With all those so willing to be laid off, why don’t they take volunteers for buy out instead of laying off? Wouldn’t that be more efficient?
25 replies (most recent on top)
If so, then why do they continue to call and offer me positions?
I put my name in with skip level director manager. Acted like they would do it and they haven't. My direct tells me "we can't afford to lay you off, too short staffed". Somehow I missed the big boomer ride.
Why this is a bogus post?
Managers or "selectors" coming in here and saying they select "randomly" - eeniee- meinee-mo ? No managers does that even in BNY
They do take volunteers but most people all they do is talk about wanting to be laid off but never communicate to their manager. Speak up if you want to be on the list because we need them or we will have to select some poor souls at random. There is a reduction in force in February and in June or July speak up people at least you will get a severance but if you put on a performance plan you don’t. It’s only a matter of time before all our times are automated or locations closed.
Please keep thrashing - BK hit 87.70 today .. All your whining will make it hit 100$ by March 2025. All the pillars and smart people who keep the firm on its feet please keep complaining and work here with the peanuts that you are paid
Helps the stock climb - may be it may even catch GS soon
Yes it makes since but when it comes down to it all we have is whine as--s on this site who say they want to leave and hope to be let go but have zero ba--s to volunteer so someone else who deserves to be here doesnt get cut instead
They won't do it. The entire company will ask for the buyout!
Keep being the pillar that keeps the stock price climbing. Without you we may not have survived 240 years. Your "relevance" is what keeping the firm ... Yep now I know who is delusional
Hey 42, get a life. You are so pathetic. Your career ended 240 yrs ago and so did your relevance.
@ep+1jjppwdpv
Despite all the predictions we are here 240 years old. You are very smart (who can deny the delusional and why even venture ) to look into the crystal ball and see the oncoming train.
We need smart ar-e like you to motivate to make this firm be even more successful firm. But you can do it from outside also. Please your salary can provide us another cup of starbucks
Simple verdict - BK stock hit a 52 week high today .. Keep cussing may be it will get even higher
Regarding your post to me; @am+1jjppwdpv
Ok, name one of these policies n place to ensure that they don’t have to pay people.
You can’t.
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I apologize. I should have anticipated those who don’t understand syntax. Replace “policies” with “culture” and you’ll get the drift. “Unspoken rule” if you want another. It’s not just at BNY. It’s an entire cultural shift. I know someone taking a Harvard business class in which this very thing is discussed. It’s all about the bottom line. If they can find a reason for you to be let go, they’ll do it and not pay severance. So be careful what you wish for. And no, it’s not always going to be poor performance. They will find a way to save money. I’ve seen it happen to colleagues. So go ahead, ask to be put on a list. You may not like the list you land on.
@c6+1jjppwdpv
The only thing you got right in that sloppy awful mess you posted is that I am smart. I am smart and so are many employees who spend time here and have the outright nerve to be vocal invested shareholders here. This place is in trouble. When you buy cheap, you get cheap. When you bamboozle and use gimmicks it is only a matter of time before clients and investors in the public eye catch up to you. This place is already facing cheaper, faster and more accurate competition from FINtechs and the like that are looking to reduce fees to steal more market share. And no, they aren’t going keep using excuses like IMMS branches, GSP posting timings as excuses. And no, they don’t keep rolling out grand pipe dreams like altsbridge , Nexen next phase or the like. We are out of ideas. We do not have suitable next generation platforms and operational models to do it. All we have is cannibalism as a major solution right now. Do you even realize that 90% of the fortune 500 firms that existed 70 years ago are gone ? You think this place can go another 241 years… Bear stears, Lehman bros, silicon valley bank, Drexel ,signature bank ring a bell? Enron, Toys R us, block buster etc? Just because you are big , have laurels and even Govt backing doesn’t mean you endure. All of those places had poor to no oversight. All had great workers . All did not innovate . Many of the minds there came back to say the companies leadership changed and they knew it was wrong but did not say anything out of fear or even that they were not made aware. But oh, you think this is all absurdities and that there is just dead wood and crabgrass everywhere. Sure pal.
You can call names and throw any number of cusses - but the fact is BNY fines have not jumped that it makes a dent in their bottom line. It is the cost of doing business
Despite the fines (what was that 41 mil ?) they made big money and clients are willing to pay the higher fees despite the so-called poor-service provided by the cheap labor from a far-away country more than your exemplary service did in the past years
They are bringing in money - if you can read the balance sheet or earning report.
It is reflected in the stock price appreciation. Not every one is as 'smart' as you are believing that you are the pillar that holds the bank together.
Please move on. The bank will survive for another 240 years ...
I personally know folks who volunteered (last cycle) and there is one in the next cycle - which was supposed to be in Jan and now is happening in Feb. But the catch is the package is a SUB and not Severance
Seriously managers are human too
They can. Years ago they asked for volunteers in my group. Back when the directors actually cared about us. Staff either had to volunteer to be laid off or find a position in a new team internally because we were starting the offshore process. Directors were honest with those impacted. There were no hard feelings or issues since everyone knew what was going on and given a decent time frame. Most even volunteered to train offshore. I mean technically onshore training of offshore hasn’t stopped since then because offshore managers think everything is new to them and can’t properly train their staff. They also can’t connect the dots from task to task since everything is so centralized now. They need onshore since we understand how all these groups relate to each other since we used to do it all from beginning to end ourselves.
Because they might lose the wrong people and they would be losing control.
Because they’re cheap f—— who would devise myriad ways to fire people without having to pay severance.
They don’t want to have to pay people to leave when there are so many policies in place to ensure they don’t have to do that.
Ok, name one of these policies n place to ensure that they don’t have to pay people.
You can’t.
@af+1jjppwdpv
You are a doooooo-sh is all.
And the place’s stock is high because it is shredding people as expenses and then hitting clients with higher fees. Doooo-shes like you do not understand risk and compliance issues that that causes. And downvoting you proves that you tell lots of lies.
Some get a thrill out of ignoring the hand up hoping that if they wait it out the person will finally retire. Bullies hate to see anyone but themselves win.
They do take volunteers. Those who don’t adhere to RTO are basically voluntarily resigning. Those who don’t move to their new office locations are voluntarily resigning. I’d be careful raising your hand. Volunteering to BNY is not the same as what is in your head. They don’t want to have to pay people to leave when there are so many policies in place to ensure they don’t have to do that.
They cannot eliminate the DEAD WOOD - Lets be honest there are JUST TOO MANY - claiming to be work-horses. A robot can replace them - which is what is happening when someone far-away is easily replacing despite "all the years of experience and wisdom and knowledge" they claim to bring to the table. Yet, just like that - they are replaced without ZERO impact to the bottom line. And guess what BK is trading ALL TIME HIGH
That is the verdict they want - not any applause from the disgruntled and dead wood
Please down vote for speaking the truth
hand up
Because that would be anarchy to the top brass. It would be proof to the world that they are not managing the company and that HR is impotent and flaccid. It would also demonstrate that the company runs bottom up instead of top down. Additionally, there would be so many volunteers, it would be an operational and support debacle that could not permit so many to go. The legal policies that the company has do not cover this either and it would also open them up to lawsuits…. And that just will not do.