Many of the reductions will target management positions, as BNY Mellon seeks to preserve its investments in junior staff, technology and operations, the people said.
Full article at: https://www.wsj.com/livecoverage/stock-market-news-today-01-13-2023/card/bny-mellon-braces-for-layoffs-DKxgBl4buYlhAmD9PmXX
I'm just afraid that the targets will be many of those who are not in the management.
@2baf, while not entirely important, the point remains that there are large orgs that are staffed with the vast majority of employees at levels J and above. These are people with "manager", "lead manager" or "group manager" titles, despite having no such responsibilities (nor capacity) - all while earning around 125k-150k. It's not life changing money, especially compared to more senior level management types, but the value the bank is getting relative to the expense is problematic and solvable. So you are very likely to see JKL ops folks being let go.
I'm not talking about the LIBOR FX fiasco, I'm talking about BNYM's Financial Information exchange (FIX) connection. It was down for close to three days and resulted in the firing of the tech manager back when Gerald was CEO and Suresh was the CIO.
@2fsa+1kFJ3M3t no one cares about grammar in an online forum. you prolly German af
LOL, it was an “FX” issue… not a “FIX” issue.
This site is endlessly depressing for its sloppy writing.
That's a BS article and under reporting impact. In the US it's close to 10% in technology. It's geared to non-coders, so yes some of them are managers but others are SMEs. The whole push is towards Agile model. The upper management thinks they can operate under that model. Lol good luck. I recall 8-10 years ago they had a FIX issue that was down for 3 days. That's nothing compared to what can happen in the future with the loss of all the senior experts. But not my problem anymore.
“Management” in the clerical OPs world is quite different than in management. In Ops most team leads are called supervisors and they have double letter grades. In those cases the supervisor (or team lead) likely works more hours and may get overtime pay.
As they should be. Poland and India have much better knowledge and work ethics. That they are harder working, smarter and better educated. It’s a complete indictment of the horrible slide in the American education system over the past 40 years.
People can’t do the math for the WARN act. They complain about the “managements”, invent words like “mines” when referring to their displacement paperwork. Cannot distinguish between “your”, “you’re & yore.
Do these sound like educated people here? They’re all hired at the Bank and they walk among us.
So you all think “management” will be the main targets? Did you all just start working here or something? Will there be some mgmt let go? Sure. There always is, but a lot of non mgmt employees will go bye bye. Starting with your poor performers based on the pmp review ratings as always. And it’s always based on the last two reviews . Take it from me as a member of mgmt this is how it’s based and no our level doesn’t always has say.
I'm curious to hear what "management" means....seeing as there are entire orgs of said staff that not only do not manage, but also do not function above junior level work (J/K/L doing recon work and nightly NAV production as examples -;hundred of these people). Similarly there are too many junior people that have worked at the bank for decades and are a drain on resources (e.g. 2X PTO,150% salary of what should be expected of their entry level).
Tuesday will be a s*** show. Already emails circling from employees being "retired" early. No one is safe.
Jobs are being shifted offshore to India and Poland.
Here is the entire article without paywall for those who cannot open it: https://archive.ph/AMWkK