There are a lot of rumors going around about Sept layoffs, and they’re all grim. Everybody talks about massive job cuts. And this is on top of stealth layoffs which are habitually happening every day now. Coming to work and expecting to lose the job every single day is no fun. Anybody knows more, or can confirm rumors?
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Does anyone know the typical redundancy package in Ireland (Wexford)? Lots of rumours this week.
After over a decade of service, a friend of mine was let go on 8/26. Roughly 2 weeks after returning from maternity leave. The new CEO Robin Vince is a real piece of work...
Other info mentions 9/16. Where is the 8/26 date from?
@jhka+1tQAzYvB
Dude, I think you need to use a proofreader here. Just look at your sentence composition first before criticizing or defending others. You truly seems like a BNY Manager.
@jhka+1tQAzYvB
Lol, it almost sounds like you're Abhay Navale, getting defensive, huh? If you're going to dish out criticism, maybe do it without being defensive. It just makes you look petty and weakens whatever point you were trying to make.
@hrkv, it's not the individual team members who have been sent packing that have been unwilling to make a move into modern technologies. We've seen decades of draconian cost controls preventing us from spending any money upgrading our tech and migrating to modern practices such as automated build and deploy. Finally we finally had to build out a whole new datacenter and migrate thousands of applications to eliminate HUGE risks and increase constancy and best practices.
As far as AI goes, we should be spending more time on basic process improvements and system enhancements to ELIMINATE efforts instead of just pushing the tasks from people to AI and the expensive systems people who support it.
I say this as a former employee with over 10k BK shares.
Perhaps if you ask Abhay Navale politely, with his uneducated attitude, then he might even offer to help you to write a coherent post.
And man, can you ever use a proofreader.
@hzqv
I, like many others probably, is doing exactly that right now. Their work in addition to my own. Can you please tell us the group you’re referring to?
@ixpj
As a _share holder_ I welcome that the Bank is increasing its ROI and making my stock valuable. Even as BNY employee I invest in the firm as not only as a ESPP member but as a market favored, investor-attracting firm.
As an _employee_ I feel the CEOs are uprooting entrenched deadwood work force who are _unwiling_ to make a move into modern technologies . The _former_ C suite members tried to coax them but did not go anywhere. Greenfield migration was a simple example. Cloud adoption even with Microsoft working with us is a mess. We have _myraid_ of duplicate technologies and folks are _hanging_ on to it than adopting the latest because they become vulnerable if they come out of that.
And with respect to adoption of AI, more and more automation, older teams are easily replaceable by inexpensive work force who can do it for less than 1/3 cost. BNY employees are the _highly compensated_ in Indian markets so they do attract talent.
EOD- these leaders are there for one reason. Grow the company with new products, get the stock valuable. Employees are just another tool. If they become blunt they need to be replaced.
And that is what is happening in a slow and steady manner. In that way, the Bank lets you plan your exit path. If you are willing to change you adapt. If you are resisting then be on the list.
You are an employee at will. Neither did bank promise you a life time job nor you promised a never-ending loyalty to Bank. What is difficult to understand here? Are we in denial that US employees and NY Metro employees are the most expensive and older entrenched employees hanging on to a job.
This will get down voted by the boomers and deniers. Understandable. But that does makes this go away!
Someone I work with is slated for layoff in Sept. it’s so this person can cover for all the teammates on vacation and then they’ll dump this person. Nice company.
Other info mentions 9/16. Where was the 8/26 date from?
8/26 is the date , should be an interesting week
Would love to know how you arrived at that conclusion…
Is it possible that you don’t understand how to respond specifically to a poster by ID??
Abhay Navale with an uneducated attitude, underqualified person and yet he is being the so called global head of digital asset engineering lol. This person doesn't know anything except being bossy and saying all the time that he is the global head of DA. What a shame...this kind of people are being employed by BNY. All the time he tries to influence people working under him. BNY what kind of low caliber people you have FFS.
so this RTO is a joke. Basically they are using this as an excuse to terminate people. First they convince people to join them and then they try to influence them and if the person has some self respect and they raise a voice then here you go.... You are being terminated. What an absolute disgrace!
is there anyone here from the digital assets engineering team?
