@gx, there is no reason to assume that when everyone's experience shows otherwise7.
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@fz dont worry RV and the dipsh-ts are requiring management to come up with digital employees as their goal. So guess what the push will be? You and everyone else who have been allowed to be short staffed this whole time will get relief soon. Yes this is sarcasm over the stupidity running this place
@ed Put that into relative simplistic metrics: let us assume a US employee makes 240 USD revenue per 120 USD hourly salary, and in India it is 240 USD per 40 USD so get the same revenue per USD in India than in US at a much lower cost.
In plain English, a bloated headcount in a cheap location is fine whereas an expensive headcount in a high cost location is not.
Keep in mind that BNY does not pay market rates in US to the overall employee productivity is not that high as in, for example, GS.
@dq I don't know about your team, but if we lost an additional 30% on my team, that would push us right off the cliff. We're just barely hanging on as it is. We need more people, not fewer.
This management team doesn’t value people. The robots can service the clients.
Exactly! To be honest the only reason why we are surviving is that our American workers are outworked from our lazy American workers. It’s not just here….its all of corporate America.
Read it again children…
Only a fool makes statements such as that. Individuals buy and sell for a myriad of reasons. I withdrew a car out of my retirement investments and my wife did as well.
The first thing that any investor needs to learn is that investors buy and sell for all sorts of reasons.
@dq, then why does BK insist on hiring 2 people in India for every US employee they axe?
@dj You need to understand that BNY has still too big headcount with respect to its revenue/profitability. In the eyes of GS managers, BNY is a simple custody bank with a bloated headcount. 30% headcount reduction would BNY somewhat in line with the industry standards.
You see.. the thing is employees who do hands-on work and be loyal with a lot of institutional knowledge can never win. Even when BK was going up, we saw BNY cutting head count - many with fake performance ratings. So, CFO said "expense control" in every call and that worked to their advantage.
Now, if BK goes down when other banks go up, what would he say? He would now add the word "aggressive" to that and do more head count reduction - may be using the cover of AI. Then BK will go up for a few more months.
This cycle continues.