Is it just me, or does it seem like people are being let go outside of layoffs? Or regular layoff rounds, to explain it better. I've been hearing about people getting severance when there is no mention of an actual round of layoffs. Is this something that happens often?
14 replies (most recent on top)
Right, @luag. Because the bank is known for accurately measuring performance.
For those who fear layoffs it doesn’t get better than our current record low layoffs rate.
Nothing quite says security and peace of mind like our current ultra low layoff rate.
That sure wasn’t a myth. We tracked through the COVID WFH and underperformance ruled he day.
As we learned in COVID, pretty much everyone not in an office was NOT working.
It’s just you. We’re in the lowest level of layoffs in the history of the Bank.
Life is very easy at BNYM these days.
Bk doesn't offer severance for at will employees.
@1jwd they will give you some unrealistic expectations and 1st put you on a forced PIP,because you did not improve, which is obvious, they will give you 2 options. They will then offer you an options to collect Severance and resign on your own or they will have to terminate you. This is happening at a Global level , targeting few Employees. In India it was quiet easier to manipulate laws because 2 of my colleagues were offered the same . In the end when you meet the Director criminal of your team, he will say when you walk out of this office, don't say you were asked to leave, simply say that you resigned. This is one of RV's achievements with his GS cronies taking advice from McKinsey and company, how to layoff without hurting company's reputation and manipulating balance sheets to increase stock price.
Can anyone in this boat give details? Is the option for severance packages communicated from managers or HR? Will everyone received partially met expectations be terminated or offered severance? Does accepting severance make you ineligible for unemployment? So many questions…
They can for performance issues. How they ask if you want to volunteer to leave when performance is impacting you and some are getting a small severance to go
That would make too much sense.
Laying off people who worked in closed buildings (R.E. savings) only to replace with a live butt in a seat somewhere else (R.E. expense) makes zero business sense and only serves to feed the myth that everyone not in an office is not working.
It depends on if you consider the firings caused by the mandate that 10% of staff be rated partially meets or below expectations. When we’re forced to rank 1 person in each group in that category we’re often putting in employees that aren’t bad at all but we have to offer up a name. Management comes for those people when they have to come up with a $ save & it can be at various times in the year & all together add up to a significant number of folks but largely flies under the radar.
They are doing this for transition and to avoid the WARN act.
I don't believe all layoffs are huge. I think there are smaller ones for the people where their buildings closed. Most people will most likely lose their jobs, as I have been told and it will be little by little, not everybody gone at once. That is just my experience right now.