We have people who are convinced layoffs are coming and those who are calling them id--ts (behind their backs, of course) because we're so understaffed that any more layoffs would cripple productivity. Is there any way to know who is right? I'd like to believe the "no layoffs" group is right, but this is BNY Mellon after all...
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The model needs to be H1B Ops leads onshore and Ops teams based offshore. Digital and other Tech initiatives haven’t delivered on any automation. Stop spending good money after bad. We’re an Ops shop period.
How bout to start the CEO & the execs take 1-2 million a year rather than 10’s of millions
It’s coming back they are just trying to force people out first before doing it like forcing people into the office. Then reignite the layoff cycles in full force.
If there’s one takeaway that we all should have learned over the last 4 years since the layoff era ended, it’s that it was way overdone and not likely to resume anytime soon.
Layoffs are coming across every division. They have to pay for all the cr---y technology. In a few weeks and then in November.
Something has to happen. The budget is a mess with massive overages.
It won’t happen it never does. The real problem here is the drudge work we have to perform due to our 1990s technology.
Ready to be displaced too... Tired of my old timer colleagues holding on (for dear life, aka 5 more years of bs). Worse is to hold onto the notion that you're somehow changing sh*t with your layers of oversight and reporting waste
@2vfj, you better let Webster know if you're going to change the definition of "fired". It simply means "dismissed from a job". And BK is doing it to US employees and moving the work to other countries.
On the other hand, "lay off" implies it's temporary and you'll be rehired later.
I’m ready to be displaced and would welcome it. I probably won’t get it as I’m very productive. On the other hand, I sometimes wonder whether my manager even understands a fraction of what I do.
Confirmed mass layoffs in the next few weeks.
@dax+1ih9RYa0 You’re in you’re own fantasy land. Nobody is getting FIRED. Getting fired means terminated with cause. That means that an employee did something illegal, unethical of against bank policy and it is called “Termination with cause” and there is no package.
The exact opposite is true. Throughout the entire 3 year Todd era employees who were being terminated for cause were given the same packages that honest, ethical and policy compliant employees received. This means that even the the worst of the worst were treated great with their packages... a reward for bad behavior so to speak.
If anyone from HR reads this board I’d imagine that that things are going to get a whole lot tougher for ungrateful employees. If I were Robin I sure wouldn’t maintain Todd’s policies. People can be incredibly greedy and to be so hostile to management after the last three years is simply unbelievable to me.
Take it with a small grain of salt perhaps, but the New York Post stated today that half of all U.S. companies are gearing up for layoffs.
From a staffing perspective we’re way overstaffed in comparison to peer custody banks. However, from a technology perspective we’ve been poor at automation so we have to overstaff operations roles. Maybe we need a different leader for Digital or something.
There are always layoffs for all sorts of reasons and there is always hiring going on as well. But all of this happens in a much larger context. Anecdotal comments of people an aisle or two over, etc are essentially meaningless. Many completely non-performing employees actually get great packages to avoid lawsuits, which is like winning a small lottery. All that I’ve known have rejoiced.
Here’s the deal…. It’s been 4 full years since August 2018, which was THE last major BNYM layoff (by Charlie Scharf). Since then, the whole world changed and shifted to supporting employee income and job security. The Bank was wonderfully thoughtful about maintaining employee’s jobs and income and work at home. To some extent they actually trained employees to be dependent. Nobody can seriously have complaints throughout the Todd era.
Now reality is knocking. The Bank needs people working in the office and the country needs people back in the office and supporting local businesses in the cities.
We are exiting this 4 year ride and it’s been 4 years since any major layoff. We are certainly going to have a long delayed layoff this month. This is not the time to complain. This is the time to be grateful for how Todd managed us through this era.
H1B's will do the needful!
Apparent Robin is trolling this site now. More and more reply’s on threads about H1B’s. @qst+1ih9RYa0 Get out of here Robin!
Need to have more highly skilled H1B to increase hiring
I know at least 8 people in Technology who were let go in the last 2 weeks.
My boss reports to the C suite. A few things of note:
Note from Robin to come out soon basically saying everyone needs to be coming in 3x a week unless you’ve got a long term WFH arrangement or some other arrangement that’s approved by probably EC-1. Managers are being told that if they don’t see compliance with this that those employees won’t be on track.
Layoffs are now beginning to be suggested for ASD by senior management. Various slightly less senior (but still senior) people in ASD are arguing that this is a terrible idea due to our already thin workforce. I’m watching the very disagreements we talk about here play out in real time. I can’t speak for every ASD vertical.
I know of some Ops staff that has been let go in recent weeks. Nothing in huge, widespread numbers but I’m aware of a few people I knew personally in another role.
No one’s opinion of these things are wrong. People are right to say that layoffs aren’t being widely considered due to lack of staffing, but it’s also right to say that we are in a tough market condition and costs are being aggressively vetted, especially due to anticipated increases in salary costs over the next year due to inflation and market adjustments. It’s a big bank; ops might feel like they can trim, but the businesses feel they can’t, and vice versa. It’s hard to speak for everyone’s job security here since each LOB and corporate function have different staffing requirements and current states.
The id10ts are the ones who think they "lay off" people to lower head count. They FIRE people and hire replacements in India.
Take it from someone who was laid off this week, out of the blue, they are absolutely happening. No one is safe.
Not able to get into details, but I am aware of two within ASD and a near miss for one of my team members (business support function). It’s does not appear to be widespread, but they are happening.
Get your popcorn ready!
I’ve heard from an L4 this week. If it doesn’t happen this week, I’m convinced it won’t.