I'm a little shocked that we're still waiting for our turn. Usually, our management is very layoff happy and they'll use any opportunity to get rid of employees. Does anybody know what's going on in regards to this? When can we expect to join the rest in pre-recession RIFs?
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The last major Layoff was August 2018 under Charlie Scharf and it was a big one. Nothing even approaching that has happened since.
And yet they survive because we are in a low layoff environment.
Stop responding to what must be a relative of Todd’s. He will go away if he quits getting attention
So now it is four years that we haven't had a layoff! You are trying to project a fantasy on others. Stop spamming this garbage.
No need to be “a little shocked that we're still waiting for our turn.”. Far from being “layoff happy” and “ using any opportunity to get rid of employees” we’ve enjoyed great job stability for 4 years most of which were horrible years. If you look hard enough and long enough it seems that you can find a cloud in a silver lining. You’re simply projecting hatred for your workload onto nonexistent layoffs.
You really need to stop posting the same garbage repeatedly. There have been layoffs. You are just out of the loop. They have even had layoffs and immediately hired in the same group. Management is all about getting rid of the lower tier to replace with "higher" performers. Or to replace in a lower cost area. All you are doing are looking at net numbers which is only part of the story. And as for people getting laid off for cause, again, you couldn't be more inaccurate. If there is cause, there is firing, with no package. Why do you think you are in know because you can read a public document? Get you head out of the clouds... Stop thinking you know what is actually happening when you don't.
There were no significant BNMY layoffs from 2019 to 2021. There were a few terminations with cause, but the bank was gracious in giving them a package. People should be grateful for the way that the bank prioritized our job security, allowed us to work remotely and in general guided us through an historically difficult era.
There are a lot of things to complain about in BNYM, but layoffs and job security have not been issues at all.
This never happened. We have more employees now than when Todd took over. You can’t just keep making stuff up. employment numbers are higher than before Todd.
They just laid off the majority of their ny operations departments (myself being one) package is okay not the best. We were already severely understaffed with half our team leaving for better salaries. If you do nothing you have a better chance of working at bny for a decade then produce. Hide in the background, take your days off and get those applications out there. Bny pay is trash compared to the competition.
this is so deceiving - many thousands laid off in pittsburhg and nyc and replaced in low cost locations so don't tell me 'only' 3000 are gone'.
“You're so void of reality it's not hard to believe you can't conceive that the total employee number you keep referring to includes new hires in India which masks the mass firings in the US. You must be one of the banks diversity hires...”
Oh, I finally get your real complaint… plain old racism and nationalism. I do agree about the issue of pure woke D.E.I. hiring in the U.S., but that’s only true in the U.S. not true in India at all. And India OPs and tech are great.
We’re a global company, we have staff all over the world and staff in India are every bit employees as staff in America. Our India locations have great technologists and skilled OPs teams as well… and supporting our global customers in their own location and culture is a benefit.
It’s really sad to see such overt racism in a global multi-cultural company. You should learn more about our international teams. You would be amazed at their talent.
We were safe all through 2021. Even those who should have been terminated with cause were given generous packages. This has been a great company to work for under Todd and he guided us through some uncharted trying times with no significant layoffs. I’d think that people should be happy. I know that I appreciated him.
@4kxn, BNY isn't listed in any of the ppp recipient sites that I see.
Believe me, I know quite a few wastes who should be gone and wouldn't be missed at all.
BNY couldnt layoff in 2020 because they took Federal relief money. They will continue to layoff going forward and re-hire overseas (India). BK stock chart speaks for itself. Its a quasi-government owned utility. All other custodian banks left the market because it was not profitable so government needs BNY to keep the financial plumbing working.
Entire pandemic??? We were safe for the last 8 months of 2020. Then the axe fell days after their phony commitment ended and covid was actually kicking in. We didn't even have 400k deaths by then.
You're so void of reality it's not hard to believe you can't conceive that the total employee number you keep referring to includes new hires in India which masks the mass firings in the US. You must be one of the banks diversity hires...
So, we have lost 3,090 employees since our high of 54,000. That’s a loss of only 6% over the last 4 years and it includes job security over the entire pandemic and subsequent recession. It also includes people who left for other jobs.
There is no way to interpret this any other way than great job stability. People here scream that the sky is falling even as they stay because of great job security. It’s weird.
They cannot afford to lay anyone off. We cannot film reqs and haven’t been able to for a while. I do agree that there are some people they need to get rid of. Poor performance is insane and all you hear is there are errors cause we work from home. Neive. There are errors be CSS use you have employees that can’t do a job they’ve been doing for years
@3orn, except we're down another 15,000 in the US and up 15,000 in India.
