My dept has been very chaotic since the last big round. We lost a lot of good people one could trust and rely on to efficiently share work. Our mgmt has never been very competent to begin with, but now they have an especially hard time putting things together and streamlining. Vast majority of us ended up with workload multiplied by the number of people who are gone, with a lot of pointless tasks in between.
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To be fair Management couldn’t cope before layoffs either.
There are a lot of bad things at the Bank, but our ultra rare extremely small layoffs are not one of them.
Sorry… It’s not all that hard to tell who fails to show up to work. Gimmee a break.
Well, no surprise as management couldn’t cope before layoffs.
The last big round was in 2000-2008, 10% per year. Every year. No exceptions.
You have no perspective on how very low layoffs are now.
It’s been a very long time since I’ve worked for a manager who had a clue on what I do.
What you need to understand is that the decisions to make cuts come from above where the work is being done.
There is no discussion of feasibility. As a manager, you can explain until you’re blue in the face that service levels cannot be maintained with additional cuts.
The EC doesn’t care. To them, the managers will just have to figure it out. They are handed a target and they must comply.
Now, in some respects that’s a managerial function. You figure out what low-value activities can be sacrificed to free up resources for the higher-value activities. Management 101. But most of the EC fails to get that and will come down hard on managers who are pushing back on the most worthless, time-consuming activities. So fewer people, same workload and no money to reward people for taking on more.
I really wonder where these people went to school because they lack basic management sense.
They overplay their hand. When I was here, of a global team of about 18, they got rid of four people within two months. Two were US and two UK. Then I got a job offer outside and I took it when all this was going down. Once I left, other people could not leave fast enough since that was all more work Concentrated to fewer and fewer people with a nasty abusive manager, coordinating it.
That’s the BNYM way, do more with less then when stuff hits the fan they will blame you for the mess
This happened a decade ago in my department. Now there are just plenty of things that don't get done. It has already started to affect mandates from regulators and it's just a matter of time before it costs us dearly. But those costs will show up as huge non-recurring in our earnings report and expenses will look a little better.
The executives dont care - they will get their year end bonus and look for the next job. Our dept had 5 managing directors in the 8 years I worked. they work for 2 years and realize the sh-t place this is and move to another dept or company.
Same thing happened in my department. Good workers who were subject matter experts let go leaving the rest of the department to scramble to try to take over their responsibilities while still taking care of their own responsibilities. Makes for a very stressful situation. Wouldn’t be a bit surprised if we start losing clients because there’s no way the level of service won’t decline. Definitely can’t respond to client requests as quickly.