not sure how BNY will grow any business given the massive layoffs, that have gone mostly unreported in the media. Their stock price is doing well, but once the layoffs are finished, will there be anyone left to actually help the business grow? There’s very little investment in the right areas and they have gotten rid of some of the most regarded and experienced people. God knows what they are telling the CEO, but I can’t believe he is aware of just how bad it is to work here……no wonder everyone has their resumes out on the street. Huge incompetence by the level below the EC….
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You should try being here in Pershing….. we sell things that we have no hope of ever being able to do….. watch the fireworks when all that blows up !
The original poster has a good point. There is a massive focus on cutting costs and with that staff. We aren’t able to hire in NYC at all. The location strategy is comical. There’s only 0.6 seats per person. People have to work on laptops in kitchens and communal areas. The areas of growth are all wrong. Alts Bridge is a sh*tshow. They have had to give it to iCAP to run for us. Growth Ventures haven’t brought nothing in. Inv Mgt was way down last year and I heard they just let the really talented guys go. Wealth Mgt has zero products and is bleeding clients, I am told. BNY is a Custody Bank. That’s what we are good at. Having said that, there is so little tech investment, that we run the risk of getting left behind. We aren’t able massively understaffed for an organization with such poor tech. Everything is manual. I heard the Archer acquisition is having issues now, because it can’t do what they thought it could. Can believe the team that ran that are even still here. Capital Mkts has gotten rid of the guys that know what they are doing and replaced them with ….Goldman people. Rumors of 4 days week for us all starting in Sept and 5 days starting next year. God knows where we all will sit. Morale is the lowest I have ever seen. People hate it here…I can’t wait to get out. My resume is out on the street now and I hope to be gone soon…..this place is a total mess. Whilst I understand the EC’s vision, the level below that charged with execution are absolutely clueless…..
@cq+1 what do you need me to do? I’ll blow some whistles? We want names? I’ll drop names on all levels haha
How were you able to go after them legally with success? I have heard people trying but it never worked. I never understood how they can do the “force ratings” and get away with it especially without cause. Somebody who has been exceeds for years all of a sudden becomes below. How?!?
To answer the original poster, they care about growth, revenue, etc but are betting getting rid of long tenured employees, hiring recent college grads and expanding offshore in places like India will mathematically work out better. I disagree but my opinion doesn’t matter to them whatsoever. If you are a long tenured employee they will look to get rid of you without paying severance under the guise of ‘poor performance’ regardless of real performance. Don’t stand for it. Fight them legally. I did it with success. Many others doing the same. If you take it and do nothing that is exactly what they want. Don’t fall for that. Go after them. It’s not difficult. Someone will eventually blow their tactics up in a public way. I haven’t seen it yet but it’s coming.
Basically my friend was let go today. They said all 100%wfh employees will be let go soon
4 days starting in September….. smh this place su-ks
The central plan of lopping off heads and raising fees and contractual costs when clients renew is really a ‘pump and dump’ scheme with this place. There are other providers and they are getting better at it.
But Vince says our culture is great and they're increasing our benefits. lol
Place is a real cr-p show and there will be a civil lawsuit coming…HR does not what they are doing and terminating employees without cause.