It’s business. You all know that. We’re a bank and attempting to be a technology company. Kinda weird right. The dude came from GS. He’s here to make an impression, clear the fat, make it lean, pump the stock, and then after all that move on to something else like they all do. Unfortunately, there will be tons of collateral damage. Stop whining, go learn a new skill, perform, be available, make yourself indispensable if you can. Take care of yourself and be the boss of you! Take charge of yourself. It is what it is, now get over it.
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Banks have always led Tech. Period. For most people the most important thing is their money until they have major health problems.
Actually the last time that BNYM did a significant layoff was also in 2018, with Scharf’s August massacre. There has been nothing since but small pruning and weeding.
Howdy, I am a previous BNYM employee (I quit). I left and work for a tech company. Currently I am in support engineering. I talk to the customer to figure out what problems they are facing, and if something is wrong on our side I start to review the code and bring back the problem to the team or include the team to assist. In my free I have helped in making a genAI (chatGPT) using our knowledge for our customer support to mitigate our work.
The new company is a very lean company and gives out RSUs equivalently to our salary almost yearly. Also the last time they did a layoff was in 2018 as with new management 90% of the jobs were eliminated keeping technical and knowledge that was needed for the business. All managers, HR, and more were eliminated. No person we work with regrets the cuts that were made.
Looking back BNYM has way too managers and execs than needed. The people that should be kept are ones that have content knowledge such as your subject matter experts. When you don’t have them everyone gets upset and the business feels the pain the most.
Very poorly written article. Likely GPT run by India techies learning AI.
Clearing the fat is one thing. Replacing subject matter expert personnel with lower cost employees who don't understand the business as well is quite another thing. There must be a reason why the clients in my department call us the "A" team.
Telling people to learn a new skill and look elsewhere might be good advice for many. For me, I'm less than 5 years from retiring. Doesn't matter how skilled I am or how many new skills I acquire, the likelihood of me being able to land a new job at my age is not great. I planned well but would like to have a bigger cushion because you never know what the future might bring as far as medical care or assisted living needs.
Lots of other people have equally valid reasons for being concerned. No reason to sound nasty when giving a one-size fits all solution because it won't work for many people.
IBM’s Emerging technology reps once told me that “people think that banks aren’t based on technology, but every cutting edge challenging technical problem has come to them from a bank’s requirements for secure money movement.
Obviously not from the BONY side…
@1fuv, I got half way through the article before I gave up. It's pointless and poorly written, likely by first generation AI.
Banks ARE and SHOULD be technology companies. Tech IS our product. Even though most technology companies don't shut systems down on the weekend for maintenance and deployments.
Tech company? Pump the stock? You must be new here.
Meanwhile Citi & other Big Banks drawing a clear line where tech can be utilized and where it should not. Tech is Critical, but Banks won't like to be a Tech Company, because of its nature of business.
https://www.business-standard.com/specials/bs-events/tech-is-critical-but-banks-won-t-like-to-be-tech-companies-citi-india-ceo-123103100744_1.html