It seems BNY is preparing for its next round of layoffs by trying to make people leave voluntarily (shock horror). I’ve been a people manager here for several years now and was told last week I will no longer be a people manager because I’m not senior enough (need to be Sr Dr or above), my staff are in a different location and there aren’t enough people in the team. Every time I hired I wasn’t able to hire in my location because it was ‘too expensive’, whilst at the same time new MDs and Sr Dr’s were being hired at ease. The team I’m in has reduced from 32 to 18 FTE over the last 18 months and we’ve not been allowed to replace anyone. This is a clear tactic by the company to get people at my level to leave by making us all utterly miserable, and if that fails they’ll just use it as an excuse to give a lower performance rating. They do something like this every time a layoff round is coming to get people to leave voluntarily and save them paying out. Got to hand it to them though, they really have created the most toxic and intolerable workplace that ever existed, so they are meeting their metrics in that regard and we all know how important metrics are at BNY.
10 replies (most recent on top)
@1d4 you have to create the paper trail if you’re going to take legal action
@j9 For those who have fought this legally and succeeded, did you attempt to resolve thru HR prior to resorting to legal actions?
@a2 I was informed by legal counsel their fake performance reviews/ PIPs are not technically illegal but it would look bad in litigation. The best way to challenge them is a ‘protected class’ issue that is illegal. They won’t fight it if comes from an attorney. They have none. Most of them let go as well. This has worked for me and others who chose to actually pursue. Most people don’t and take what minimal severance they can get. That’s exactly what they want to happen. At the end of the day they will pay those who challenge, not pay those who don’t, and they come out ahead when add everything up. Horrible company.
Someone really needs to leave on the own accord/retire and then publicly speak with a new outlet about the facade going on any BNY and fake culture promoted all over social media.
Every time I "hired" someone I was simply given a resource that someone else hired.
@bf agree. This place needs to be reported in mass numbers to get attention on what they are doing. Its beyond disgusting . Falsifying anyone’s performance ratings causing terminations , loss of employment and anything needs to be investigated. That wont happen if people stay quiet
@a2 Templates for reporting to state EEOCs are found in the Comments section of the "Let's Go" topic. You may also want to contact your House and Senate leaders as well so they can record your comments and concerns and follow-up with the Department of Labor.
I don't understand why more people are not trying to leave. I know it's not great out there in the market, but these stories posted here are often from people who seem surprised. Bony has been like this for years. I left recently bc they said they were closing Pennington. Seriously, F this place. I took a slight pay cut and don't care bc it's worth it.
Its a sad state of affairs especially for the ones who spent their lives at the company and would have preferred to retire there. Its all about the bottom line - they don’t care at all about the people. Everyone should be sending out their resume at this point. Give them what they want. They will eventually lose most SME’s and then their high AUM clients.
@OP this has been same for mine as well. Yet we watch business partners who should not be involved in certain processes adding to their team constantly and without delay. It makes no sense but its all being done by design to get you to leave like you said or they will find any excuse you sc--w you over. We are in positions to see what most staff cant. Thats why i chose to report this whole to my states EEOC. There’s no way what they are doing is legal especially the falsified performance ratings