What are your thoughts about potential Bank of New York Mellon Layoffs 2020? Any news or rumors?
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11yff speaks the truth, although it was more like 20% of the systems.
All of the people laid off in my department so far this year were senior level engineers and project managers, all earning 6 figure salaries. The first wave were people between the ages of 50-65, the second wave were people between the ages of 40-50.
This came after a grueling company-wide project that was completed last year to migrate all information systems to an internal cloud platform. The project was completed successfully, so they rewarded the senior engineers who bore through it with layoffs and those leftover with an increased workload and some new Indian friends.
The company is rolling out an initiative to offshore as much tech labor as possible to India in 2020 and asking employees in the States to work longer hours. Morale for full time BNY tech employees is at an all time low. Most are actively seeking other employment.
BNY will go to out of business soon, they are losing big clients and hiring useless people for director level positions
You must be a news reporter because you have the exact same thing posted to the Wells Fargo lay-off thread, the PNC thread, and the Chase thread just to name a few
Sounds like a business slogan, huh:
Consolidate, eliminate, outsource and automate
They’re eliminating so many lower level people, there won’t be much less to cut. They’ll get rid of some higher up people but not as much as those who actually do the work. On their career site, they have so many positions opened for principal this and specialist that and senior manager of this and so on. If they want to save money and not be stupid about it, they would eliminate those jobs instead of filing them. That would save a few hundred thousand a year in salary plus benefits and such. Maybe use any saving to actually pay people better instead of being cheap.
didn't you get the hint last year? BNY generates more net income than State Street but SS generates more revenue....because BNY is good at cutting expenses and being cheap! that's the only way they can win at anything and paying everyone 2/3rd the market rate
Consolidate, eliminate, outsource and automate. That’s what you have to look forward to for 2020.