Grades M and S are going to be hit globally. 15% of heads will go in March. A statement to the market is being prepared. Investors are demanding cost controls.
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Statement for market??? Who said that? More lies?
It's just a place to work. Bny doesn't make you . You. Sun will come up tomorrow.
it's funny really, those levels had an input on who to let go in their groups and now they're on the canned list themselves. A lot of work wives and husbands who sold themselves are going to be widows.
tfKI is true it seem every lay-off also expand expensive people top layer. Probably why the continue lay-off not get expense goal
Honestly this is where the targeting should have been from day one.
Good. Nice to know a lot of butt kissing and selling themselves went to waste for a lot of their flunkies.
This does not matter. In typical corporate fashion they will layoff a few but then directly flow that up by promoting more than were laid off. This is why bny just can right itself.
This is way overdue. My experience of Directors was that they did not direct. VP-levels were tasked with providing direction, which was then approved by a director - with the proviso the decision and risk are the responsibility of the VP. This is how directors escape their responsibilities under the Senior Management regulations. The Directors are there to demand huge perks, do no operational work, and do not provide leadership or management functions. Their only tasks were to attend numerous meetings, ask a few questions and at times provide a philosophical comment. Show them the door asap.
But they will just get replaced by someone else. Probably someone that costs even more.
A lot more is on the way
#technologicalrevolution
#artificalintelligence
This was supposed to be done in August so this is not shocking at all.