Our coworkers have been laid off and nothing has changed, except, of course, that we have more work to now that our group is smaller. Other than that, business as usual, not even a hint of any change. Got to wonder why were those people laid off if we continue to do what got us in this condition in the first place.
9 replies (most recent on top)
I cut all the Bny stock from my 401k after the merger over 10 years ago after I saw how the recession and merger were being handled. unfortunately, this seemed to have been the correct call. Glad I was let go last month.
Finally, a sensible intelligent question. Indeed, the layoff means nothing if Charlie can't rally the troop and maximize the potential. If he's sole purpose is to cut expense to boost the stock price then I am going to be supremely disappointed. This would also mean, once I feel time, I'll cut the BK stocks out of my 401k and be gone.
The layoffs are Charlie’s way of taking his frustrations out on his employees. Why not show some the door and make the ones that remain miserable. Our stock price is sliding just like the morale of those that got word that they need to work harder with their new workload opportunities.
They are trimming the numbers and cutting the fat so when they are bought out by a bigger company, it all looks good on paper.
More deeper cuts after merger to get rid of duplicate jobs.
Shhhh. Don’t tell anyone I told you. It’s a secret.
Charlie will probably be gone on his own in 2 years and then the next ceo will reverse what he did. When that ceo goes, someone else will join and be more like Charlie. It’s a vicious cycle and we are all just pawns
There is a breaking point.. we have been picking up the slack for those that are gone but the quality of work is unsustainable!
Wonderful....simply wonderful.
🔱Charlie
My staff has been decimated, and I am completely overwhelmed with work. Our tools are antiquated, and we are told there is no budget for updated tools. Inefficiencies abound. Lovely. It reminds me of that movie Ben-Hur. There is a galley scene, where slaves are chained to benches.
And the Roman overlord says to them...
"We keep you alive to serve this ship. So row well -- and live."
Welcome to the white-collar galley that is BNY Mellon. Proconsul Scharf presiding.
To lower expenses and raise our earnings per share, so the executives can get their bonus, of course. Duh.
Same as every other corporation in America, the only thing that matters is next quarter’s numbers.