From a friend in the “People Team”. There’s another planned round of significant cuts in the Investment Management and Wealth Management businesses in May alongside some more in Pershing. Am not in those groups, but didn’t they just have a huge cut a few months ago ? How can’t they ever get anything done ?
12 replies (most recent on top)
Exactly @nc+1jshdzk01 and @ms+1jshdzk01
Despite the stock price, this is a company smells of trouble. It looks for a ‘hail mary score’ to fix everything. Management counts on the next product line, next fad or next gimmick like block chain, crypto , chinese loans and bonds like Roman the small troll wanted , P-O-M , agile or the next IT system implementation to solve troubles…hiring innovation pundits who are here to talk and look good but not necessarily do good. And then, this incessant low IQ bleating of ‘mainframe bad distributed good’ despite 5/8’s of the entire world’s code being Cobol or mainframe based especially on large scale backend processing where it is still state of the art….this current management mob is just not focused on tackling the true problems facing the company. This mgmt mob looks for solutions to problems we don’t have. If we are burning employees and locations like firewood to save money, how long before the net cash flow, real benefit cuts and cash crunches really start showing the truth? What are clients really saying? How many do we win versus lose each quarter? Morale is ghastly. The leadership here is brutal and it inspires nothing except fear. There is a reason this stock despite it’s rise is not rated a strong buy or even buy from reputable analysts lately….
The biggest challenge lies in the transition to the Platform Operating Model (P-M) and its associated expectations. BNY has a highly efficient legacy system that is deeply intertwined and tightly coupled. These applications, though developed long ago, have delivered returns many times over and continue to perform reliably.
In their quest to "modernize"—a pursuit that has been ongoing since the 1990s with repeated attempts to declare COBOL obsolete—they have disrupted every functional group without fully considering the complexities involved. The massive reorganization, particularly in Wave 3, has left every group in disarray. The belief that Agile methodologies and modern architects, with their lofty ideals, can magically propel us into the 25th century is overly optimistic.
The core issue lies with these architects, who often resemble snake-oil salesmen. They are enamored with shiny new technologies and assume that companies like Microsoft and Oracle will provide the expertise to untangle the legacy systems. Meanwhile, hundreds of clients remain dependent on our legacy framework. Convincing them to switch—when there’s no clear cost benefit—will require monumental effort.
Robin cannot simply issue a Trump-like executive order to compel partners to comply. They will either take their business elsewhere or negotiate for lower prices.
There is a glaring lack of planning. Unrealistic expectations, coupled with Agile zealots introducing countless processes and approvals, have turned simple tasks that once took a week into months-long ordeals. The ease of resolving issues through direct communication has been replaced by endless meetings with managers who lack business acumen—newcomers with no ground-level knowledge. Meanwhile, those who truly understand the system are the first to be targeted for layoffs, perceived as obstacles to progress.
Departments are now filled with individuals heavy on theory but lacking practical implementation and integration experience.
Amid this chaos, the people who keep the bank running and the cash flowing are the ones volunteering for layoffs. They foresee the inevitable failure of the P-M. By the time the board realizes this, RV and his team—along with their army of so-called experts predominantly Indian—will have departed with substantial financial gains.
This ship is sinking. Yet, paradoxically, the stock continues to rise, buoyed by ongoing cost-cutting measures.
@kx+1jshdzk01
The government is like a bloated beached whale. This place is more like a mangy starved coyote that is being deported to India. My problem with this all is that there ARE people who can do the work if we would just leave them be. PMO, agile for everything etc. The people remaining have impossible tasks due to overbearing management making things 100X more complicated than it should be.
I just want to know, who will be left to do the work? I was let go in September 2024, along with many others. There is really no one left to do the work. My co-workers still left, don't know what the higher ups are asking them, they were never involved to that degree.
It's like the higher ups are doing the same thing our government is doing. A house of cards!
BNY just opened a 1 billion sq foot building, I believe in Pune. They are celebrating for sure, in the meantime, all the dedicated employees here are now jobless or soon to be. If you are remote, be prepared, and it doesn’t matter that you are amazing , dedicated and go above and beyond…BNY does not care about you, your families, your bills ect. They will do what’s necessary to line their own pockets. Just disgusting! Best of luck to all the wonderful people who are and will be affected, like me.
I'm sick and tired of being paranoid that any day could be my last!! Everyone in my department feels the same way too!!
I remember when Dreyfus Funds was one of the top fund families in finance back in the day. Then Bank of New York bought it. Today, no one hears of Dreyfus anymore. The fund family has been headed for extinction. Ever wonder why? Look at how BNY has been run over the years and take a wild guess! Our incompetent senior management and board of directors' reek of failure! Everything they ever touched turned to cr-p! What a joke!
The only difference is that your generation doesn’t have a work ethic. It started with GenX and every cohort since was worse. It almost makes me want to unretire, but not to a Bank
@bd+1jshdzk01
Same way they always do it- forced quotas and forced targets. They have a budget pot for severance the same way they do for raises and bonuses. So, if you are some poor undeserving wretch because mgmt just dont like you or if you are truly a loser or a bad a-ss, then, you get nothing or pretty darn close to it. Why? Because they decided you get jipped toward the severance targets. And then those 40, 50 and 60 somethings that have been good their whole career here, they get the new severance bo--y prize but to the fullest they can - Which aint great.
How do they decide who gets the layoff and separation package versus those who get bogus partially meets ratings, placed on a PIP with the intention of terminating with cause therefore no separation package offered?
Are they targeting remote workers? Regarding still getting work done after big cuts - aren't they just replacing with offshore people?
Names were finalized this Mon-Tues. Ain’t BNY just a peakon beacon of a place to be working?