Not just to cuts, but attrition as well.
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Well, Yahoo Finance reveals that our employee count continues to increase.
So what’s the issue?
@saxg, you better tell Vince so he can have our annual reports corrected. They clearly state that we have 1,200 FEWER employees than we did last year.
We grew by 2,500 jobs n the last year..
I was part of the laid off in past 12 months (was stunned), as were a BUNCH of older leaders who were top employees, leaders, amazing managers. They were all white. All of them had 20 years experience and were thrown out like last months garbage.
Brutal intimidation/duress scheme by HR when let go. There are NO negotiations, discussions, explanations. Nothing.
Only an inexplicably callous shitcanning of seasoned, ambitious over-performers.
@2kbn, can you read??? I posted the numbers from the latest report and then linked to it. I don't give a cr-p what Yahoo finance says but I won't let Yahoo posters spread fake news.
2nd quarter of 2024 52,000 FT employees.
2nd quarter of 2023 53,200 FT employees.
It’s all the same source, the quarterly releases and the annual report.
Again, get familiar with Yahoo Finance so you learn what you obviously don’t know.
I would use Yahoo Finance. They’re independent of the bank and do a real good job of tracking workforce size, earnings etc. they do show our employee count growing for the last few months.
Let's see, should I get my stats from Yahoo finance or from the quarterly reports that our execs have to certify or risk being locked up.
Source, @2zee? My numbers are directly from https://www.bnymellon.com/content/dam/bnymellon/documents/pdf/investor-relations/financial-supplement-2q-2024.pdf
None. Yahoo Finance continues to show growth in overall headcount. Unless you are racist, culturally biased or harbor other prejudices the Bank has never been so well staffed.
Yahoo Finance shows that our employee count continues to rise.
If facts even matter here anymore…
There are more people due to them letting go knowledgable people to hire 3 people that know nothing to replace the "more expensive US based person"
@1nyn plz chill.
There are currently 53,100 FT. If you include interns we have ~54,300. All comping YoY or slightly up. I counted interns in everything, if you take them out you can lower the attrition number by ~1100 but also the headcount by ~1100 if you consider many of them are back FT the next year. All in all it roughly comps YoY. For the sake of the original question these numbers are more than sufficient.
Agreed, YoY jobs have moved overseas but you will see that trend is mostly in administrative and support positions (ops, tech, etc.), but not “business” roles (product, sales, RMs, trading, investment roles, etc.). This should come as a surprise to no one, the concept of moving those positions from high cost to lower cost started decades ago when banks realized the back office didn’t need to be on-site at Wall St. HQs and could instead be done in places like Pittsburgh (BNY), Columbus (JP Morgan), Buffalo (HSBC/Citi), Salt Lake City (Goldman Sachs) where costs were cheaper, both in the salaries banks need to pay, but also there is less competition by other employers to poach people, so you have a more stable workforce doing a lot of the work that keeps the machine running. India at the time was still barely modernized from a tech/IT infrastructure perspective. India has come a long way in becoming a viable work solution, so a lot of those back office jobs that were moved to the Midwest can be done in India, and so banks move them there to lower the cost even further. This is not a BNY specific thing and is industry wide. Doesn’t mean you need to be happy about it, but it’s just business. The best way to insulate yourself from it is to be in a role that can’t be done offshore.
@nrl+1tE87dWy - no the F they were not. Take that BS somewhere else
Sheesh, how many incompetent people do we employ??? We have FEWER employees YoY and many jobs moved from the US to other countries.
2nd quarter of 2024 52,000 FT employees.
2nd quarter of 2023 53,200 FT employees.
Just under 10k people have left the bank in the last 12 months. Most of this is attrition, not cuts. We’ve hired at roughly the same pace so headcount is slightly up YoY.
Interns are hired en masse. That’s hires regardless of how long they stay.
Tricky question as headcount has increased (read the 10Q) yet all of us know people that have lost their jobs. It’s a big shuffle.
And yet Yahoo.com Finance reveals that our headcount has been steadily increasing…
The vast majority of people were not ‘lost’. They were mostly replaced in the so called penny ante growth centers.
Lots of the layoffs were minorities
Reading all the posts makes me grateful I dodged a bullet by not getting hired here. What a dumpster fire. The interview process was a third rate experience and left me with a bad impression. I came on here to see if it was just me. No, it's not me.
Definitely more than other banks - Toxic culture is what is driving everyone to leave
Hard to say because HR can’t even add 1+1