Thread regarding Bank of New York Mellon Corp. layoffs

Layoffs are coming in 2021

Make no mistake, as a result of the pandemic, the global economy has been hit hard. The reality is that over 45 million Americans were forced to file for unemployment, and numerous high profile companies were forced to file for bankruptcy protection. What we have seen so far is only a preview of what's to come next. Bonuses are going to drop by 20%-40%. Almost everyone will receive some kind of pay cut or will be asked to work more hours for the same pay. If you are BE, there will be no bonus and you will be lucky to still have your job by valentines day. There will be significant layoffs ahead.

Think about this, as the pandemic forced staff to work from home, management has been looking around and realizing that fewer employees are needed to do certain jobs. COVID-19 has shed some light on who is essential and who is expendable. Most of us are all expendable. Middle management will continue to be carved out and let go. They are not needed. The company will hold onto young inexperienced junior managers who earn less money. They will report to upper management directly. Preference will be given to junior managers who can work from home in more affordable places like Iowa, Utah, India and Poland. The days of paying for a New York cost of living wage are coming to an end. Work form home will be used to relocate massive amounts of jobs away from all of the high cost cities. From now on, the focus will be on younger more affordable employees. That means the focus will also be on laying off the older more experienced employees.

Look for between 60,000 and 80,000 layoffs in the entire financial sector between now and this time next year. We are probably looking at between 6,000 to 8,000 people from bnym laid off within that same time frame. Good luck everyone

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Post ID: @OP+16OWg39v

20 replies (most recent on top)

Also work ftom home will resukt in layoffs, paycuts, and shipping jobs overseas eventually unless the vaccine brings Covid down.

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Post ID: @13odq+16OWg39v

Can you be honest with yourself for a minute @5psh+16OWg39v? You are at BNY Mellon long term because you are not proactive. I’m on 3rd career, 4th bank. and assume that many here have more stops along the way.

It really is ok to ask for advice...

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Post ID: @apvs+16OWg39v

Get out while you can. Soon enough, the job market will be flooded with people looking for work. Econ 101, supply of workers will exceed demand, and wages will plummet. Save your money, watch your budget, protect your health. Things were bad enough before, and now there is a real problem. Good luck to us all.

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Post ID: @7dnr+16OWg39v

Can we be honest with ourselves for a minute here? You don't stay at BNY Mellon long term because you are proactive. Think about everybody in your office and try to count on one hand how many people you would consider ambitious and would have a lot of value if they looked for another job.
Very few people are going to do anything even if they saw a leaked memo confirming layoffs next year. Everybody is waiting for the package. Whether or not they are layoffs is almost irrelevant because nobody here is going to do anything differently even if they knew for sure.

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Post ID: @5psh+16OWg39v

This is the time to prepare for your next role - update your resume, take copies of your pmps and completed training courses and line up references.

There are better companies, managers and jobs. Best to be proactive than let this company exploit you and then toss you out without any warning or care.

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Post ID: @5ebq+16OWg39v

Wells Fargo employee here. We have your former CEO, Chuckie chainsaw Charlie. He's putting gasoline in his chainsaw and he's revving it up on us. Be lucky you're rid of him.

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Post ID: @5yim+16OWg39v

Cuts are coming. They are making a list and checking it twice, going to see who’s naughty or nice!

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Post ID: @5siv+16OWg39v

Just not seeing “fintech” after 25 year bank tech slumber while competition invested. Bank on roll now tech but competition never sleeping never stopped. Lots of ground to make up just to get bank back “sleepy bank” level. Not sure understand lots much more work get beyond that. Hope for acquisition for all stakeholders employees first.

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Post ID: @5weo+16OWg39v

@4qoe+16OWg39v if you are tapped on the shoulder you also sign an NDA. I would not be willing to violate this agreement.

I can only say that if you are someone that the firm has told that you will not be there, I wish you the best of luck.

Before leaving, I would print out copies of performance reviews, defered comp, etc...

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Post ID: @5oks+16OWg39v

Is there any real info here or just speculation and panic? Would be nice to see some real fact based info here.

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Post ID: @4qoe+16OWg39v

I guess its a nicer way of saying "riding the bench" like at consulting companies

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Post ID: @4vgl+16OWg39v

Rumor is that people are being placed into "neighborhoods"...these people can be interviewed by other teams who may need staff. Otherwise they're gone in 2021.

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Post ID: @4bhp+16OWg39v

If you are one of the people that have already been told that they are not a part of the company's future plans in and after 2021, good luck to you.

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Post ID: @3svt+16OWg39v

Fin-tech....my laptop can't even load the home page properly.

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Post ID: @3xzg+16OWg39v

This place - FIN-TECH? More like FIN-ISHED.

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Post ID: @3aub+16OWg39v

You better consider a career change.
This company wants to be known as a FINTECH.

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Post ID: @2kjk+16OWg39v

Lol bny was laying off when the economy was skyrocketing.. Makes no difference

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Post ID: @2pce+16OWg39v

Layoffs + hiring freeze . Just wondering who will do the job and they had some amount of quarterly promotions , salary changes in September with double the number of promotions expected in coming December '20 .

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Post ID: @1dyk+16OWg39v

BNYM bearing 10% of the cuts in the financial sector all on its own? May want to rethink the math there, Chicken Little.

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Post ID: @1wub+16OWg39v

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