https://finance.yahoo.com/news/bny-mellon-expand-presence-lake-135900252.html
Our "leaders" are going to spend tens of thousands of dollars to lay off an employee in Syracuse or Pittsburgh and tens of thousands more to find a replacement in FL just because the govt gave them a free coffee bar and a place where employees can collaborate like it's 1999.
19 replies (most recent on top)
It’s hilarious how other financial institutions have key locations in Florida to attract talent. While we are trying to expand in Lake Mary.
@3rwz, that because we have to hire more people than we fire because workers in cheaper countries are less capable.
Who even wants to live in CENTRAL Florida part time? At most it's a regrettable family destination, every other year.
I think you ought to get a reality check - it's red state people like you that are ruining our beloved country.
Layoffs happen (seen them myself) yet the headcount keeps growing according to 10Q reporting.
who wants to live in Central FL fulltime...humidity is awful in the summer.
THey just announced our office is being closed in Q2 2024 (NJ) we are being told we have to go to 240 Greenwich no extra for commute and extra tax burden. It looks like they want to reduce the heard as I am sure the incentive is to move jobs to Poland, India and LM. How long until they RIF us one by one.
I'm a person who WFH due to my location being closed. My manager asked if I was interested in moving to Pittsburgh or Lake Mary. I assume I'm going to be let go if I don't relocate.
@1dkv+1q2hn3Wq
More than likely the Jacksonville office will eventually WFH. It's only a matter of time.
Will Jacksonville be closed & consolidated into LM?
I’m one of the “id--ts” who said that we haven’t had significant layoffs for years, which is absolutely true, and I’ve also have pointed out the reasons.
I’ve also predicted repeatedly that 2024 will be our return to real layoffs…. Nothing like the 0.5% sole layoff of 2023 or the Todd years of no layoffs.
Sounds like what we had in Wilmington until they decided to sell it all.
What's false about my post? I have access to people costs at each cost center, by location, by grade. I can't see individual names, but I can compare grade by grade someone doing work in Oriskany will cost much else than someone in Pittsburgh or Lake Mary, who will only cost slightly less than someone in NYC. Interestingly enough, Boston on average costs more, but that could be due to having a concentration of bloated leadership roles.
As someone who is based in NYC and thinks it's a dump, I don't disagree with your posts about blue state governments ruining education systems, but as we've seen with California transplants, they tend to ruin the red states they move to. The same could happen to Florida with people coming from NY/Boston/Philly
Not even close. Every word in this post is the polar opposite of the truth. Do you not follow the news and the massive migration from Philadelphia, Boston/Mass, Pennsylvania New York City and NY? People are fleeing the northern blue states to survive. Look at what they’ve done to their educational system alone by ruining all hope for young students.
The original 13 colonies are now by far the most corrupt states. Likely because they’re the oldest and had more time to become ever more corrupt.
@OP, it sure is frustrating watching management roll out strategies that most companies tried decades ago. From local real estate grants to offshoring like companies tried in the 90's, our management has no clue.
@mnp, there's no sense even trying to reason with Todd's nephew. He's too busy putting down University of Phoenix so he feel better about the degree his family bought him. The proof is in the quarterly reports where we list hundreds of millions of dollars in severance expenses every quarter. Every single quarter.
I'm curious as to how BNY Mellon strives to show how they welcome having a diverse staff but yet making Lake Mary a "growth" center. However you might personally feel on that topic, you still have to admit that Florida is not a state that makes all segments of that diverse population feel welcome.
Lake Mary is medical talent centric, not financial services. It’s a weird town with strange people living in bubbles. Talent pool? Low to zero. Sounds like someone just wants to play golf in Florida.
To the id--ts that are saying no layoffs : read these 2 articles. I posted them other day but people dont read anymore.
This year target is 3% most likely it is achieved by now. In the second article he says we are about 40% done on the cost cutting plan. So at least 50% more left for 2024 - you probably see 3-4% layoffs next year.
https://www.reuters.com/business/finance/bny-mellon-cut-1500-jobs-this-year-wsj-2023-01-13/
https://www.americanbanker.com/news/bank-of-new-york-mellon-says-its-on-track-to-beat-2023-expense-target
Fun fact is that Lake Mary isn't that much cheaper than NYC in terms of roles that are FF through K. Lake Mary is also more expensive than Pittsburgh, which is more expensive than Syracuse and Oriskany. This sounds like an investment that won't really produce any long term benefits. I know many in Lake Mary and almost all have said that they have trouble filling roles because that area doesn't have a lot of people with the right skillset. They have to really take a gamble on certain candidates. Lastly, we lost a major ETF client 10 years ago because the service team in Lake Mary kept making errors.
Don't get me wrong, it's a nice building and area, but overrated when you factor in how lauded it is by higher-ups.