I heard that the investment banking side is going to be hammered in next few months. Melon has done it before and there is no reason to doubt that the executives will be moving swiftly. I think that if things continue to be like this our bonuses will be affected, so it's better to move right now. Also, the word on the street is that the IT group will be reorganized and that this will result in redundancies.
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Many do not believe it but I am telling you we have been laying people off all year.
BoNY Mellon seems to be following the lead of its peer group (e.g., State Street) with outsourcing IT and processing jobs to India and other locations. I was part of the large staff reduction Mellon did back in 2003/2004. Interestignly enough, the Mellon execs kept telling us for a year or so before that that we (Mellon) were not going to be bought by BoNY - we were too strong. The worst part was that shortly before "my position was eliminated" I was forced to write procedures for everything I did, so that my workload could be dumped on someone else (at a cheaper salary). It's just the nature of the industry.
I am not aware of any cuts, we did outsource some stuff but I am not in that group