Thread regarding Bank of New York Mellon Corp. layoffs

BNY CUTTING PAY....

Tomorrow you will receive an email from HR. Our base pay was based off of 37.5 hours per week. It is now going to be 40 hours with no adjustments to pay. The extra 2.5 hours were considered extra time. Then overtime after 40.

This place gets better and better.

Also, expect managers coming up with solutions on how to curb overtime soon too.

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Post ID: @OP+164VxOHO

43 replies (most recent on top)

Can we not get a Union to represent all the employees who actually make the company look good? I have been with Pershing for a very long time. It was great in the beginning but over time things have been cut such as bonus, then meaningful raises and now this. I fell we cannot be ignored if we band together.

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Post ID: @jpdh+164VxOHO

Meh, for exempt employees it doesn't truly make a difference. Most of us simply copy last week's time sheet to this week and don't pay attention to the details of it, regardless if we actually worked 30 hrs or 60 hours. Some weeks I work extra hours, some weeks I don't do diddly sqootily poot. It kind of averages out.

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Post ID: @jdra+164VxOHO

why else would they do this now?

The same reason why they do everything else. Certainly not to benefit employees. Think about it...All the money saved on not paying those few hours weekly for each and every employee will add up to a lot of extra money for the Company.😒

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Post ID: @jspd+164VxOHO

This smells like a precursor to a merger or divestiture - so that the two companies can do apples to apples comparison of pay, etc. why else would they do this now?

Don’t they have bigger problems to fix?

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Post ID: @9ekv+164VxOHO

Firstly, you should not be giving that much of a f— to be checking emails outside of working hours and if you do, you should 100% be getting paid for that.

I know a lot of LOSERs in this place who straight up low ball their work hours to not get paid so much. What f—ing losers honestly. Oh your saving this place money. They don’t give a f— about you. While your “saving” them money they wouldn’t give a f— about not putting you on that LO list. Honestly so sad.

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Post ID: @7zvm+164VxOHO

I just added 30 mins everyday to account for the times when I check my email outside of normal hours. If BNYM is nickel and diming us, we need to do the same.

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Post ID: @7ofx+164VxOHO

Work 8 hours a day, if you take 30 minutes lunch break, then add it making 8.5 hours a day , they took your lunch time.

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Post ID: @7aeu+164VxOHO

Oh they are going to take my extra time and cut my regular pay. Starting now, everyday, add an additional 30 minutes to your time card.

You steal + I steal = net. Now we are even.

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Post ID: @7swy+164VxOHO

Another attempt at getting people to resign before they make mass redundancies to reduce their redundancy payout.

Charlie did the same thing last year when he said people could no longer work from home

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Post ID: @5ozh+164VxOHO

"I'm glad I'm a contractor and I don't have to put up with this BS. BNY needs to treat their employees better."

I am also a contractor at BNY and I absolutely agree with this statement.

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Post ID: @5xws+164VxOHO

Yeah, it is a pay cut disguised to insult our intelligence! This is "adding insult to injury" !!!!! You judge a company by how it treats its most vulnerable employees who make under 50K/year. Lowest paid will be making same $ like new hires @ new min.wage $16.50 & train them too! I am glad I left this awful company

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Post ID: @5nhe+164VxOHO

Great, we get to work the equivalent of 3 extra weeks, 1 day, and 2 hours for no additional pay. Winning!

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Post ID: @4cfx+164VxOHO

HORRENDOUS company. Trying to disguise a pay decrease as a corporate wide equalizer. The leadership can't even be transparent enough to say what it is which is nothing more than a cost cutting measure to offset reduction in employees coming in 2021. They don't want to have real communication with employees. They are all too happy to regurgitate corporate talking points. These managers don't even have the skills to navigate through this type of difficult conversation with employees.

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Post ID: @3qaf+164VxOHO

Can we still get overtime pay for watching additional movies and tv shows, especially now that baseball is back?

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Post ID: @3jbe+164VxOHO

I would love to work a 40 hour work week. Doing well over 50 now for the same pay.

