I want to be realistic here, so I’m going to say it: we all had the opportunity to see this coming unless we chose to look the other way in order to feel more comfortable. BNYM is a dinosaur company, with uninterested management and outdated practices, that cried for a radical restructuring. Of course, when I came to this the easiest way to cut expenses is to cut workers.
With that said I don’t want to excuse their behavior. They could have revealed their plans to the workers, try to incorporate more of the existing employees un these changes, retrain them, deploy new practices... etc. But no, they didn’t even try just plain old cuts and not even a heads up to us. Think that the cost-cutting is just an illusion and that they will lose far more with the loss of experience and talent, in the long run.