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