When can we expect some peace and quiet? My team can barely manage the workload since recent layoffs. Too many people are gone. As if that is not stressful enough, I have to think everyday if I am the next on the chopping block. Worse, I am convinced that me (or any of us) working hard will not ultimately prevent that from happening.
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https://www.marketscreener.com/quote/stock/BANK-OF-NEW-YORK-MELLON-C-11848/news/Bank-of-New-York-Mellon-Outsourcing-Lockbox-Processing-Making-the-Right-Choice-21204863/
I was referring to how it was done from 2000 to 2008, the era of 10% per year, every year.
It hasn’t been that way since 20008.
"@lsa+1"
Dude, did you read the email today about lockbox being outsourced to a 3rd party vendor? Potentially 500+ jobs eliminated with the stroke of a pen.
I’m simply describing accurately how it was done back in 2000 to 2008, the era of 10% lay off per year, every year, no exceptions.
It simply couldn’t have been done any other way with that incredible volume in those eight years.
I think you are living in a cloud. Entire floors of people are getting wiped out. It’s just not happening in one swoop. It’s happening in what feels like every month over a couple years. How else does Wilm go from 2.5 buildings plus 1 building in KOP down to 1 building? It definitely didn’t get renovated to squeeze more in one building.
This is indeed the real issue, the layoff era is over and done except for rounding errors.
We are in a new era of SENIOR management stealing from all benefits to make the Bank’s numbers for the street. This is why people carp about ever rarer layoffs while the real issue is theft from our benefits.
I disagree. They’re smaller now simply because 80% of the layoffs were done over 40 years to the boomer generation.
Today’s low level layoffs don’t even cause a ripple with he WARN Act.
Buy a boomer a cup of coffee and ask for some advice with coping mechanisms. You honestly can’t conceive of how bad the extended layoff era was. We learned a lot about separating work from life and how to replace a thin skin with psychological armor.
And by doing it in weekly or monthly dribbles they get to avoid WARN notices and the markets/news taking notice. That’s why the once a year big layoffs aren’t happening in the same way they did in the earlier 2000’s. They’re knocking us off more slowly and more often now. It also prolongs the fear for each of us. There is no psych safety.
And those fears affect your mental and physical health. It’s a slow torture. And when you’re under that level of stress that’s when mistakes happen. It’s a vicious cycle.
Does anyone know of reputable employment discrimination attorneys in Massachusetts ?
In the big layoff era of 2000 to 2008 (Y2K through Toxic assets) the Bank displaced 10% per year, every year, no exceptions. I’ll never forget entire floors wiped out with people crying and walked in groups to the elevators, not even allowed to gather their personal belongings. We learned not to bring in anything personal that didn’t fit in a pocket.
Just to give people perspective, we’re in an extremely low layoffs environment by any standard. It can never be that bad again because we simply don’t have enough people working here.
And everyday I wake up with pains in my stomach because I’m paranoid that I’m tracking my work from office days wrong since now they’re writing people up and quickly terminating if you aren’t following it right. Not like they have an official tracker or anything I can see for the current period. Very shady. Plus the thought of accidentally forgetting to complete a training on time. Again 1 write up then termination. I keep myself on track and still I wake up everyday with pains in my stomach. This mixed with constant offshore issues. Why do I still work here? Not really sure.
Bank is quietly cutting thousands of employees, and more layoffs are coming. Attrition has remained low, which will likely result in additional severance expense for action this year. Artificial intelligence is coming and promises to replace a large percentage of roles while leaving most of our senior managers untouched.
Sadly, never. I truly believe the corporation wants us to have that fear of being let go, to normalize long hours and running ourselves ragged so the department heads on up look good. Time to at least quiet quit, and look for another job.