You can only layoff so many and cut so many costs. This is not a business plan. It is what bad management does when they can't increase revenues. This is why every BNY employee has had multiple CEOs at business levels as well as the top. Do any legitimate bank CEOs leave every 3 years for other banks? BNY CEOs cut coupons until they can retire or leave for other dumpster fires. It is beyond me why anyone would take a job at BNY but it sounds like they cant even fill spots with junior people except for India/Woroclaw.
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Yes, that’s exactly why I’m certain that our old office garbage man was promoted to a Managing Director role about 4 or 5 years ago. He delegated trash collection to tech teams, Ops teams, admins, everybody but him. He was a true genius… by removing all cubicle trash cans and bags and replacing them with small paper only cans he effectively delegated his entire job.
Most of our management thinks the ops in devops is what we consider operations at the bank.
It really demonstrates how little Senior Management actually understands about how the bank functions day to day. Combining Ops & tech was a horrible idea. Operations, TSG, Application development and PC Desktop support are four totally different skillsets.
More importantly they’re four vastly different mentalities although there is some overlap.
They’ll just reorg again in a few mths. Tell us all why this reorg is better than the last 5 in 24 mths time. & before you know it, it will come full circle back to how the company was organized originally.
Similar to ops & tech combining & now separated back out again.
That's why "Sr Management" are paid the big bucks. Don't feel bad for them.
Well we tried to incentivize and increase a work ethic with RSUs for all, but work turned out to be too alien a concept for our “workers”. So now we’re going to layoff and replace with more careful hiring. We’ve all learned a lot about human nature, haven’t we?
I don’t envy Sr Management. They’ve got a real mess on their hands don’t they.
Thats true, but Layoffs in conjunction with continuous cuts to all benefits is our only business plan. The continual benefits cuts save them money as well as drive attrition. Attrition allows the Bank to cut costs as you leave without a package.
just fyi, they stopped collecting our trash, running the vacuum and dusting the office space years ago (long before the pandemic), we dump it ourselves along with performing many other tasks in addition to our main responsibilities! Making me wonder why I needed advanced degrees to fulfill my role. College age children are laughing at fact that I'm dusting the office!
It was actually Khrushchev and two letters not three. Fist letter "blame everything on me' (which worked). The second letter said "sit down and write two letters."
All of the good expense reduction candidates are in the LOB CEOs on down to the Managing Directors.
I could see a merger or sales of some product lines to Northern Trust or State Street. But BNYM is so large with so many low margin products that being acquired seems to be really unlikely.
You’re thinking of 2000 to 2010 of course. 10% layoffs per year, each and every year, no exception. Nobody working then would ever complain about the extremely rare sub 1% layoffs which we have now. We call it “good times”.
The very fact that we have numerous CEOs is an issue. CEO inflation is ridiculous. How the heck can there be more one Chief Executive Officer? There is one CEO and all other CEOs are reports. And how can their be hundreds Managing Directors when we only have 4 major business lines? Banks lost control decades ago when every aisle had their own AVPs and VPs, not to mention Sr VPs. I think that the guy who takes our trash out is probably a managing director as he successfully delegated trash handling to us about 5 years ago.
Reminds me of the 3 envelope joke...
A new CEO was hired to take over a struggling company. The CEO who was stepping down met with him privately and presented him with three numbered envelopes. “Open these if you run into serious trouble,” he said.
Well, three months later sales and profits were still way down and the new CEO was catching a lot of heat. He began to panic but then he remembered the envelopes. He went to his drawer and took out the first envelope. The message read, “Blame your predecessor.” The new CEO called a press conference and explained that the previous CEO had left him with a real mess and it was taking a bit longer to clean it up than expected, but everything was on the right track. Satisfied with his comments, the press – and Wall Street – responded positively.
Another quarter went by and the company continued to struggle. Having learned from his previous experience, the CEO quickly opened the second envelope. The message read, “Reorganize.” So he fired key people, consolidated divisions and cut costs everywhere he could. This he did and Wall Street, and the press, applauded his efforts.
Three months passed and the company was still short on sales and profits. The CEO would have to figure out how to get through another tough earnings call. The CEO went to his office, closed the door and opened the third envelope. The message said, “Prepare three envelopes.”
Most probably BNY Mellon will be chopped and sold in pieces, there is no reason for it to exist in its current shape and form.
I would say that BNYM (and many companies these days) are cutting people and costs to appease to stockholders. If I recall correctly, this was so used (and abused) in the 90s to a point that Congress wanted to open an investigation.
I hope I get laid off. I hate this place and the people.