After 700 laid off so far this year, 49,100 employees as of end of June, compared to 49,800 three months prior and 52,000 a year ago.
And BNY says there is a lot more to do.
That could mean more layoffs, so plan for the worst, and hope for the best, whatever that means for you.
What location that they lay off so much? What will be the compensation for the layoffs?
Charlie wants the number reduced to 45,000 globally (minimum). Thats just a starting point. Tech solutions will further reduce that number to 35,000 by 2021. In the mean time he hopes people will leave as the company treats them so badly. So turn up take your salary and do as little as possible. Its the only way to work when you are working for a company that does not care for employees.
Exactly. BONY is at 2,500 to 3,000 worldwide displaced so far in 2019. It will make 5K plus with many getting holiday surprises for better or worse.
They are doing a good job scattering regional displacements In Orlando, Marlboro, Pacific Northwest, SF, etc and mixing it smaller and across business lines in Pgh NY and NJ. Everybody knows a few but the magnitude is hidden.
Who is posting this garbage. The numbers are already well above these fictitious numbers. Open your eyes people, layoffs are no where close to the end for this dinosaur of a company.
I wish they would ask for volunteers. Even without a pension, I would go for the SUB package. Yet they lay off people who need their job. Too bad.
Valentine’s Day m—acre will look like a garden party by the time Chuck and Bridget are done. Can only hope they get canned before I do.
And just to keep everyone on the edge, they also do some off schedule layoffs too. For example, there were some in June, July . . .
Layoffs are scheduled on a quarterly cycle of February, May, August and November.
Where are ghe Brooklyn people going ?
There was this quote, I can’t pull it exactly at the moment: “Pare expenses beyond what we actually think is possible right now” that is scary, employees should be worried.
Folks,
The total number of layoffs is greater than 700.
There were over 800 staff actions executed between 1/22 and 1/25 alone.
The target RIF going into 2019 was 10% globally or around 5000.
The remaining year forecast indicates the number will creep north of 5000.
There will be more layoffs.
Look for middle of August and October (10/15 the day after Columbus Day).
I heard lot more layoffs August 19 & the Monday after Thanksgiving before move to new building for Brooklyn. There’s not enough space in the new building for all departments left in Brooklyn. Management wants everyone out this year so they save $17MM-18MM in rent.