The latest round of layoffs are supposed to start Jan 13th 2020. Good luck everyone. Everyone may be wondering why upper management has instituted a new policy of forced ranking or 10% of all staff MUST be receive below expectations on his/her annual review – fabricated or not. Logic says this would ruin morale, k–l knowledge share, bring inherit risk, lower productivity, etc.
It appears that the bank is looking to drop legacy employees (such as Mellon staffers) in the most cost effective way. When BNYM purchased Mellon bank — a favorable severance package was included for employees that might be subject to layoff / loss of employment – UNLESS the employee wasn't doing his/her job. Well, the great (sarcastic) Charles Scharf figured a legal, albeit completely unethical way around the legal documents from the purchase. If employee is below expectations — they can proceed with layoff with no obligations. Hence the toxic culture running through the organization currently.
If you are thinking of joining this firm — I would advise you to tread carefully. Senior team members are well aware of this and knowledge share is completely stymied. New people will have to self teach to the point where he/she will be more valuable than longer time coworkers.