Thread regarding Bank of New York Mellon Corp. layoffs

I think people who have worked there many years were the main targets .There have been associates who are younger as well that have lost their jobs so it makes age discrimination harder to prove.Much thought went into this by senior management to disguise all the unethical decisions to blend into what’s legally allowed

Does anyone know if these layoffs are all US based? Curious to know if India has been effected. As most of us know, most of our jobs have been transitioned to India. Many clients have left and yet the India teams still seem to grow in number.

They sold everything they could sell. They cut all raises and bonuses. They laid of 10% of the work force this week Jan 2019. They will lay off more Feb 2019 and March. They do not have the staff left to do anything. Company will be torn apart in a year. Greed is tearing it all apart.

Trump should put BNY Mellon back in the 30+% federal tax rate (or whatever it was before). As soon as the tax cuts were announced last year all of these big banks made headlines by giving employees bonuses, wage increases, etc. From what I recall BNYs were the absolute weakest and I remember thinking how they would get rid of people within a year regardless. Well, here we are! Glad I don’t work there and if you were one of the ones to be let go, you should be thankful. You’ll find something better! Make sure you exhaust that severance and s--- every penny out of that place you possibly can (negotiate a start date of your new job right before your severance payments run out). I left there about 4 years ago after 10 years in and it was the BEST thing I ever could have done for myself. And this Charlie guy seems like a real prick.

Its not even people in their 50s and 60s. My manager was 47 and was let go. Our team now has no Manager. Way to operate......

Wealth management is a joke. They wish they were the caliber of a DeGrasso or Heften Tilotsen.

Cant hold a candle to them. Oh thats right— because you cant maintain a quality workforce!

BNYM has instructed it’s managers to give negative reviews for at least 10 years. They try to justify the layoffs by lying. I am thankful that I retired several years ago. They seem to pick people in their mid to late 50s and 60s. These are the people that find it very hard to find another job. I do not know how senior management sleeps at night. I hope the old adage what goes around comes around is true. So much for corporate tax rates to drop to increase jobs. What a laugh.

Remember when the BKU lesson comes out later this year that you answer the following question as true per the new firm policy. Is management allowed to terminate you after lying on your performance review ?

I received below expectations but yet I was within the range for all goals I just not realized that in fact my boss even said this time next year I hope to be promoting you.

They have no idea what they are doing at BNY. There is a manager there who is 68, almost 69, miserable as can be, and she is still there while other managers were let go. Cannot figure out their rationale on who gets the cut. Sad thing is, they cut you but in a month or so, your position will be reposted on their career website.

Shame on you BNY. You s---.

BNY is a sad place to be. As someone who was laid off on 1/14, I can tell you they were forcing managers to put employees into "below expectations" categories on annual reviews to cut the merit budget. They were taking perks away left and right. Such a shame what was once a great company is being ruined by Charlie's greed and mismanagement. I only regret not being able to say goodbye to my coworkers yesterday. To everyone still there, watch your back - you may be next!

BNY is full of it. They let great managers go yesterday, and keep managers who should have been retired years ago on the payroll. I feel bad for those who are still there, because its a big game to Charlie and company. They will keep cutting jobs to pad their huge salaries and bonuses, not even once thinking about the people who depend on their jobs to pay mortgages, feed families, etc.

Very sad state of affairs at BNY.

I am ready for any layoff, and already have a plan.

Got to FI status last year.

Going to buy a log cabin and a canoe, and do some off-grid living and exploring.

I wont be thinking about BNY while I am doing it.

@1fkiz good luck - my wife was let go yesterday as wel...

The main discussion for BNY is here &bank-of-new-york-mellon or just go here

https://www.thelayoff.com/bank-of-new-york-mellon

Yes place is miserable as all staff including managers who gave false reviews walk around like zombies.Atmosphere is toxic and wait until we get the Thanks and changes are coming email after bleak earnings tomorrow

Mandatory below expectations performance reviews to cut the merit increase budget, taking away Work life balance like work from home, lay offs. Uninterested managers, demoralized staff, no opportunity for growth

It’s the happiest place on earth to work

The smell of dispair in the air. Many layoffs across the organization. Charlie’s idea of a good time. Anyone surprised by this hasn’t been paying attention. His goals are only to raise stock values. Employees are peasants to be used and discarded according to this ruthless ruler. Taking away hard earned privileges and terminations galore don’t make for a happy work environment

Earnings have already been factored in long ago into this decision as they falsified reviews

Will be ongoing especially if earnings come in worse than forecast

Is any one from oriskany ny?

One of my colleague was let go today... Don't know what's more coming

I totally agree. Didn't see it coming. Although my manger has been harassing me and making my life h--l. I think she was trying to make me quit. I notified HR for guidence. Now HR won't answer the phone. I worked with them for 2months with the issues. Don't call then , they are apparently not there for the employes. They told me I had nothing to worry about. Now I sit here trying to process what happened yesterday. Can't look for work because they say it cancels my severance. And they owe that for all the years I worked for then.

