There are a lot of rumors going around about Sept layoffs, and they’re all grim. Everybody talks about massive job cuts. And this is on top of stealth layoffs which are habitually happening every day now. Coming to work and expecting to lose the job every single day is no fun. Anybody knows more, or can confirm rumors?
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been told they need to reduce the herd all the staff from Woodland Park will be eliminated in the next 5 yrs....about 10% per quarter to expensive to continue to keep them in offices in NYC....jobs will move to Lake Mary
So how many in Westborough in September? Saw someone say 20% in Wellesley is the same in Webo ??
@3eid Keep enjoying the BS you are reading and start looking at the whole picture. Maybe you need to take a few classes at University of Phoenix.
https://www.reuters.com/business/finance/bny-mellon-cut-1500-jobs-this-year-wsj-2023-01-13/
By far the lowest level of layoffs in well over 50 years.
Confirmed in my group in Asset Servicing, roughly 10%.
Somewhere around 20% of the Wellesley employees will be let go in multiple 2024 waves starting in September against preparation of their 2025 office closure.
Followers of Ned Ludd… leave a message :-)
And your theory is that only caucasians can do these jobs?
Thanks for validating my point. You agree that headcount is growing but you are upset that we are an international bank.
So the real issue is simple prejudice towards people who do not look like you. Our India workers are indispensable whether you like it or not.
In all likelihood, yes, they are true. And many of those eliminated jobs will show up in another country paying far less than they did here. Primary India. Perhaps Poland. That is the bed we've made for ourselves, and I see no evidence we're changing course. We'll be down to as few domestic employees as possible - it's just a matter of time. And then when AI / Robotics become sufficiently self sustaining (which could take a while), then you'll see those offshore employees begin to get replaced. It's the long-term plan. As soon as the technology allows, we'll be more machine than people. Time to look for a few industry. This one will have fewer and fewer opportunities as the years tick by.
(Typo/ revisions to below post) Site refreshed and I lost my initial thoughts)
@2tzr First I don’t know anyone who quit or was let go since the very first few months after RTO tracking started. Prob because we are now given 2 weeks after the cycle to make revisions. Plus staffing levels onshore are so low now that the only people left are more responsible.
@2tzr First I don’t know anyone who quit or was let go because of RTO. Prob because staff levels have become so low they are non existent. I have seen in recent months and years entire depts be wiped out except 1 or 2 people.
Secondly, you Mr 42 are clueless. Sounds like you think all these people replying on the Sept layoffs is one person and not many different people with the same observances… “at what point do people start seeing through this jerk and stop spreading rumors?” You are funny. You are so old and out of touch that you actually think it’s one person on here replying to you about the issues we are experiencing and layoffs we are witnessing. We all don’t have the same time as you to be retired and have nothing better to do than taunt people about how horrible it was 42 years ago. We don’t need a history lesson. This site is about the present. Seems like you need to get caught up with current events and stop drooling in your shredded wheat.
September is happening. I know because it is all but surely happening to me. Accrued but unused vacation will not be paid. It’s use it or lose it.
@2gpk Yeah we get it, you've told us about 50 million times. And you're correct, we won't ever see it again because they do it remotely now.
It was two thousand, people walked out in a day, at least twice. It took hours. You’ll never experience anything like that believe me.
September layoff rumors have no merit. It is yet again a half of one percent layoff. The reason that layoffs are so low is that people are quitting due to RTO.
Why would the Bank layoff people and pay SUB when they have lists of hundreds of RTO refuseniks who can be displaced without severance because they have quit for free?
Start out with the former managers and directors who were so awful and had so many complaints against them that they got put on projects. If your position changed and you were moved to another with no due diligence and you’re getting laid off because of it, thank a manager.
Total a@@hole below post.
