The EC has decided to cancel the planned merit increases (based on 2019 performance) due to challenging market conditions. With AUM now down 30% over the last month this decision was made in lieu of further layoffs.
Message is currently only being circulated among senior leaders with instructions to not communicate broadly until the organization is in BAU mode. There is a fear if circulated now that WFM productivity would substantially decrease.
Not true. they specifically said in EC meeting that there are no plans to do this.
Why don’t they hire back people who were fired in March?
We can't expect Todd to take such a pay cut. In this industry it costs 10s of millions of dollars to possess the kind of Vision that Toddd and Charlie Schnaarft have. With such a valuable skill set you can't pay any less and expect to get some decent Vision!
The banking industry is on the cutting edge of technology and new business practices. We need unique, highly talented executive leadership to steer this rocket into the modernization stratosphere. If we had a cut rate CEO with no Visions we would inevitably sit, drinking warm Pabst Blue Ribbon, in a stagnant inflatable wading pool of tired old practices and policies while the entire wold passes us by. And that simply CAN'T happen because we pay our CEOs 10s of millions baby!
So just eat those pay cuts and longer hours and just be glad that you're part of a world changing juggernaut of innovation such as Bank of New York Mellon!
Will Todd & his lackeys take a cut too? Ya know. Live off 1 million instead of 10?
I’m a senior mgr and I heard the same thing thru the grapevine. There won’t be layoffs (thanks to the government incentives not to lay-off employees), but the lack of merit increase is by design intended to result in resignations from staff seeking employment elsewhere. The attitude is that nobody is irreplaceable and remaining staff will be able to pick up the slack. This has been our methodology for years. We see this all the time.
I was counting on that 1%.
Fake news. BNY has never lead WS culture. It will first have to be done by GS MS JPM State Street and then maybe BNY. So unless you see any of those first bringing it up it's fake news.
Well since the goberment is giving away free moneez to bailout the crooked corporations. Well then I guess now they can affordz to give up the cash moneez! Lol
Completely untrue I’m a senior manager and you are an a$$.
It legit seems like the kind of bass ackwards thing BNY would do. Why even try at this place? Why. Even. Try.
This can't be true... That's insane and punishes all the workers who don't get bonuses way more. Can anyone confirm?
If this is true (and many things have been posted here before that ended up true), then expect even the most talented employees to start half arsing everything.
The proxy just came out With the executives comp #’s. Wonder if there’s any plan to reduce any of their compensation. Or the boards for that matter
@maf+148s5UUK ... whose to say no layoffs ?
Thank you for letting us know. I'll be tendering my resignation post-haste and recommend everyone reading this to do the same. F this company.
I haven't received a raise in February anyway, so I've been going through my Netflix backlog at home. I'm almost running out of popcorn from all the shows I've been watching.
Wow, how nice of them! No layoffs instead!
Good! My manager decided not to give me a merit increase for all my work last year even though others who don't produce half the results I do were presented with an increase.
Now let's see how others react and if they still step up when they're not compensated. Wonder how long they'll keep their rosy attitudes.