I was let go today as well. Can't really say I will miss the place, the job or the people. Certainly not a fun place to work. I hear do more with less. Quality will suffer and clients will leave when those left can't carry the workload. Probably a blessing in disguise for me, as I should have left a while ago. Good luck to those already overworked, only to inherit more work.

My job was eliminated today. 1/14/19. Shocked me. Figured changes were coming but not this soon. I had 15 years in...would’ve been 16 in May. Others with similar experience let go too. At what cost will the remaining people, many of them young & new to the bank, be able to keep up. What are they thinking? Even their annual Christmas has shrunk as well as Recognition dinners. Cheap for their employees ...saving the profits for the big whigs. So Wrong! I’m shocked & need to figure out my next steps but I feel badly for the folks still there that are hopeful & walking on eggs! So long my coworker friends. Sorry I didn’t get the chance to say goodbye. Prayers to you all. Darn you Charlie!

We were told today that layoffs still going this week and another round in feb. It s---s as we r waiting for your name to be called.

Of course layoffs make sense when new revenue does not exist but falsifying performance reviews to justify eliminating associates is downright disgraceful and borderline unethical.This has impact on possible future employment opportunities.We receive email after email about about what’s morally correct but it appears that went out the window with these forced lies on evaluations .Shame on this Company.

I was also cut today. I have 22 years in that hell hole. My position was eliminated. You think they would give a person heads up to transfer to another position. They just don't want to pay retirement. Once you get to many years, they cut you. If you are thinking of retiring from there, THINK again. I have my best for all those years and for what!

For any employee who's listened to the CEO words this should hardly be a surprise. There are "managers" who manage 1 person, 2 people or 3 people.That makes little sense and any CEO worth his salt would be dumfounded by this. The custody business is a duopoly of two dinosaurs BNY and State Street and despite the loose monetary policy for the past decade business has been stagnating. It's simple P&L that when revenue lacks you "create" profit by cutting cost. I am emphathetic to everyone who is affected by this but any employee whose been paying attention to the CEO should hardly be surprised. I really feel for all the employees affected and trauma you go through and wish you the best of days ahead.

I was laid off today. They told me my package is based on how long I've been with the company which has been 2 years. I'll only paid until February 24th. It's been a frustrating day, goodluck to everyone and best wishes. Keep your heads up.

I heard that the estimated number laid off today was 1,000.

No doubt that many with good experience and long tenure (read: "old") were among those affected

Has anyone heard if the packages are similar to those in the past? Are the layoffs based on year end performance ratings?

I was cut today the only person on my team the person who trained 2 other hires after me. Last month my boss said no need to be concerned our group has lots of work. Wrong

The only new revenue stream for this year is layoffs. Nice answer for your shareholders .

Well well said

Charlie has no ideas other than ruining peoples lives by layoffs. His only concern is padding his bonus to pay for the 18 million dollar home for which he is involved in a legal battle. He is ruthless and ignorant. Those of you with the company know the extent of his arrogance and ignorance if you watch his quarterly town halls. From laughing at questions, dismissing employees concerns and cussing. If you are lucky enough to make it through the many rounds of layoffs, you can forget about remote work arrangements. The revised policy allows for it, but he has dictated to each department that he wants butts in the overcrowded seats. He kept the corporate tax cuts which was to be trickled down to employees.

All that you need to know about his intellect is that the guy continues to talk about face to face collaboration, resulting in the elimination of work from home, for a global company where many of us in Pittsburgh talk to India, NY, and the UK much of the day. Only hope for the company and employees that are left is that the board sees through this imbecile and gets rid of him.

10% reduction in salaries expected to hit January 14, good luck to all. I do t think Jamie's son in law is on the list. BNYM customers wull.see tremendous drain on knowledge as the targeted cuts hit those with experience and years with service.

We are expecting layoffs next week. Another round of cuts is expected to follow sometimes in February 2019.

WFH and other perks are about to be discontinued, completely or to some extent - we are expecting this with a fair amount of certainty.

Anyhow, cuts are inevitable and communicated by the C-level folks (both internally and externally) and the only question remaining is how deep this round of cuts will be. I am in Boston and I've heard varying numbers (as low as 500 and as high as 4,000). At this point, we can only wait and see.

No matter what happens, good luck to all of you reading this and all of you in the trenches - we'll likely need it very much.

Charlie hired Jamie Dimons Son in law to directly report to him. BNY paid a 350 million dollar fine for hiring some interns in Europe for nepotism. Maybe its allowed in the US. Mark my word Charlie will run the bank to the ground the way he is handling things. Clients will be unhappy and leave. Revenue will go down. Then he will be forced out.

CEO Charlie sent a message to employees on Christmas eve that next year they will be eliminating layers within the company. He added these processes will not be easy but are necessary. CEO is a complete a--. Reminds me of Home Alone. Merry christmas you filthy animals.

BNY Mellon has to create a system backup for all the Federal Government trades by 2020 or they face penalties or loss of that business. The cost of this system is 100 million. They are firing (displacing) employees to cover this so their bottom line is not impacted and so investors never find out.