So what actually merits a post out here these days? It seems like if it's not in all locations, involving thousands of people, then it's not supposed to be talked about??? If you aren't comfortable specifying exact departments at the risk of your own position, you aren't supposed to say anything??? Come on, people. This forum is to share the tidbits of info that we are aware of. Sometimes by combining info from multiple people, you can get a good feel for what is coming. No one who actually posts here is going to have the full concrete picture to share. And if it stresses you out too much to hear the rumors then don't look at this site, pure and simple. You are either ready to face the reality that there's no job security in this place or you aren't. Simple as that.
No, they aren't showing hundreds of people the door at the same time as may have happened years ago - not because people aren't being displaced but because it's done differently now. Yes, some number of people in the US are displaced and replaced by people in offshore locations. If you don't agree with either of these statements, you must not work here because it's out in plain view all the time. Stop gaslighting people who share what they hear and see just because it's not your direct experience. Stop demanding "proof" and then belittling anyone not willing to play your game. Read and move on or just leave. The tone and attitude on this board is ridiculous lately.
Yes they are true. Not sure about low performers but if your a-s didnt go into the office during more than one cycle, bye bye
@1yeq Oh lord I can’t even read what you wrote it’s pi----g me off so much. It’s like you don’t understand this website. It’s to discuss current and upcoming layoffs. I can’t give more information than I did because it would reveal who I am and get me and/ or get the other people in trouble. Or maybe you want me to get so pi---d I accidentally reveal something I shouldn’t. You obviously don’t work here because you sound like you don’t have a clue what’s going on. I can say I no longer manage people. So I am no longer the one making these layoff calls. And actually I never made any layoff calls. That was all made at the director level or higher. That’s why I “overhear.” I am not in those meetings. All my staff I, staff II, and supervisor spots that I once had under me have all been removed via layoffs. It’s all offshored now so if you worked here and weren’t so delusional because you believe what BNY puts out to the world then you’d understand this instead of arguing pointlessly with everyone. I know at some point either next month or in the next couple years it’s coming for me too. Only a matter of time.
@1ymg Not that I agree with offshoring but they’re actually paid really well. Could you imagine all the inflation in their country if US companies suddenly started upping their salary closer to our salary. I know it’s pretty common in India to have drivers, house keepers, and gardeners, etc. on their lower salaries. Could you imagine being able to afford all that on our salary? We’d be rich. Assuming you are from the US you should be more upset that companies like BNY are forcing US jobs out of our country and not that they’re getting cheap labor in return because that money goes a lot further in their pockets than it would ours, so you aren’t comparing like items.
What’s ironic about these numbskulls crying about suppose of racism… The most racist thing is how this company takes advantage of these poor people from other countries….
Paying them $0.10 on a dollar while the EC has rakes in tens of millions per suit . That’s wrong.
Hallelujah… we agree! As I said you didn’t consider non U.S. employees to be real employees (whatever that even means)… BUT NOW YOU DO!!!
So, did this epiphany occur while staring at your mirror as an ugly racist as I suggested that you try?
If so I’m quite pleased with your progress!
1tfq+1tQAzYvB
Wrong. What is sickening is that individuals like you use accusations, false innuendo and bleating out racism as an excuse to get your half baked points across. You do not add value here. You take it away. As for looking in the mirror, I suggest you look to your parents. It is obvious you were raised incorrectly and are totally misguided. You are what firms like BNY need to avoid.
If you follow this board, as I do, you’ll find nearly unending racism among our employees. It makes me sick to read it. And I’ve been having the moderators delete threads based upon this for many years.
I recommend looking in the mirror while contemplating why you are so convinced of your superiority even as our international workers do your jobs better than you at lower costs.
What that ridiculous AI story from yahoo finance fails to do is identify the reasons for the share sales. Of course there are things going on behind the scenes, but if you kept up in the news, including yahoo finance, you’d know that 90% of the sales are from execs who are out (like smits) or on their way (like keating). Probably BE sold all her shares too, just didn’t make the ai algorithm.
