A recent linked in post by Emily says there are 17k India based employees. This translates to one in every three employees or probably more than half of Ops & Tech employee base for this US based G-SIB. I wonder how high this number can go? With such a high India location concentration, how they pass cross border disaster recovery testing etc. How risk & control is ok with this. Perhaps they don’t care anymore. This ever-increasing labor arbitrage must be playing a significant role in beating quarterly earnings estimates but how long this can go on?
How is this ok with regulators of a G-SIB and not a concern with wall Street investors. How the heck they pass all these OCC exams. The bank is replete with highly manual functions. All these pants & suits meet their annual targets very very easily by sending work overseas. When will they be held accountable and be asked to deliver on automation that improves the company and not running this ship aground.
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@hkfk Semantics. And yes, it is tough to beat exploitation. The wealthy have been doing it successfully for a millennia.
Just wait till all our customers find out that their personal information is halfway around the world outside their respective state's jurisdiction! Oh, they'll be thrilled. I'm sure they're all going to get more scam phone calls as a result of this. But our illustrious management, compliance, and legal teams on it! You can count on them lie right to the face of our state regulators! That's what happens when you promote have a bunch of unqualified overpaid turds that pretend to know what they're doing!
Not cheap labor… Cheaper Labor with equal quality.
It’s a really tough model to beat, and as a bonus, it grates on our resident racists.
Ahh, but I have no racial biases.
@fgdx, how it "about right" having 1/3 of our employees based in a country where we barely get any revenue? Perhaps YOU should check YOUR racial biases at the door.
17000 India based BNY employees Sounds about right to me. It’s good to see management getting something right for once.
And please check your racial biases at the door…
@bfdw, the firm isn't getting any "tax breaks" from the US. But the US and the states are certainly making it more and more expensive to hire Americans. From the FMLA to paid menstural leave and forced s-xual harassment training. Not to mention outrageous school taxes so we can spend $30,000 per year to educate each furry and property taxes so we can pay union blue collar workers $100,000+ per year with golden benefits and 20 year retirement plans.
Bottom line is the only reason why the company is hiring outside The US is for cheap labor.
And those of us living in the US can’t compete for that cheap price for our talents, because everything here is so expensive, especially now over the past three years….
The firm should lose any tax breaks It’s getting in the US due to sending so many jobs out of the country.
The labor may be cheap but they aren’t doing a good job. Some clients even think they are being scammed when they receive calls from India. It will come crashing down sooner or later and BNY will hopefully face recording breaking fines from the government. The small layoffs they are doing are a joke. You layoff great workers and keep the incompetents around. If you are asking for training and not receiving it, please keep record. Keep record of everything and then go to the Equal Employment Opportunity Commission and not HR. HR is there to protect the company and not the employee.
@altd, you lied, admit it. And I never said anything about the effectiveness of our offshore employees.
Well my department has about 90% offshore and I do not see them doing the job any better than US based. I see many errors and wrong answers given. It will be a mess when they get rid of the US based employees from our department. It will be an utter failure. The ship is slowly sinking.
It’s no secret on how to beat cheaper. Pay your dues and skill up to be better.
Life is not a zero sum game. Better yourself and you’ll be amazed where it can take you.
The math will continue to confound you until you accept and understand that India and Poland workers are also humans, and as with all other humans, some are better than you, some aren’t and talent isn’t delivered only to caucasian males.
So enough with your race baiting please…
I don’t disagree at all. But you stubbornly refuse to acknowledge that non-US people are equally effective.
@9cxu, you lie. According to our yearly filings, the end of 2022 we had a total of 51,700 employees. A decade before that we reported 51,100. Essentially flat.
They also give details about how they fired tens of thousands of people in the us and hired replacements offshore.
BTW, I decided to retire early when Todd fired me and have been sitting back watching my millions grow.
Ha ha… But we DO have more employees than ever before. But your overt racism precludes you from recognizing that our Operations jobs can and are being done equally well in India, Poland and elsewhere with equal quality for far less cost.
This will upset you, but offshore, Poland and other workers are 100% your peers and coworkers. If this bothers you then you should pay your dues, skill up and get a solid degree and then you just might find yourself on a great career track. But you can’t complain about lack of opportunity when you haven’t invested in yourself.
Perhaps when you run the Bank you can change this. Until then you can always daydream as you’re processing your items.
I once had a job tapping holes in oiled industrial Steel plates. Every hour felt like a lifetime. I was 18 and I just knew that I had to get educated so I worked my way through a B.S. and an M.B.A., working my way through both programs. Took decades to pay off the student loans.
If you find yourself in an items processing position it’s up to you to better yourself.
No pain, no gain. Get a Boomer attitude and just do it.
@7flb How can anyone compete against cheaper? I would be living under a bridge in a tent if I was paid India (or even Poland) salaries.
@7eft, we're saying there shouldn't be 17,000 employees in a single region. Is that so hard to figure out, Mr 76.24?
Well what about an earthquake in Manhattan?
Should we not have employees in NYC to Pennsylvania?
Don’t your prejudicial statements also serve to validate your racism? Are you going to now call for no New York, New Jersey or Pennsylvania employees?
Obviously this is your ugly American bias if you don’t now call for no NYC employees. Wow can we hire them or what…
Racism, as always, rears it’s ugly head, led invariably by employees who cannot compete with cheaper better performing competition.
Just more of the the usual racist, ethnic, cultural and religious prejudice from our toxic employees. The Bank could not function without our India and Polish resources. Get rid of your blinders because they outwork Americans and are cheaper.
If you want to get rid of expensive nonperforming employees you should be complaining about our U.K. employees. You would need to drop your prejudices first.
Why does VF (I thought it was called KOP) have to worry? That office closed right before the pandemic, and I thought employees were relocated to Wilmington, DE. Either way I think Wilmington has to worry including those that relocated from KOP. I get the feeling the rest of it will be gone next year. I just wish they’d hurry up. I’m tired of constantly retraining offshore. So much unnecessary stress.
Valley Forge PA and Westborough MA.
What/where is VF/WEBO? Not being sarcastic. I’ve worked here 19 yrs and never heard these acronyms.
2 projects of my team delayed and potentially unable to deliver.
Next one project on the way to delay.
It just happened , since I been bny for 10+ years.
good bye. I am leaving.
I always wonder why our U.K. employees are untouchable due to their labour laws, and their pensions cannot be cut due their pension protection laws. Our weakest and most protected employees are simply off of the table for cuts. There is a real value proposition in Poland, and a real value proposition in India, but there is no value proposition in the U.K.
All U.K. positions should be moved to the U.S.A. … period.
The Bank could not survive without India and Poland. At least Americans are making good money here.
There won’t be any locations besides Poland, Florida and India soon for operations. A sh-t storm is coming VF/WEBO needs to get ready ALL employees will so be eliminated within the year or two. They may do it under the WARN limit so they don’t have to report it. Managers were already told at the end of last year. It’s only a matter of time. Your managers select who will be eliminated, don’t let them fool you. They have a rating system for every employee. They will keep their favorites for last to be eliminated. Everything is moving to India and Poland or AI.
It’ll be interesting to see how this plays out. Every company, including BNY, should be held accountable for displacing American jobs in favor of cheap Indian labor.
https://www.hindustantimes.com/business/tcs-gave-our-jobs-to-indians-with-h1-b-visas-allege-22-laid-off-us-employees-101711769115782-amp.html
I'm really curious to see where the next outsourcing locations will be; it's getting complicated to find lower wages than in India or Poland. I'm betting on Bangladesh and Serbia or Bulgaria in 10 years. But after that, it might be Pakistan or Belarus. the clock is ticking for all these big corporations and the tightening of profit margins and dividends is squeezing...
It's interesting that even so many US employees are from India. Nothing against those folks, but at the office I often am a minority. No problem, just odd.
Stop racism and bigotry for blaming only 2 of South Asian ancestry. Don’t make assumptions based on skin colors and voice accent. Offshoring to India is a cruel cost saving measure and you can blame for it ALL CEOs and EC leaders in the last 15 years. You can’t single out only those of South Asian ancestry for this greed unless you have privileged information, which I highly doubt.
That can't be. We have the same total number of employees and boomer 41 says we haven't cut people since we laid off Fred Flintstone.
Everybody knows Senthil and Akash Shah are really running the joint
I’m just waiting for another disaster recovery where there is a typhoon or cyclone in both Chennai and Pune plus a hurricane in Lake Mary. I have to make sure to be on vacation! They used to make sure there was proper coverage across all sites. Now BNYM got greedy. Who didn’t see that coming?
every company wants to keep progressing AI now and that requires a cr-p ton of money. they will hire only indians to do this work so yeah the %s will grow
They obviously don't care anymore. Things that were strictly for US to handle are being changed. They will change things to make it okay to send jobs overseas. Investigations will no longer be based in US eventually. It is sad that the bank decided to go this route. When they finally let me go I will just wish them good luck as India will not be able to handle it. A lot of complaints will come.
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