Forcing experienced employees out in favor of cheaper, less experienced overseas workers does nothing to power our culture or clients.
28 replies (most recent on top)
Sorry, refusing to come to work is a 16 year old life lesson. Why would anyone think that they could slack off and fail to come into work with no repercussion?
To make it even crazier… to think that they’ll receive severance!
@1jcj “Bank of Pune” LOL.
You’re spiraling downward faster and faster
This makes absolutely no sense! How is “ America educating the world on the financial future of American children?”
@3qzu — you are such a lump!
Don’t be so naive to what’s going on. Most folks here know exactly what’s playing out before their eye's. BNY is on the cheap and RV looking for ways to beef up the bank financial position. If that means not paying out SUB he’ll find ways to do it. From his GS days he can’t be trusted based on the criminal charges sought against him by Malaysian government for looting of sovereign wealth funds. How he passed our standard background checks should to be questioned. HR looking at you!!!
https://amp.theguardian.com/world/2019/aug/09/1mdb-malaysia-files-charges-against-17-current-and-ex-goldman-sachs-bosses
You’re completely confused. Let me explain. They aren’t “cutting high cost employees. and using coming into the office as excuse to fire and not pay severance package.
First, we have SUB, not severance, for those who are laid off and it is a generous package.
Secondly, those who are displaced without a package are the employees which quit of their own accord by refusing to come into work and honor their job requirements. In this case they are legally quitting their jobs.
We have employment at will, so when you unilaterally decide to quit your job, why would you expect to be given a package? Its baffling to me that our coworkers are so clueless.
I'm here. They are cutting high cost employees. Using coming into the office as excuse to fire and not pay severance package. They are selling everything to make a profit. Have no clear business plan.
@3yzu - I'm not willfully missing the point.
Your point is invalid... If I as an American buy a Japanese product that was manufactured by a Japanese corporation that is not the same as a USA Bank outsourcing their operations to India and displacing most of their US employees.
You’re willfully missing the point…
Of course no one is standing in line to buy Indian and Polish cars.... they aren’t made and nobody seems to be trying to do it.
But purchasing financial services operations from Poland and India is a GREAT deal for the Bank, our country and our success. That’s because we get much more great work for far less expense.
Regardless of your outlook, all Bank Operations are going to India and Poland and sourcing to India in particular has been an unbelievably great move for technology and Operations.
2 days ago by Anonymous | 22 reactions (+22/-0)
Post ID: @ngq
This has been the BNY way for at least a decade. That's why the company cannot retain talent, motivate employees, or move forward in any meaningful way.
@1ocd Operations may be repetitive but there is also a lot of risk. It definitely requires knowledge and experience, so more than a G.E.D is definitely required. It’s this kind of thinking that’s causing us to see so many issues. There have been soo many NAV errors recently because of the inexperienced offshore workers (even though these functions have been offshored for 5-10+ years) and “automation” that does not work without someone who knows what they are doing watching it. Offshore requires lots of handholding from US workers because their management refuses to be anything more than babysitters. They do not get involved with their employees functions and can’t help when their staff have questions, so it’s always onshore to the rescue and when there is no onshore guidance it’s just NAV error after NAV error. I’ve read articles recently about how the industry is seeing an uptick in errors right now because of this. Once all the experienced US workers that BNY has right now are officially gone, it will get way worse unless offshore’s management team steps up.
America needs to quit educating the world on the financial future of American children . Limit the foreigners that are at our universities and start educating Americans!!!! Let the University of Pune educate the future workers of Bank of Pune on their dime.
Outsourcing to India is not the new thing.
Bny is next Boeing, is real.
@j-p
I agree. I’m constantly amazed here at the number of people who put down India and Poland workers, invariably slamming their abilities to work. The truth is that we are using offshore technical people and offshore operations.
Operations jobs are easy, but repetitive and boring. Much like working on an assembly line without the physical effort. These jobs don’t even require more than a G.E.D. It’s ludicrous to think that Ops jobs cannot be moved out of America and virtually every American corporation moves repetitive jobs offshore. If they didn’t they couldn’t compete.
In addition, India and Poland each offer great technology workers.
If you want to target real too expensive and unneeded jobs you’ll find them in the U.K.
Wrong, the Bank was permanently trimmed down from 2000 to 2008.
Nobody is being trimmed now except so called “workers” who refuse come in to work.
If you’re displaced today its definitely for cause.
If India is so amazing why isnt the Bank of Pune taking over BNY? Why arent they the leaders in technology innovation and capital markets. They su-king dry like a leach the people and culture that made this bank one of the largest in the world.
@drm+1t8XWwIl - i’d love to know who you think offshore is as competent? The ones we deal with cannot do anything without handholding and they are going on 5 years doing the process. Take a seat nieve one . You get what you pay for is right. Bnym love shopping at the $1.25 store
: @ngp+1t8XWwIl
There is no downsizing. Every day there are at least 30 new job postings. Every. Day. Layoffs and new terminations are being replaced before they even get out the door. 🚪
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I'm convinced that Robin was brought in by the board to slim down the bank and prepare it for merger or acquisition.
5h ago by Anonymous
17 reactions (+16/-1)
Post ID: @ngp+1t8XWwIl
@drm - No one is standing in line to buy our Indian and Polish cars....
@ngp GS-BNY
It's EXTREMELY shortsighted to think that offshore employees are less skilled and effective than American workers.
Offshore resources are every bit as competent as Americans, but they cost less. Every major corporation outsources.
Now unless you want to drive a lemon to work, you are likely first in line to buy a Japanese car. It’s absolutely no different than outsourcing bank jobs.
It’s called competition and it makes everything more affordable.
Smaller expense numbers = larger RV Comp.
I'm convinced that Robin was brought in by the board to slim down the bank and prepare it for merger or acquisition.
It’s rotten culture! Infact In his homeland, the British Royalty expects 100% Loyalty from their staff. If loyalty is not company culture.. then he ain’t a Brit :) maybe of pirate culture. .
It's EXTREMEMLY shortsighted to think that employees are just numbers. It may LOOK like a better value going with cheaper, less experienced workers, but everyone knows you generally get what you pay for. And when it comes down to it, our business is our customers, our systems and the employees who know them, and our employees who know the business.
Clearly he doesn't care.