1taf+1tQAzYvB
If you need to resort to using ‘racism’ as way to get noticed then, you have no point. In fact, you come across as an ignoramus. Add in the fact that these skillsets are all created here in the US in the first place.
Obviously you do not consider U.S. H1B, offshore workers, Wroclaw and other non caucasian people to be people.
Not only are they people, they’ve been rapidly developing skill sets that exceed American workers in many respects. Not tha5 you’ll understand this with your racist blinders.
@1ti
According to Yahoo Finance our headcount is growing. The Bank is obviously in a hiring mode.
Must see!
https://finance.yahoo.com/news/possible-bearish-signals-bank-york-110018469.html
So, forgive me and call the headcount reductions in the USA more like workforce relocations to align the numbers to what they want the general public to see. However, the sub-terranean balance sheet manipulations that the overlords are facilitating are real too. I guess my previous post has no merit or transparency on what the EC is really up to. Just remember everything is hidden in plain sight! Use your eyes and don't let the people who manipulate you or this message board with their falsehoods.
@1vvw, once again, headcount is NOT rising. Quit lying.
2nd quarter of 2024 52,000 FT employees.
2nd quarter of 2023 53,200 FT employees.
https://www.bnymellon.com/content/dam/bnymellon/documents/pdf/investor-relations/financial-supplement-2q-2024.pdf
@ikq It is not very good quality I assume lest I will be hallucinating and dreaming plus drumming up from what I heard ,, over heard as if they are the truth.
If you are a manager who sent a sh*t list you want to eliminate all your statements are ful of ..! . No one is denying BNY is cheap.
BNY may (and that is the keyword) may trim and it is the in the best interest of a firm to curb in costs. It may even attempt to rotate and replace dead wood (oldies have to go ) to infuse young blood without expanding
Your statements were - I was told , I overheard , I speculate , I am guessing , Will not know until it happens
Even the way it is written - I am being told by people who would be in the meeting - not who were or are in the meeting shows that you have no clue and may be you are the one who is smoking a very good quality product.
Nothing personal but your intent is to stir up some anxiety and enjoy it from the side line. A good bait but at the same time sadistic in nature
@ozn What are you smoking? I am the poster on the first statement. And yes, I heard from several different sources: 1. I heard directly from one person in another group. 2. I overheard someone in a different group next to me trying to lock down layoff numbers for that group, and 3. I also overheard a different meeting someone was apart of in my group where layoffs were being discussed too so yes, it’s a very hot topic for Sept. This is what happens when we have to go in and no one is in a private office anymore. I can hear everyone’s business. I’ve seen plenty of groups suddenly disappear at my location, so yes it definitely feels like it’s going to happen. Just how hard hit, I won’t know till it happens. And if you’re fortunate enough not to be in a closing location then you might not notice. I am not that fortunate. Bny is just laying us off to fund offshore projects. But if you truly worked here, you’d know that. I am not enjoying any of this. I’m just as nervous as everyone else, that this round will be my turn. If not this round, than at some point it will be my turn in the not so distant future. Some people don’t seem to understand that this is a forum to discuss layoffs.
@1vvw Because you refuse to look at the whole picture. Head count is only going up because for every 1 person they let go in the US BNY hires in multiples offshore. These Sept layoffs aren’t rumors. Only thing we won’t know until it happens is the number. Not sure if you’re Mr 42, but if you are this is for you… For someone who constantly bashes on Univ of Phoenix you certainly have no clue.
No. September will be just one more 0.5% epic layoff fear with virtually no layoffs. How many times can Lucy pull the football away from Charlie Brown while he’s kicking it before you all wake up and stop trusting these goofy layoff rumors.
Answer me this… how come our headcount is steadily rising?
Reduction in “head counts” ?
Do you think that there are actually people with many heads? Who knew and how many heads can they have?
I want some of what yer smokin. S&P 500 is down for four years and counting.
S&P 500 is down for the entire Biden four year era. Stagflation with high interest rates impacting everybody.
The Bank is profitable every quarter. Don’t make things up.