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Well, I have two HR friends. One of them announces an April layoff every first quarter as an April Fools joke. It never materializes but he thinks that it’s hilarious.
Another is an HR hiring employee and she thinks that she’s in the loop but she’s not. She is the one who caused the “Massive January Layoff” rumor that turned out to be less than 1%.
This site isn't for facts, its for entertainment
No more layoffs. New strategy is cutting benefits to drive attrition.
major changes in pipelines, some of it is driven by the regulatory landscape, other with a desire to modernize the infrastructure, both at bank and industry level, wouldn't be surprised if when all said and done, 20% of staff is axed. The settlement cycle of T+2 will shorten which will reduce the free money to custodians like BNY, tri-party repo will be hived-off as a utility, so hold tight and watch this game and enjoy the journey.
@3gr
Thanks for reading and understanding. We in Pittsburgh who remain at the bank have been completely demoralized since 2008. BONY even installed a glass ceiling in Pittsburgh. For 20 years, the higher up the chain you went, the more you had better education, more experience and more abilities than your managers.
That’s fallen apart in the last few years from attrition. All in all it’s a sad state of affairs.
I can’t say for 100% certainty, but the fact that they continue to reorg, means they will come up with a list of “redundant“ jobs… Thereby eliminating some of those folks, and giving those that remain much bigger workload
Example is BCO GROUP absorbing other areas recently. You can bet there’s people in both the legacy organizations that did similar jobs… One will be eliminated the other kept, but now doing the work of two.
OK, fair enough. Thank you for the lesson. For the record, the BONY NYC folks are unlike the rest of us from other cities. We are more like the Pittsburgh folks.
Mellon was the bank of the Industrial Revolution and when steel, aluminum and autos collapsed Reagan pushed ERISA to protect labor’s pension. Mellon built itself as a regional safe ERISA bank and fully funded our pensions to ERISA guidelines.
The BONY pension was underfunded and this was a major reason for the acquisition. In year 3, 2008, New York merged the pension funds and Pittsburgh workers received less than a third of promised pension funds.
Nobody knows.
We’ve had statements like @rfr here. (Confirmed March and May) each and every month since the last major layoff which was Scharf in August nearly 5 years ago. In all that time we have only had one relatively mild 1% layoff and it was last month in January.
Use your head. Ignore this wag who makes his failed layoff warning ever darn Month since August 2019. After 5 years he was finally right once in January for a tiny 1% layoff.
You can live in fear of a layoff, pray to be let go or leave to avoid it but why would anyone worry based on this board?
@3wat there are Mellon EE' s who still miss the work culture and the respect they earned working for a small bank in a Tier 2/3 city like Pittsburgh. The moment BONY took over it was a bloodbath, like Friday the 13th. You must go back to history and find out what was Mellon , Don't know what was BONY' s real agenda on taking over Mellon Bank , they wanted to destroy Mellon from inside out which they never achieved until today . These 2 Banks were totally different in terms of treating their Employees and that BONY doesn't like how Mellon functioned before the merger.
So if Mellon had the pension plan better funded than BONY, how in the world did BONY have enough money to buy Mellon, pension plans and all? And now in 2023, who is even getting a decent pension? The individual funding of pensions has been gone for a very long time and the token awards we got received “in lieu” are also getting cut to the bone. Come on man…..let that Mellon pride go….how is that helping you or anyone else here? The merger was almost 16 years ago. Most people here are not part of either legacy company. At this point, I am not sure that any exco member is a legacy employee.
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In reply to: Does anyone have...
Regarding Bank of New York Mellon Corp. | Post ID: @2ven+1lhtdq2A
@rfr So much for the HR insiders warning about the February cuts… Sure there are March cuts LOL. These layoff rumors have been predicted every month since Charlie took... read more
3 hours ago by Anonymous"
I was notified in February that my department will be eliminated March 31st.....
Which month do we fall under?...And does it really matter?