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Post ID: @3wwc+164VxOHO

You get what you pay for. BNYM as a whole pays less than other firms in the industry. This will be the final nail in the coffin for those are displeased but didn’t see the writing on the wall yet.

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Post ID: @2tfn+164VxOHO

It came in on Thurs at ~3pm from Human Resources Communication with Subject 40-Hour Standard Workweek for U.S. Locations

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Post ID: @2tiz+164VxOHO

Where is this email? Copy the body of the message in here if true.

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Post ID: @2plb+164VxOHO

I'm glad I'm a contractor and I don't have to put up with this BS. BNY needs to treat their employees better

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Post ID: @2tjj+164VxOHO

If you are on a 35 hour week getting paid hourly non exempt it is a 12.5% hourly rate pay cut.... THIS IS SUBSTANTIAL and it’s offensive that the email made it seem like it was a tiny amount..

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Post ID: @2lru+164VxOHO

As an exempt employee, I already work more than 8 hours a day. Especially since management keeps setting up meetings before 9AM and after 5PM to stretch out our work days.

I can't wait to get laid off in 2021.

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Post ID: @2vtv+164VxOHO

This is how they are raising money for their projects.

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Post ID: @2oqz+164VxOHO

Who are these mystery group of people who are still not making minimum wage? isn't that the same thing Charlie Brown, 2 years ago, claimed he was doing with the a portion of the proceeds given to corporations, via a tax break? If memory serves me correctly, he wrote, "..

  • we're spending the money on technology, after all, BNY is a technology company. We're also going to increase the minimum wage for some of the employees who were not making minimum wage". Iis this language a template used every time they try to justify their action. Please understand I am sympathetic to those who are not making a minimum wage. In all fairness they should be. I'm just a little skeptical that that is actually what has or will happen. Sounds like they trying play to our empathetic side. Master manipulators.
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Post ID: @2rva+164VxOHO

Be sure to comment and rate this appropriately on the Peakon survey!!

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Post ID: @2laz+164VxOHO

To demonstrate how things are not as equal as their cooperate email wants us to believe. I'm reading, on here, a lot about people getting overtime. I work in Pershing's Legal department where for only 2 brief years we got overtime. The plug was pulled on that last year. Strange, since there were only 3 of us allowed OT and none of us did more than 5 hours extra, often times much less.
Now we will be required to work an additional 5 hours and getting absolutely nothing for it. The breakdown, more work, by way of more hours, = less pay per hour. More intriguing is that the attorneys in my department, who are exempt, often work from maybe 8 to 5:30, maybe 6. Most do not work more than 8 hours per day. For this example 'll be nice and say that they work 10 hour days, again most do not. So, as a non expert employee I'll work 40 hours a week, with less pay per hour. Whilst the attorneys will work 50 hours a week make a 6 figure salary and receive their bonuses somewhere upward of
$20, 000. Keep in mind that the folks that this policy effects the most do not get bonuses. At least not in my department. Hmmmm...something seems wrong in this equation.
What I find more deplorable is how these emails are written. Are we id–ts? Do we not understand basic math? "your pay doesn't change, it's just slightly different , you'll just make a little less per hour". That seems right to them? In fact, my pay has changed. My time is valuable. My salary + time invested no longer has the same worthg worth. To proove my point, my raise, using that word loosely, was under $950. As of July 15th it broke down to an extra $29 a month after taxes. Come September that raise will be worth about $20 a month, after taxes.
This company discusses me more and more each day. I'm working hard to get out of here. Unfortunately, we're in the middle of a pandemic which has made things very difficult in my job search, but by God I will keep searching until I can leave this horrifying place.
My final thought. All, please be ready for more layoffs come 2021. Let's remember the plan was to have another round layoffs in March. This is not speculation. This is what was said, in during a legal staff meeting, in February. However, the pandemic hit and a cease fire...well layoff to put it nicely, was placed. Big picture, 2021 we will see layoffs, which translates to less people, than there are now, to do more work. I wouldn't be surprised if they've implemented this 40 hour work week to prepare for all the work that will need to be done, in 2021, but with much less people. We'll be doing the jobs of 3 people, but getting the salary of one.
#DISGRACEFUL #SNEAKYBASTARDS

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Post ID: @2ury+164VxOHO

I bet a bunch of people are working 30 hour weeks now that they are remote but getting paid the same.

