Those who left mostly say that at their new jobs they face more or less the same issues as they did here, but they are paid better. They left BNY Mellon when they realized that things could only get worse here. Is it really possible that no one expects any improvement of working conditions here? That's sad.
11 replies (most recent on top)
We can still have hope that things won’t keep getting worse so rapidly.
Two years ago, the layoff was only one half of 1% percent and all were with cause. Todd took the high road and gave the poor performers the package because of COVID and the economy.
January itself was only 1% so it too was an incredibly light layoff. We have had a heck of a lot of job security for 5 years now.
Yes there was an extremely small layoff 2 years ago, far less than 1%, mostly for cause but the Bank took the high road and gave packages. Nothing like 4 1/2 years ago with Charlie’s last hurrah.
Sorry, it’s been 4 1/2 years of layoff free terrified whining until now. You’d think that people would relax now that we’ve finally had one.
@suf I agree. It’s as if they’re smokers and can’t wait another minute to reach for the d-mb phone. Somebody should invent a “millennial Bluetooth mouse” that allows them to text even as they mouse.
The first reply to the original is pretty naive. First, it’s been two years since the last big severance number, not 4.5. Second, in some cases, sure underperformers were let go - but I know plenty of smart people and team players that were also let go in recent months.
In a lot of these cases, those laid off had trained solid teams that are now ready for more responsibility. FYI you’ll notice most of these layoffs are happening at senior ranks. It happens - but that’s not a reflection of the person dismissed (unless you propose they shouldn’t have hired good teams in the first place which is absurd).
In other cases the new (usually GS) boss just wants their own people (e.g., high performing culture = the person I’ve worked with before and trust… I’ve never heard how ‘high performing culture’ is quantified by the way). And in other cases it’s just been about DEI optics.
Layoffs suck - let’s help those impacted find new jobs as opposed to undeservedly, needlessly kicking them while they’re down.
But we haven’t had a crazy era with “Layoffs across the board”. We’ve just gone through the first real layoff in 4 1/2 years and it was mild. Pretty much everyone understands that the weakest performers were targeted. 4 1/2 years is a long time to go without layoffs for a bank that is spending way too much on people, our greatest expense. It appears to me that these layoffs were well analyzed. Kind of like carefully tending the garden.
ive been with the bank for almost 6 years. with this crazy market we are in layoffs across the board i feel i am actually better off staying with BNYM as i will get a good amount of severance pay if the day ever comes for me. so many people who were laid off from google, GS, wayfair etc only worked there for not even 8 months! as long as i get to work mostly remote here i think i can hang on.
I see nothing but younger people obsessed with staring at their phones, reminiscing about college and staying what their major was (accounting). So cookie cutter and predictable.
Is it just my perception or are we really hiring only h shallow side of the gene pool?
Most people have pie in the sky expectations. The reality is best case scenario you work until you die and they write an obit to remind people to replace you. You are not special. You can go wherever you want but you’re eventually going to be underpaid and overworked because you work for a financial institution and that’s how they make money. Shocking how few on this board realize that.