowing kiss the rear are slow poisoners, k-lls others and k-lls themselves and k-lls the company.
Was in a meeting where they said 6000 cuts by year end
Listen to the earnings calls and read the Q. The company disclosed a big sale in an investment in q4, why not utilize that unexpected gain by accelerating any expenses planned in future quarters. "As we continue to streamline and optimize the Company, we may take the opportunity to accelerate actions, including severance (recorded in noninterest expense) and a small repositioning of the securities portfolio (recorded in fee and other revenue), which could result in lower pre-tax earnings in the fourth quarter in the range of $100 million to $200 million." Management has already given names and our leaders have adopted and accelerated Charley's plan.
Heard 4000 cuts
Damn you automation and technology! Damn you too outsourcing!