Thread regarding Bank of New York Mellon Corp. layoffs

It’s simply another company that we’ve successfully run into the ground and destroyed. One of many. Have there been any long term successful acquisitions by this joke of a company?

@OP The id--ts at the top of Pershing think we are magicians. Cut, cut, cut, and then throw in archaic systems along with useless, wasteful hiring at the senior level and they wonder why the place is a disaster. I'm not a genius, just an unfortunate mid level manager in the place, and I can tell you that they are asking the impossible of their employees. A consistent, quality job can't be done with the current staffing and ancient systems. But does senior management really care? Definitely not, their making their money, don't care what happens to the hard working employee, and will continue to hang on as long as they can to keep cashing the check. As I look back now I realize how d-mb I was to work all that overtime, stay late, miss kids events, work weekends, probably take years off my life from stress......and for what? Nobody at Pershing senior roles really cares about you. They talk a good game but when it comes down to it all we are doing by our hard work is to make those people richer. There is no commitment from them. They'll give you up in a minute if that is what is asked of them and it will help them get another year of pay. Sad state of affairs.

@cz What often goes unspoken is how many capable managers are sidelined. The culture tends to reward the loudest voices, not the most effective ones. It leaves good leaders with three options: stay quiet to survive, get cut, or walk away.

This happens with individual contributors as well.

Over time, that’s exactly how institutional knowledge disappears. The real cost shows up with clients in the form of missed expectations, degraded service, and teams that no longer have the experience to support them well.

A truly disheartening place to work, especially in the UK. Teams are chronically understaffed and stretched to breaking point, yet leadership continues to pile on more demands. During a period of redundancies, senior management sent an all-staff email stating that winning a new client must take priority over everything else.
The message was unmistakable: revenue matters more than people. Employee wellbeing is an afterthought, and existing clients are sidelined in the pursuit of growth. It’s a culture driven by optics, not sustainability — and it shows.

@OP OP is correct, Pershing has been in a freefall for a decade. Senior management is a disaster and has been for awhile. All of them are basically hanging on for as long as they can to collect their obscene payments for the little work they do. There is no creative thinking and few if any major projects are completed. Technology is so far behind the competitors it is comical. There has been no thoughtful hiring done and instead there have been continued cuts to support areas. Obviously clients feel and see this in the terrible client service they receive but they have no idea how thin and fragile even the existing support staff. Only a matter of time.....

People are so weird. I’m weird in my own ways but I embrace it. Mostly because I don’t have to care. I don’t understand the crybaby wo-is-me comments. Being a good employee alone is not enough to advance, anywhere. That is expected. It’s consistency and longevity, for most folks.

We are a spec of sand in extreme vastness. Enjoy life.

Middle management routinely pressured to give artificially low performance ratings.

See this link

https://www.linkedin.com/posts/activity-7427118095061819392-rD0R?utm_source=share&utm_medium=member_ios&rcm=ACoAAAdeT6sBq6HR8cmvn-Ypy8_0uJhVxf9JjF4

Pershing RIA and broker dealer clients absolutely hate the firm. Service is horrific, end clients pay the price.

GS and Schwab kick their as--s every time in competitive situations.