There has to be a reason…
Thoughts?
34 replies (most recent on top)
Nope. BK never got money to retain employees. All PPP recipients are published and BK isn't listed. And there aren't any IRS regulations that allow lower taxes to retain employees either.
Unless you count decades ago when certain local governments would provide tax breaks or provide office space if we hired kept head counts up in their area.
Well of course they layed off after the two year Trump money. Trump was trying to help employees to keep working through the 2 year COVID slowdown. It was a two year program to keep the country going. It wasn’t welfare for life, it was an economic stimulus for the country.
What… you expected to have it forever?
Yes, but thankfully Todd committed to Trump’s two year no Layoff program, and together with the Trump money we were able to keep all WORKING* employees and still spend on server modernization.
*COVID was a horrible two year period. Most enjoyed working from home but many became depressed and struggled with the “same four wall” psychological issues. Those with depression who reached out were given medical leave. Those who simply quit working were terminated by Todd and yes, it was for cause.
Nobody knows why there haven't been layoffs in 2023. I for one welcome the break in layoffs and saved up all year for a rainy day. I’ve been displaced before, learned a lot and am not going to spend a moment worrying about it until next year.
And yet the day that when Trump’s two year program to retain jobs ended, BNYM held the mother of all layoffs.
This has been a low layoff year. There was only a sub 1% layoff way back in January. This is an historically low layoff year for BNYM.
Yup, this site censored the word bo-m in the link and should have two O's.
But of course, the article doesn't say anything about tax laws requiring companies to retain employees like Todd's nephew keeps claiming
@4dne, your link gives a 404 error.
But I'm sure it's just an article about what companies did with THIER money and says noting about retaining employees. Just like tax laws say nothing about retaining employees.
“NOPE. Nothing in Trumps tax law required the retaining of employees.”
Wrong, and in a very big way. Just because BNYM chose to blow the windfall on glorified server migrations with a cool name and only give raises to those who were below the minimum of their grades you can’t blame Trump.
https://www.washingtonexaminer.com/bo-m-164-companies-give-bonuses-lower-fees-to-millions-citing-trump-tax-cuts
@3yua, uncle Todd fired hundreds of us during the peak of covid just a week after 2020 ended.
“You won’t like it but it’s from 40 years of working for, competing with, partnering with and negotiating with the Bank for 40 years.”
And that gives you total and complete transparency into confidential HR data for the past 40 years??? Hahahahaha!! Good one! Thanks for the laugh!!!!!
OP - and you know this is the lowest layoff year in 40 years exactly how??? Totally ridiculous
You won’t like it but it’s from 40 years of working for, competing with, partnering with and negotiating with the Bank for 40 years.
Uh…. Because we have had exactly one layoff of 1/2 of 1% way back in January.
This is typically called “Good Times.”
Fact: Todd ran a two year layoff free era.
That having been said, there was a lot of screwing off during COVID and Todd unfortunately had to terminate some of the worst offenders, submitted per their managers who needed to replace the bad apples before it spread to the rest of the barrel.
There can be no complaint because all of these bad apples received SUB. Really though Todd should have terminated them with cause and given the hard workers bonuses.
I’ve heard that before that BONY never had layoffs. Mellon certainly did. From 2000 Y2K to 2008 toxic assets Mellon laid off 10% per year, every year… no exceptions. Sad to see that the Mellon culture of layoffs infected BONY.
Legacy BK never did layoffs until the mid-‘00s, so patently false.
OP - and you know this is the lowest layoff year in 40 years exactly how??? Totally ridiculous
The ages are given so it can be seen clearly that a specific age group was not targeted- ie. over 60
I have a better question for the person who started this thread. Why are there so many liars in BNY Mellon's Leadership? How did so many of these incompetent id--ts get hired to run this place?
@2kow
Names are not provided in the OWPBA list, only positions. So providing age is not a PI violation.
@ifac
OWPBA analysis? How can they give out an employee’s age? Isn’t that considered personal information?
Wasn’t low in my department unless you consider 10% reduction in force low. I understand that other departments were luckier for now but none of us have a crystal ball to know what the future holds. Maybe the switch in the HR system created a challenge for HR. Maybe some other reason but I suspect job security is not great unless you are in one of the “growth” locations. Same for career growth.
@1ugr, NOPE. Nothing in Trumps tax law required the retaining of employees.
It’s not the lowest layoff. There are more coming in December and January
To restate the obvious, the layoff free era was due to Trump’s tax law which incented employers to retain employees. BNYM used it ridiculously by spending it on some Greenfield cr-p totally missing the point.
Seems the usual suspects keep denying but @rwr+1pLhKmfR knows what's up.
I know many individuals that were let go on January 2020 and then COVID hit and it wasn't long after Todd explicitly stated in an email that no more layoffs would occur during 2020. As soon as 2021 hit, I saw a number of people start to read "presence unknown". The same happened in May 2021. To be fair, I can't recall if anyone got hit in August or November, but I do remember layoffs continued in January and February of 2022.
Layoffs may have been light under Todd, but they were still a thing and if you knew someone that was personally impacted, it was probably enough to feel vulnerable.
@1smh, but each person who is fired is given an OWPBA analysis document that tells exactly how many were fired in their division for that round. It's a list of each employee with their age, grade , title and whether they were fired or not.
Only HR knows how many people were RIF’d or people privy to such info. Everyone else is guessing. The Bank is big-how would you know?
Well, for starters, BNYM has only been around for 16 years.
The layoff-free Todd era? Yeah, right.
No layoffs during the last nine months of ‘20… only because of shame after most in the industry pledged to pause layoffs for that year.
Layoffs returned in Jan ‘21 at a robust clip.
Because you are delusional and apparently have nothing else to do but repeat your nonsense. Those of us who are paying attention know exactly what is going on and it’s not what you spout endlessly.
The only reason you think it’s the lowest layoff year is because you’re off in lala land!
Who is this person who keeps going on and on in every post about 40 years? Delusional! I witnessed layoffs in January, September, October, November.
My thoughts are that HR has lost this core competency due to no layoffs since Charlie Scharf, and the layoff free Todd era. I don’t think for a minute that we don’t want to layoff so why was there only one attempt this year way back in January?