So, we are down only 3,090 from our high of 54,000, or 6% over the last 4 years. And this includes job security over the pandemic.
Care to explain this, @2llv? Quit lying.
https://www.post-gazette.com/business/career-workplace/2021/01/13/BNY-Mellon-layoffs-Pittsburgh-pandemic/stories/202101130137
Right, @2llv. Who are the "players" and what is their motive? Put up or shut up.
I know the players and this never happened.
You lie, @2flt. On 1/11/2021, five working days after Todd's commitment not to lay people off during in 2020, during peak covid, HUNDREDS of people were fired. Someone actually posted the OWPBA analysis for Treasury but you just ignore it as if someone typed up hundreds of positions and ages just to perpetuate a lie. And a few months after that there were hundreds more axed.
Nothing came down from Pershing today. Actually that is a real problem. Somebody has to get a grip on the Elephant in the room. Peetz gone. Suresh gone. 20 years of coasting while steadily underperforming markets is not a good luck to employees or customers.
- Reread the post: https://www.thelayoff.com/p/@1jqj+1h7G43hd
- Double check the math
- Check out the HR input to the thread
- Forget about the mouth breather two aisles away who disappeared.
- understand that you are among the last group of disgruntled employees who cannot seem to escape.
I know that it feels better and is also easier to rail against nonexistent layoffs, but BNYM is hiring, not displacing. You will find your answers in your mirror.
@1crp must be Todd's daughter or something. You've been proven to be lying about recent layoffs several times.
I just heard there is another round coming in a week or two. I got laid off on April and couldn’t be happier! Just not the same place anymore.
Getting laid off from BNYM is the dream for many employees.
https://www.thelayoff.com/t/1hav4pVr
We’ve been through this so many times. The fact remains that Layoffs here have been virtually nonexistent for the last 2 1/2 years… the entire Todd era up to now... Yes, there have been terminations with cause, but even those were handled gracefully with SUB or Severance packages depending upon contract. There has also been a steady stream of people leaving so attrition has essentially eliminated any need for layoffs. It’s true that we are losing our better people but that’s always true.
The real story is that we need to hire to replace those who left and we are challenged as applicants demand and receive more compensation due to inflation.
What “came down at Pershing”?
In reply to: All the banks are...
Regarding Bank of New York Mellon Corp. | Post ID: @yly+1hVwXwHl
We are too busy hiring high priced GS ex-patriots at the moment. Once we realize we cannot afford the new hires, we will displace several lower earning folks to make up for the... read more
8 hours ago by Anonymous
Robin today "We have entirely too much bureaucracy so I'm going to create a whole new department led by a new hire from Goldman Sachs to look into it"
Sounds legit.
Yes, but earlier in the year we heard from EP that the rise in rates won't help that much. It is a one time impact because we have to invest much less to make up for low rates (not allowing our funds to break a buck). In a rising rate environment, that impact is a one time thing, not a repeatable event.
It goes against what we have heard for forever and a day from management.
Lol, yes I believe I first heard about expected higher rates back in 2012. It's like BNY sticks with the same model waiting for those fed rates to get back to 4%, so all that NII will come flowing in!
BNY Mellon is always laying people off. Unfortunately everyone who can find a new job left and the dregs have been laid off and no one is accepting a below-market offer to take a job at BK. Asset mgmt charges on AUM and when equity and bond markets are down 20 and 10 percent it doesnt help. They have been waiting for higher yields since the financial crisis. GET OUT!!!!
after what came down from pershing today, expect a lot of people leaving and soon when they find jobs. Pershing will have a he-l of a time replacing them.
No, our fees are based upon assets under management in custody so higher stock valuations are the best for us. Only Treasury does better in high interest environments, but it’s a loss leader.
Of course our lack of headcount in Operations is hurting our ability to provide effective client service. We laid off so many Ops workers and burned out others to the point where they left in droves. Sadly the spend on the failed Digital automation initiative was supposed to allow us to reduce Operations headcount. It didn’t work out as no automation was delivered. Operations people all left as soon as they found their exits. The Digital team by all rights should be reassigned to work for Ops supervisors so they actually understand what needs to be automated.
I know that financial markets are down, but interest rates are rising. The Bank stands to make more on assets under custody with higher interest rates, doesn't it?
We are too busy hiring high priced GS ex-patriots at the moment. Once we realize we cannot afford the new hires, we will displace several lower earning folks to make up for the new hires.