Financial services is cut throat. BK is a for profit company, layoffs come in cycles. Just move on its part of the world. You are not owed anything. Yes, could more be done to ensure people separated are treated fairly for work they completed in a calendar year, yes but we live in a capitalist country not a socialist. Do sr execs get paid too much, probably (for how they actually dig in and do work themselves-yes
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They feel entitled to move the jobs to India because of the Kennedy/Kerry H1-B Visa law. Based upon the comments here you all pull the Dem lever. So… problem is with the voter in the mirror.
You largely get what you vote for even if you didn’t know what you voted for.
@dymt, not doing all that well??? Earning a billion dollars a quarter isn't too shabby. You've fallen for the snake oil management has been pushing for decades to justify 2% raises.
@dvvq hit the nail on the end. The whole “change is the only constant here” is just a cope for management’s failed executions. Oh who am I kidding? They don’t execute. They just create more obstacles.
It’s comical how every time the bank re-organizes which seems like every few months… They tell you how great this new structure is going to be but never address the failure of the previous structure. And then they go on to tell you that if you don’t like change, move along…..
People do not feel entitled, but when you’ve had a good reputation for years via your performance ratings or other things, they don’t like to get blindsided by being let go “just because”. Even if the company was doing really well, they’d still be cutting people to save a 10k somewhere little do they know there are hidden costs to these actions.
There’s not enough accountability within senior management. Many have truly destroyed certain departments, and there’s no comeback from that. Getting rid of ASD COO was a good start, but the damage has already been done. Now get rid of half the digital team in NY.
I don’t know about that. A company can’t provide its employees stable staffing levels and predictable employment when they’re really not doing all that well. Its not as if 5 years of Roman Regelman’s Digital Transformation resulted in any efficiencies.
Why does BNY (a supposedly American company) feel entitled to move so many jobs to India?
Come on Man!
Execs are facing hardships as well. Barely making it these days to the extent where they were forced to raid our 401K match for a year or more to get a no interest 14 month loan, which may never be repaid.
That has to have been incredibly personally embarrassing for Robin on down. Falling on hard times is never easy.
I meant normal people, @2ngk.
I disagree. D.E.I. hires expect a job and get it over more qualified candidates with more experience and better track records.
Equity is not equality and equality was established for good 60 years ago.
People, why aren’t you out interviewing? Nothing will change until you do. We have the worst benefits of any bank as far as compensation, 401K, healthcare, expected off clock overtime. And recently, our management even began to hold our 401K match hostage to provide the bank with a perpetual interest free loan.
I understand the hassle of a job search, fear of the unknown and the devil you know, etc…. But there literally is no other bank with a worse culture, worse benefits and less honesty. I escaped, you can as well.
Why are you not taking action? You cannot do worse.
My operational area has been cut-despite growth. Blackrock ishares awarded BNY a big US and Irish fund mandates and we are still cutting ETF operational/fund accountants…. Makes no sense; maybe they should rethink and award business to Citi-who seems to be hiring in this area to properly scale
er… “Todd” is “Gibbons”.
I don’t know. Why are the executives entitled to multi million dollar bonuses each year?
Why’d Todd deserve 15 million/ year? Same with gibbons, Scharf, etc. none of them did anything to grow or make the company better. They just simply cut heads, which is simple. Anybody could come in and do that…
This situation is especially pronounced at BNYM vs some of the more successful financial companies because this is what happens to companies that struggle to grow.
They deliver shareholder returns by cutting costs and cutting them some more and some more.
In many areas, they’ve cut way too deep and people are struggling to do all the work and are being unfairly judged as failing when the job was actually just way too much for one person.
And because the layoffs happen within the context of a company that keep reducing benefits and job security, it feels that much harsher.
The answer is deceptively simple. Todd spoiled non-performers by retaining them throughout his entire two and a half year tenure through the COVID era. You try to do something good for people and then they cop an entitlement mentality. A safety net becomes a hammock.
Nobody has thought they were owed a job since George Bush was president. Senior.
What a stable company can EASILY provide it's employees is stable staffing levels and predictable employment. They way people are treated now is not only very poor management, it's unethical and there is NO legitimate reason to do it.