Dribs and drabs. Actions in Finance, Ops so far. Maybe other areas too. Not a lot, nothing dramatic but some of these folks (and their team mates) did not see it coming.
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You’re dead on. When we were in our layoff groove it was amazing how below the media radar they kept it. Not only that, old white men were the favorite targets due to age, longevity, salaries and D.E.I. so they manipulated the population by mixing in enough young employees.
So every layoff was the same. Target EFFECTIVE OLD EXPENSIVE white men and then mix in the worst slackers in GenX on down to millennials and D.E.I. Hires but only those that were really bad. This effectively hides the thrust of the layoff and makes it look like a random mix. When Charlie came in he began to also target older white expensive women. That was good as they were finally treated equally to older white men who had previously been the only true target.
Wouldn’t it be cool if we judged employees by the content of their character, their work ethic and their achievements instead of skin deep evaluations?
Yes, correct, legacy Mellon from 2000 to 2008 displaced a full 10% per year, every year, no exceptions. This was also our first offshoring of technology. Offshoring of Operations came much later.
You must be talking about legacy Mellon. Legacy BNY almost never did mass layoffs.
It doesn’t seem to me that the bank's layoff strategy seems to be the only clever thing that they are able to execute. They struggled to execute a 1% layoff in January. From 2000 to 2008 the bank displaced a full 10% per year, every year, no exceptions. In January we struggled to execute a sub 1% layoff of only 250 people.
More please
This bank's layoff strategy seems to be the only strategy they have and the only clever thing they are able to execute.
I worked for BNYM for many years and they were always super clever about layoffs - doing just the right sized batches consistently so it doesn't hit the media.
Good sign. M’s and L’s are where the bulk of the fat is. We lose nothing cutting at that level and each and every single cut up there saves us from cutting a full team of hard working productive people. If true this is a welcome change.
I let go two in my group go today. 1 M level and 1 L level. Both underperformers. I’m in Controllers.