What a welcome move by a great leader. Let’s get on with our lives and provide great service to clients in THEIR time of need!
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No layoffs in 2020?? As someone who WAS laid off in March of 2020...I call bullsh*t.
no layoffs! ... furloughs ... oh, I mean 'staff actions'
Total joke.....the comment should read no more layoffs in 2020. They fail to acknowledge layoffs that have occurred already in the beginning of the year.
That "No Layoff" announcement doesn't mean no job separations though. It will be interesting what the next few months brings .. many companies are proceeding with furloughs (not layoffs) and salary percentage cuts.
Had to. Every other firm was doing the same.
It would have been a nightmare and we would lose business.
Ha, replacing senior engineers with college grads who have no actual production experience. That's fantastic. Combine with the bare minimum effort of offshore work and expect the quality of software systems to continue plummeting until nothing functions.
Meanwhile at my new job everyone is a senior engineer. We move at a lightning pace because everyone knows what they're doing, they're mature enough to lead when necessary and experienced to know what works and what doesn't. Thank you Jesus for letting me find this new job.
Good luck and bless your hearts.
Save US employees and lay-off H1B
I hope these are temporary measures. Not what the McKenzie consultants recommended, these constant layoffs are really hurting everyone. It never stops. Do it once and get over it. Its like a wound, they keep ripping the band aid off. Never let it heal.
Regarding Pittsburgh.. there some desire to grow the location. They are not letting me hire any one in NYC, even if some one resigns, they want us to hire in Pittsburgh and that too a fresh college grad ONLY.
The expectIon is that we should be like a top tech company with ONLY recent college grads. No one wants to find out what the skillset is needed to be successful, every CIO/CEO has an agenda to please their boss and reduce the cost.
I hope some has the guts to stand up and say enough is enough. Looks like no one wants to risk it.
This is a PR spin that make you think they decided to do it in the best interest of their people but instead it’s actually to get that sweet stimulus money. Nothing to see here
The grounds to accept any govt bailout is that they can't layoff for 3 months. They'll be there come 2021
People that said that raises are frozen will also be complaining when they get theirs in July despite a downturn in the global economy.
Haters want to hate.
Bonuses aren't calculated until the end of the year, so to say there are none is premature.
I suspect there will be more corrective actions instead. They can’t lay-off and collect the govt money, so they’ll fire people instead.
@1iux+14pIfx8c, thank you for the interesting note. As we’re workIng we tend to forget that you are our innovation leaders until we read these gentle reminders here. Can you share more information on this interesting Pittsburgh management reorganization sprint?
Guys it’s about absorbing stimulus, as soon as they have it, they will find a way to lay-off! Don’t be fool by these posts.
You should not forget that BNY is power house for bringing Indian to US in L1 visa, slowly make them managers then apply for permanent residence. These offshore folks work together not to cooperate with onshore to make their way to Pittsburgh! Go Chennai go!
Wrong I have a planned lay-off in July
Despite Todds announcement, I still don't trust the management in this toxic bank. They may not "layoff" anyone, but they can surely go out of their way to make you want to quit.
Best of luck to Charlie Scharf 2.0. He will need it.
Still put in your resume when some degree of normalcy returns.
#noguaranteesinlife
#owednotadamthing
Most probably, BNYM is getting relief money from the Federal Reserve and to qualify they have to agree not to layoff anyone.
Nice to know that many of the employees let go in the 2020 rounds already will have such a great opportunity to find a job in this current market .
“to support you and be there for you when we need you most the executive committee and I made a decision that we will not conduct playoffs in 2020”
Haha. I GUESS that’s good. Kind of a weird way to say it. We Were planning on laying you off but now we will wait till next year. Oh, and too bad for those already laid off
Todd may be better than Scharf… I believe that as nobody can be as bad as skinny jeans Scharf but he still out of touch and out for himself and his cronies… Much like most of these “executives quote for big corporations are.
There have already been 3 rounds of layoffs in 2020, two in January and one in February. So I guess you mean "no more layoffs in 2020 beyond the layoffs that already happened".
Todd is the antidote to Charlie. This is a bold move by a leader who has his heart in the right place!
Where are all of the naysayers now?
To the guy below - there is no lay offs in 2020. Did you not see the email???
Can someone just tell us when the next round of layoffs will happen? (What are the targeted dates?). Just tell us when it's planned to happen in May or June if you know.
What “money” do you see us taking? I don’t see BNYM being eligible for any.
@ztz+14pIfx8c - yes I do
After they did so many employees wrong in March of 2020. What a shame !
No bonuses either...
Aren’t they getting money from the government from the stimulus package?
If so, you are not allowed to do any layoffs if you take the money.
He’ll make up for it in 2021.
To all the Todd haters from the previous threads: do you still want to “pinch a loaf” in his coffee?