There are many rumors about layoffs that have been circulating here.
I had a little discussion with my colleagues about whether more significant layoffs are inevitable and the opinions are very divided. What do you think?
In any case, BNY Mellon is losing a lot of people and institutional knowledge even without layoffs.
15 replies (most recent on top)
There are lots of things to complain about, but layoffs aren’t among them. Overwork from attrition is actually our real problem. You’ll know if and when layoffs ever do resume. In the meantime enjoy the holidays. We’ve now had a 4 3/4 year break from layoffs so just chill out and relax. It will be obvious to all if and when they ever return.
Layoffs ARE happening, but as is often the case, they are in dribs and drabs and are generally not reported. But yes, they are most definitely happening, and I suspect this trend will continue, but perhaps a pick up in numbers of people and frequency over the coming months.
That's BNY Mellon math right there!
1% is 54 people. Layoffs are essentially nonexistent
How can anyone say there hasn’t been layoffs? In the past 3 years I know of at least 10 vetted employees I worked with that had years of specific client knowledge were let go. The ripple effect of the loss of talent shows across many levels in the bank. It’s not good business practice to bring in new lower paying employees or outsource positions. The client relationships suffer greatly leading to delays in almost every aspect.
And yet there has been far less than 1% layed off total in the last 4 1/2 years.
It’s so weird. All of the paranoia about layoffs when we haven’t had a significant layoff since Charlie Scharf’s last layoff in August 2008. In the meantime everyone is hoping for a package.
We have plenty of attrition. Our best are leaving and all are getting huge pay raises out of it. There really isn’t any need for layoffs and even slackers who would ordinarily be dismissed with cause are getting nice packages.
There’s lots to complain about but it’s delusional to complain about layoffs.
I actually agree with the H-1B posts. The fact is that hiring H-1B workers in Operations is much better than traditional hires. Americans culturally reject repetitive jobs but H1-B workers do not. We get better performance and lower costs in Ops. In technology it’s dicey but about 20% do seem to be superstars that are as good as any top tier American workers.
Layoffs are a fact of life in all financial companies. Cull the herd. BNY is a custodian bank and not going anywhere. They pay below market rates and can’t hire top talent. It is essentially a government job that can’t increase revenue so they cut costs.
Layoffs will always be a thing. Even if we got a billion in extra revenue per year they would still find a way to make it happen. But it won’t be all at once. You usually find out about 2-3 people per quarter, sometimes it’s 10-15 but company wide maybe a few hundred at once per quarter. Now the problem they’ll have is that so many others are leaving at once on their own yet they still do layoffs. Eventually something’s gotta give.
Nobody cares about the damn h1-b garbage so stop posting it all over the place
H1-B are winners
BNY only needs to hire highly skilled H1-B
The bank s*cks. Regardless of layoffs or not.
I look at it this way: if this is an attempt to "scare" me- epic fail. Bring on the layoffs! I think there is a possibility that there will be layoffs, but this site has been like the "boy who cried wolf" countless times, only to see no layoffs. It reminds one of all those religious nuts who proclaim end of days and actually have an exact date when the end of the world will happen, only to keep pushing it forward when the date comes and goes.
PREDICTION: there will be many "layoffs coming" posts in the following months (years).
MY reaction? ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ.