Thread regarding Bank of New York Mellon Corp. layoffs

I work in MA. Our office has had hundreds of layoffs. Every day we look at rows and rows of empty cubes that were once full of talented employees. I have trained people in India for jobs that my teammates once had. We were training people from India in MA the same day our teammates were being let go. Every day it’s a Sh——t show! We do our work and clean up the Indian messes all day long. C-appy raises and no recognition at all. Yes, Morale is non existant. Systems and IT are awful for A global company. Don’t know what the end game is, but can’t see how BNY can continue like this. Waiting for my package to leave as I’m older. Good luck to all!

Cost cutting will continue at a measured pace down to about 30-35k workers. No loyalty to Pittsburgh. GS famous job action tactic to cull 5-10% of workforce every year will be fully implemented. WFH will slowly be trimmed/not offered to new hires. Lower cost foot prints will be expanded. Real estate consolidation will continue. Manual processes will be outsourced or eliminated. Already working on paperless environment. Looking to bring in even more capable JPM executives. Lots more to do. Oh, yeah when you say top talent you mean top talent of GS and JPM caliber or top talent of Mellon and Bank of New York caliber. I don't think the latter two and top talent go together except in a joke.

Reply to Post ID: @XzY7083-4zns

... and now Charlie is "counting his days." Monique left. Neal left. They are protesting His Reign at the highest levels.

Charlie will need to resort to Plan B: More layoffs, now that WFH is back. And look at this... another Top Exec is leaving... Michelle Neal, Markets. Chuck, Chuck, Chuck... your goose is cooked.

I’m actually enjoying coming into the office every day. Now that I understand how little the company cares, I am able to give back the same. Where I used to work 10 to 12 hours a day, I now work about 5-6 while physically present 8. No work gets done, but who cares - I’m not from JPM so I don’t matter. I brush up on my tech skills, dust off my cv and catch up with coworkers on their lives (collaboration!!). Execs cant figure out how to actually be executives so they play silly games. I can play games too.

There is a lot of dead wood there, like it or not. The amount of work performed by some employees is laughable. Unfortunately, good people get caught in the cross hairs at times. While ineffective, weak, upper middle managers survive.

Let's get some things straight , top talent does not flock to Bny , even if they have they are looking for the nearest escape routes... The processes of the Bny are c-ap , systems are slow and ineffective , quality of staff is c-ap, they hire cheap workers.. BNY is spiralling downwards faster than the speed of light.. and Charlie is counting his millions $$$

Thank you. This was a post that I made on another thread. Thank you for reposting it. And in response to some of the other commenters, yes, I do realize that part of the reason they're eliminating it is so that much of the workforce can self-select out and find other jobs if the WFH issue is a deal breaker. Personally, I do not work from home and never have. I work in transfer agency operations. So many departments at my location have been annihilated. I had to train my counterparts in India for months which eventually culminated in me watching my team be let go, fast forward some more, India made too many mistakes and we actually ended up pulling some of the work back on shore. Everyday is a sh--show. Every day there's some new crisis or escalated issue all the way up to the client. As soon as I find another job that does not involve taking a severe pay cut, I'm outta here! I'd like to end this post with a word of encouragement to all of you my fellow bny Mellon employees. All we can do is take it one day at a time, some days are so bad, I literally have to take it one hour at a time just to get through the day. I just keep trying to stay positive and have hope that I will find another job & that I will not be stuck at this horrible company for the rest of my life. I'm sending good wishes and positive thoughts to all my fellow employees on here. I appreciate you all being very candid and sharing your experiences. It means a lot.

You people really get that bent out of shape over WFH? It was never said that it was a permenant option. It was a privilege. I’d rather have a job and go in every day than bo job.

agreed .... also of note is that most people don't realize the bank actually self-insures. United or Aetna just handle the claims and takes a fee but are NOT providing the insurance - the bank simply pays the insurance companies as a pass through. Not unheard of, other large companies do this.

Anyone over 50 is more expensive to insure, even if salary is sh--ty, the company carries the brunt of the cost for benefits. Dump these employees bthat are over 50, then they hire younger and cheaper. 20, 30 age bracket has much lower heath costs and fewer children. It’s all about cutting costs at every chance.

to Post ID: @XzY7083-kqu- we all know why their eliminating the WFH- all your points are valid except for the over 50 and overpaid. Not many people are overpaid at BNY- just the top execs maybe. The raises and bonus are c-ap. And being paid a higher salary for years of experience has its merit. Do you think I trained my replacements in India well in the 2 hour phone conference I had with them? It's not possible to teach them what I have acquired over many different functions over the years. Good luck to BNY, and hope they can keep their customers because it's not looking good from what I see.

PNC is hiring! May as well run over there and get better treatment!

Yup. They are just cleaning house. Lots of fresh young talent to hire after they cut the deadweight.

That is the whole point of eliminating WFH. People will leave on their own to find other jobs, thus reducing the work force and then they don’t have to pay severance. Then they can hire younger, cheaper workers to replace the people that resigned. Management is just shaking out all the people who are overpaid, over 50 and cost more to insure and the people who abuse WFH.

I worry about some of you people, you’re not very bright.

A lot of people accepted the lower than usual pay in return for working from home 1 to 2 days a week. Now that that’s gone , people are going to look elsewhere . To be able to do it even once a week makes a huge difference and helps break up the long and stressful commutes