I was laid off today a bit after 9 am. I was in middle management and I had a very long tenure with the bank. The timming is horrible for me but I'll have to deal with it.
I was expecting the cut as the scope of my responsibilities has been shrinking for a while - but you can never be ready for something like this - it did hit me like a ton of bricks.
All the best!
What I’m seeing after this latest round of layoffs is that anyone lacking coding skills or detailed knowledge of bank systems is more likely to get chopped. More and more, management appears to want solutions...but not all the messy details associated with maintaining all the structures that makes the bank function smoothly.
3rnt be civil. Don't turn into the one you're criticizing. I don't personally think there is ever such a thing as a plan in place. Ever. Mass layoffs are not middle management driven. They are initiated at the C suite level. The C suite is shoving cost cuts down the throats of MM and MM have to scramble to make it work. As for technology they are an amalgamated cacophony of previous business and tech snakeoil salesmen who implemented their baby project got the bump to the red zone scored their big promotion/bonus touchdown and moved their snakeoil skills to their next victims. We're stuck with their c-ap. They laughed all the way to the bank. The result is piece meal technology with no real strategy. Unfortunately, blockchain will make third trusted party model the bread and butter of BNY obsolete. Soon the big boys like Jpm and gs will get it working. Since the regulators are owned by industry they will just accommodate it. Bitcoin performance and institutional investors getting into the trend will only increase acceptance of block chain as a trusted third party. Once that happens bye bye old BNY. It will try to adapt with auxiliary services but the proverbial cat is out of the bag. Hopefully by then we'll all be retired.
RLM moving on... good riddance - though she fits right in to the godforsaken place
Thanks for nothing
The mad speller is missing the point. It hurts the company more than it helps when you cut knowledgeable staff before you have a solid plan in place. I dont know what this specific bootlicker's background is at the company but on the operations side nothing is written down, and again there are no training guides, we use 7 different systems that don't talk to one another or update appropriately so when you run into some weird anomaly you have to ask someone who saw it once before 25 years ago. If they want to get rid of the most expensive-close-to-retirement crowd then they should think about maybe implementing some seamless, platinum level technology prior to letting them go because it's only going to piss of the client and make us look like a joke because their transaction can't go through because this ancient DOS based system is throwing rejection codes no one understands. This company can't even get paperless invoicing under control, what makes them think they can implement automation?
what is the severance package ? is it 2 weeks per year as usual ?
KrRi thank you for the luv lov
your missin the pointe. older folx hav a skill that gets less and less valuable to employer. they are expensive no way round it...just like you if something becomes expensiv you consume less ofit
if you rely on someone to teach you how to work you already lost you figur things out
tech is only as bad as emploeeeeee uzyn it see be low
tech will eat the world. wait until the chinese figure out that insteard of making shoes for wrld they can also make ledger entries for world
an if you think today pooland and in dia and bro ziel are not tapping the multinationals-oh big word servers mining for information oh wellllle...iza just a matter of tim b fore chinese get reg ulators to ok
then u r all doomed and mini mum wage will becom maximus wage
just say in
now spank me i've been a bad bad bot
spell bad. truth good
Why would 15 people downvote this?
The OP here - thank you all for the kind words.
I feel much more clear and better today, ready for new challenges.
Good luck all!
BNY, please don’t layoff anyone from the 7th floor IN PITTSBURGH OFFICE. Other companies don’t form an alliance, fake it, and play dirty game. Because of this they will not fit anywhere else, they have learned how to shine better at BNY.
All good guys are scared and looking for new jobs, these dirty guys are looking for new homes to buy because they are given job safety. Bravo BNY!
Hello! I was laid off too. My situation might be a bit different from some because I was really hoping for a package and did receive one. I'm really looking forward to spending time with my family (as in, actually spending time with them without trying to simultaneously WFH) and pursuing some non-career related goals before deciding on my next career steps.
Anyway, I wish you the best going forward and I hope this is the beginning of a wonderful new chapter in your life even if it doesn't feel like it now.
Gqt you clearly do not understand how BNY operates. I’d you were concerned about skills and competing with a 20yo BNY does not care about either one!
I love that the guy who likes to lurk on these posts, getting off on his long winded comments about how old people can't learn new tricks gets "you're" and "your" wrong. Since BNY has no real training guides and poor resources the people who have been here forever are the only ones who can teach anyone anything. Our tech is terrible, even brand new systems that they've just unveiled within the past two or three years. Automation is the future, that's true, but at least for my department we're 15 years off from having seamless tech that can do what we do. Not that the tech isn't there now, it's just that BNY doesn't want to pay for it.
Charlie might have moved on but his legacy will be felt for a little longer. The company needs fresh blood. The over 50s started in the business in the 1980s more or less. Many of whom have not had any more formal training since then. That is a very long time. Smoking and s-xual harassment were as ubiquitous as Christmas bonuses and real Christmas parties. It's been a long time since then. The world has tilted so far forward that unless you're continually skilling to compete with a 20 year old ON TOP of what you already can deliver your outdated. Yeah you say - they know nothing, true but they have one skill you'll never get ever again, they're inexpensive, unlike you.
There are hundreds of millions more who can learn to do your job for 20% of the cost never mind the automization and technology. It's just no way around it. You wish it is not you but everyone time comes. After every one of these rounds you schizophrenically try to hold for just a little longer knowing that like the drops of water overflowing a full glass, it's just a matter of time before you slide down all the way and reach the bottom.
Good luck to all.
Imagine getting laid off after 14 years & on your birthday funny right what Is Karma
Anyone who got laid-off today is a good man and women who has less help and are not in an alliance. Bad ones will remain cause they deserve this hell hole for few more years. Good luck folks, you will never ever regret. Soon you will realize that this is the best thing happen to you.
Not the end of the world? Absolutely correct! The beginning of a new one.
Getting laid off from BNY was the best thing for my career!
May everything change for the better for you, I wish you well.
As someone who went though the same thing last year, I send my best to you. You will go through the 5 stages of grief, but ultimately, I hope you can come to realize that getting out of that h*ll hole is the best thing for your health and sanity.
Wishing you all the best