https://www.post-gazette.com/business/career-workplace/2019/01/15/BNY-Mellon-cuts-staff-layoffs-bank/stories/201901150162?utm
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Charles Scharf Has Chance to Be the Best Leader at This Bank Since Alexander Hamilton
Black jeans, revamp of internal meetings and other changes are intended to kick-start the bank
This is what I call a gem...
https://www.wsj.com/articles/ceo-chips-away-at-some-of-bank-of-new-yorks-age-old-conventions-1520427601
One of the worst corporations I have worked for in my 30 year career. Upper management consider themselves “elite” and have no time to help newer employees even in management learn to succeed. Would rather watch them flounder around and then lay them off.
FULL TEXT for those that have it blocked...
Bank of New York Mellon initiated a round of layoffs Monday, putting some workers on edge wondering who might be next.
The number of cuts is said to have been around 400 — or roughly 1 percent of the global workforce — including about 100 in the Pittsburgh region.
Employees posting on online message boards Tuesday were bracing for another round of cuts later in the week.
“I heard that it’s going to come in two waves this week, Monday and Friday,” said one poster on TheLayoff.com.
“The smell of despair [is] in the air. Many layoffs across the organization,” said another.
“My job was eliminated yesterday, 1/14/19. It shocked me,” another poster said.
BNY Mellon spokeswoman Jennifer Hendricks Sullivan declined to comment on the size of the layoffs, or whether more cuts were looming.
“We continue to optimize our global business structure to increase efficiency, enable faster decision-making and better serve our clients. As a result of these strategic actions, periodic staff reductions may occur,” she said in an email.
During an earnings call in October while discussing cost controls, Chairman and CEO Charlie Scharf signaled that significant changes could be on the way.
He noted that typically there were 10 to 11 layers between top management and the most junior employees at the company. That was “far more than I’ve experienced in other organizations,” he told analysts.
As of Sept. 30, New York-based BNY Mellon had 52,000 employees companywide, including about 7,000 in the Pittsburgh region, Ms. Hendricks Sullivan said.
Patricia Sabatini: PSabatini@post-gazette.com; 412-263-3066.