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Post ID: @2czu+164VxOHO

I Spent 15 yrs off the clock putting in time for a sh–ty bonus. Than 3 yrs ago the bonus was taken away and replaced with extra time. Now this.

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Post ID: @2wko+164VxOHO

Take your salary divided by 1950 hours (37.5 hours weekly x 52 weeks) to get your current hourly pay rate.
Now take that hourly rate and multiply by 130 (2.5 extra hours a week x 52 weeks) to determine how much your yearly salary has been reduced.

That's right! We're all taking a pay cut we didn't agree to accept. Exempt and non-exempt. So much for any good will the company bought with no layoffs this year.

Get this to the news outlets.

BNYM needs to offset this reduction in pay by offering employees the opportunity to remain remote full time. The only way I can justify accepting a pay decrease is if I save in commute costs.

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Post ID: @2xmb+164VxOHO

This is 6k a year loss for me.

They basically said on the email that’s it’s just a smidget, itsy bitsy change.

Easy for you to say f—ing jackass.

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Post ID: @1une+164VxOHO

Everyone!!!! This isn’t about increased work week hours, your hourly rate is being reduced. This is a pay cut.....

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Post ID: @1jdb+164VxOHO

For exempt employees who think this won't affect them, think again. You will be micromanaged to make sure you only take a thirty minute lunch or adjust your arrival/leave times by an extra thirty minutes.

First, this impacts child or elder care arrangements etc. More money going out for the additional care expenses to arrive earlier or leave the office later.

Secondly, in NY, they only worked 35 hours a week because we've been told to be empathetic to their commute times. Just a fact, not a slam against NY. I bet they will still only have a 35 hour week requirement. My commute time is longer than most NYers, which I can prove with Google directions, but the same courtesy is not extended for people outside of the NY region. Hypocrisy much?

At least newly hired non exempt employees are getting a bump in minimum wage and extra vacation time.

Another slap to the face of long time employees, both exempt and non exempt.

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Post ID: @1kdw+164VxOHO

We had 35 hours week, no paid overtime. So now we have to work extra hour a day, means hourly rate cut, and no compensation whatsoever. It s—s... what will be next?

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Post ID: @1yrb+164VxOHO

Use this to push for work from home days if your job permits it, no reason to be in the office 5 days a week for even longer when quarantine ends. Then just slack off for the extra 2.5 hours. It’s a give and take, they give you more hours for less money, you take an extra break! No one who made this decision is cutting their pay or working longer, so why would you?

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Post ID: @1gdt+164VxOHO

Does this come down to a reduction in OT pay?

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Post ID: @1rcz+164VxOHO

Meant to say....so now we work 40hrs week with the same pay which reduces our regularly hour rate so overtime will be less two. We used to get paid on the extra 5 hours biweekly as extra time.

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Post ID: @1czc+164VxOHO

The email came out and we are getting a pay cut so we now have to work 40 hours and any overtime will be less too.

@1lhg+164VxOHO are you giving an a–hole response? Wanted to clarify before responding accordingly. Thanks!

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Post ID: @1afo+164VxOHO

We’ve always had an 8.5 hour day with the .5 unpaid for lunch break. And as exempt salaried employees, we are expected to work extra hours without extra pay. At best, we might get comp time for extraordinary effort. We don’t complain, it’s what we are paid for. It was that way at my last employer too, so I assume the policy is industry-wide for my type of job. We are levels J-M.

I am wondering what department you work for, and what level is your job. Maybe that accounts for the different salary structure.

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Post ID: @1opm+164VxOHO

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