So much for the HR insiders warning about the February cuts…
Sure there are March cuts LOL. These layoff rumors have been predicted every month since Charlie took off and were correct exactly once since Charlie 4 years ago.
@2grr you just nailed it. Management has no option than eliminating the middle layer who are also Cost to company. Today 1 Employee from my Department was asked to resign. His only request was wfh due to mild heart attack in office, Doctor advised surgery and 1 month rest. This is not in the US but APAC. That's how this company is now turning out to be highly Toxic chernobyl Ohio radiation chemical attack.
11% is an impressive but undoable goal. Managerial disengagement at all levels effectively prevents any manger from making informed displacement decisions.
Political people who network all day everyday will be retained, even as heads down workers who quietly commit to their jobs and work their tails off are invisible.
Management’s biggest fear is breaking what still works because management doesn’t manage. There are no positions to eliminate except for middle management. This is what Charlie was correctly saying about spans and layers.
It’s so hilarious. The sole strategy and core competence that we’ve had at the Bank over the last 20 years as in displacing employees. it’s now our only strategy and our only hope for survival.
It’s been at the top of our playbook through 3 of the last 4 leaders and is probably the easiest strategy of all to implement. And yet these incompetents can’t even run a small 1% layoff let alone a large Scharfing of the Bank.
Apparently they’re trying everything to drive attrition by cutting every single benefit to the bone to drive attrition. But that’s only led to the best performers leaving and the rest simply mailing it in.
I’m getting more popcorn.
The rich NYC dummies bought the smart bank, ran it into the ground and dragged them back 20 years to their archaic 1980s-early 90s technology. You might say “You break it you bought it” but it turned out that Mellon was simply only roadkill to keep BONY alive for 20 another 20 years.
What a sad ending the Bank that powered the entire Industrial Revolution.
We are just in the 2nd month. BNY Mellon is a sinking ship and they have not even completed the 3 % target for this year. It's out on the internet and you should be prepared. I don't have the energy to stay here for 10 more months. This year is going to be rough, that's what the picture is all about and those who have got no merit this year are also actively looking for jobs or they will be weed out.
Too many NYC employees has always been the problem. Mellon didn’t need BONY. BONY needed Mellon too make their pension solvent.
If you’re really a current employee with a decade of service and you’re asking this question, then you’re what is called “a lifer”. Sure glad that I wasn’t one.
You’re at a juncture… don’t blow it. Take a risk now or become part of the carpet.
@1jck and @1oy. Take a look at how many NYC employees we had 20 years ago compared to how few there are today.
You should quit worrying about layoffs and find another job. You will be a lot happier.
A recruiter told me today that the rumour in the industry is that BNY is constantly increasing the layoff number. They were talking most recently of 11%.
over 100k? theyd have to lay off the entire JC/NYC employees then
If you don’t make over 100K and you are not in management, you have nothing to worry about. If you fit into either category: worry. a lot.
Anyone knows if all departments impacted, or just some of them?
@ukn, what's a newspaper? You should print out a resume and mail it to Blockbuster.
Confirmed March and May
There is another round in March...I am on the calls preparing for them
@sgb+1lhtdq2A I don’t work for a newspaper. I’m a current employee with a decade of service. Trying to decide if it is truly time to start looking for another job or to hold out and hopefully be let go in another round. After the last few years, I could use some paid time off to recover mentally.
The layoffs will continue until morale improves
All depends. Which newspaper do you work for?
January was just under 1%, a very small layoff, so there could easily be another small one. But we really don’t know Robin yet. It seems so far that his style more to severely cut the total compensation package to save money and to drive attrition. 401K match delay changes to get a permanent, interest free loan, insulting stock shares, horrible bonuses and so on. He definitely wants people to be very miserable. it’s a war between leadership and workers now. I’m hoping to be displaced.
All should be expecting another round. Anyone who thinks is safe after January’s round would be very naive to think their jobs are safe. January and May are the months that would normally be used for announcements but don’t be surprised if more rounds are coming. 1,500 jobs at least this year. So writing is def on the wall