Per news article from Ignites, BNY cut 3400 staff in the past 12 months and paid out $250 in severance.
Also mentioned in the article that approximately 50% of staff are now based outside the US; before Robin this was 40%.
19 replies (most recent on top)
It’s a new law to give notice for layoffs so they pay you through the end of the month. You can kindly decline.
In the US, companies are required to follow the warn act which requires 60 days of pay and benefits. The way bny gets around this used to be severance which was longer than the 60 days and helped them avoid lawsuits because it required signing an NDA.
Now, they are notifying employees who they force rank in the below category to 60 days. It still counts as 60 days notice. Funny thing is that this will help those of us in the future who file lawsuits because how can BNY say that you are such a horrible employee who is to be terminated without severance but that they also trust you to work through the 60 days warn notice.
Those RTO Refuseniks get the door and should be required to have no SUB or severance.
Period.
H1B Visa employees out work Americans.
To be honest our H1Bs run the Bank and deservedly so.
@ag fight it cause you’ll win. Others are getting severance
@d1 it looks like you don't understand reading comprehension. They literally said they weren't receiving a severance
@ag that su-ks. Sorry to hear, but if no severance why give them any more of your time
@f0 dont pay any mind to the trolls here. Sorry to hear about your lay off I too was laid off this week in everett. Location is dying here I wish I was more proactive in my job search. I was always a meets /exceeds employee and just got caught in the 25% net this year sadly. I had been with bny for over 14 years. I did get my severance which was good , some I hear didnt. I am in contact now with a recruiter but he already informed me its a battle right now. All I can do is urge anyone in the everett or Westboro location, UPDATE RESUME AND LEAVE ASAP, it is going to get way worse in these locations so please heed my warning. My manager told me by next year majority of staff in everett will be in LA or Florida.
@b2 I got laid off last week and so far 8 people have asked my former coworker what happened to me. Why are they asking about me? I answered and processed So stfu.
Just on the figures, it needs to be acknowledged that not 100% if BNY jobs can or should be in the USA and that not all of the 50% represent offshoring.
For example, if you want to access UK based clients as a Custodian l, you need to to have a UK based operation and UK staff.
I say this as a Robin-naysayer too.
@ag You were given an end date to be fired with no severance?!
@ag - it looks like you do not understand what severance actually means . If they are asking you to come until (say) end of the month and you are getting nothing afterward that means no severance
@ag+1k9s6ydzw Why would they do that? Makes no sense. You could purposely sc--w everything up and cause lots of issues.
Hey you schill cckscker… ! ask the hundreds of miserable Pershing RIA and Independent Broker Dealer clients about the incredibly shty service and their contracts… most would love to leave for but are stuck and can’t leave…the lowest of the low for clearing and custody…
@b2 hey dipsh-t, most being let go arent useless. They actual know the process unlike india and the rest of the mo--ns being kept. And the layoffs make the stock prices look great with all their reported “savings”. They have no nee business to credit that with and they have lost customers and would probably lose a he-l of alot more if they really knew how this place ran and handled their products. Dont speak on sh-t you dont know.
If 700+ jobs were cut, stock price soaring , and no financial news of clients leaving or cutting contracts sorry to say it was useless employees.
Glad some are getting severance. I was given an end date, told no severance, still working until end date.
@OP robin is not for americans. That’s very clear. You cant have a non american running and American company and expect anything different. People are struggling and hes sitting on his yearly income of how much exactly smh it’s disgusting and the US govt needs to end it