Simple they are just better than Americans - simple as that
Americans are spent force - The simple ,bitter truth. The boomers and the entitlement oriented folks are in denial
why there are more Indian people in BNY as compared to Americans? Is this Bank of NewYork of Bank of India ? Can someone enlighten me on this please?
The so called global head of digital assets engineering at BNY is a cr-p. Low qualified, absolutely disgrace to the company name which is also a sinking ship. The only think he is capable of is being nosy and also spying on the people working under him. He is good for nothing.
Are there any lay offs planned for digital assets engineering?
How can we still be well over 50,000?
Once again, US employees are being displaced/laid off and replaced in offshore locations or replaced with a US-based employee who is cheaper. Why is this so hard to understand????? Its not about the number of heads, its about how much those heads cost.
The economy is in the cr-pper & most companies are downsizing, not hiring. Terrible time to be let go as happens here every month & terrible time to be job searching for anything other that minimum wage jobs.
BNY is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). We are headquartered in New York City, employ over 50,000 people globally and have been named among Fortune's World's Most Admired Companies and Fast Company's Best Workplaces for Innovators.
How can we still be well over 50,000?
Easy answer… we continue to be in an incredibly low layoff era.
Take off the blinders. Our offshore workers are paid well. They aren’t there because of wage slavery. They’re there because they produce far more than Americans do at the same price.
Is there anyone left in America who is willing to compete?
Thank you, I knew that you could understand the differences between being terminated for cause (violating RTO requirements) and being laid off for performance (with SUB).
Glad to be of assistance.
We can all agree that the last two layoff free years were a welcome break.
I’m worried about August 8th though.
At this point I am stressed out with layoffs are not. I know for fact they are laying me off but won’t tell me when. That is what sick about this place. It is ruining me mentally and physically. We are just a number to them.
It’s a pretty sick hobby you have scaring people to death about nonexistent layoffs.
Yes ….at some point you’re bound to be right but what causes you to stress out our employees every damn month?
Please be sure to return here in October with your same mea culpas in January 6th, Feb 8th, March, failed prediction, both June and July layoff panics.
Here is a clue to all of you… for at least the last 15 years the August layoff has been the biggest layoff of the year. It also will be our first this year as all others were less than one half of one percent.
Can you imagine letting people in audit go?
Audit and HR? These are two key departments which are loyal to CEO office.
There is a rumor circulating about layoffs in Sep. I heard some people from audit and HR will let go.
NY employees should have a warn notice. Any idea how far ahead of the layoffs that should be submitted?
Have heard the same. Its going to be massive this time, across LOBs.
If you were actually a manager you would know that RTO refuseniks are not laid off, but are terminated for cause… i.e. no SUB.
You’re no manager.
yes, every year same sh-t
What’s this about Woodland Park?
Didn’t they relocate all of them?
You’re no manager or you would know that these are terminations for cause, not layoffs.
Dear dipsh-tz,, sept layoffs are not a rumor! I know because i am a manger who got the damn email from HR that folks who did not meet two RTO periods are being terminated. Guess when. Thats right sept. Get your heads out of your azzes and stop saying its not happening. This place doesnt give a cr-p how great you think you are. Dont go by their rules, they will let you go. Please come back in sept and eat your words for saying “its a rumor”. You're all the reason this place has gone to shitt seriously
It seems safe to say that not adhering to company policy would not be considered a layoff, but a termination. So, the people manager who just posted that would, in fact, not be commenting about layoffs. If you fail to meet in office expectations, you are terminated, not laid off. We are speaking of layoffs caused by office closures, bottom line- corporate money making decisions.
Dear dipsh-tz,, sept layoffs are not a rumor! I know because i am a manger who got the damn email from HR that folks who did not meet two RTO periods are being terminated. Guess when. Thats right sept. Get your heads out of your azzes and stop saying its not happening. This place doesnt give a cr-p how great you think you are. Dont go by their rules, they will let you go. Please come back in sept and eat your words for saying “its a rumor”. You're all the reason this place has gone to shitt seriously