Anyone have any insight on first wave of 2021? January or April? Hearing different things. Know someone you was fine all year and only now on year end received BE rating (not deserved) on the list to be axed?
12 replies (most recent on top)
How often does the bank screw over employees, and NOT provide severance/sub plan for employees that were "BE"? When I mention BE, I'm not talking about employees that have real performance issues...I'm talking about the no issues/you were meeting expectations all year until you were surprised by a BE during your review.
It’s definitely January and possible July as well
January 11
Nobody knows. As long as the stock price limps toward 50 again slowly you will have your normal lay-off turnover. Remember WFH has exposed a lot of processes and eliminated steps and paperwork that would have taken decades to eliminate. All is needed now is for regulators to catch up and pass rules that mitigate the exposure risk of financial institutions in general from eliminating those steps and paperwork and soon people that find themselves redundant who used to do those steps and ppwk will be let go. One example is manual check depositing.
and remember
those who know don't talk and those who talk don't know
January
To Weib :
Yes, they have gone there. Simone I know was massively overpaid for a number of years and when a new manager come in they fired him “for cause” (BS reason made up) and he didn’t get sub.
How much of the above is BS ?
I thought it was going to be Q2 before any layoffs happen.
I do think they will close a few locations completely, in EMEA.
I read through the sub plan documentation today. If they claim you were terminated due to job performance, they don't have to pay.....does BNYM really go that route, and not pay severance, to employees? I'm not talking about real performance issues, but the "you were great all year, but surprise, you're below expectations".
This is absolutely correct. Your job performance is meaningless when it comes to how you are rated. The only thing that matters is how much money you make and how much buddy buddy you are with the boss. If your manager feels like you make too much money and that you don't kiss enough a–, then you will be rated BE and eventually shown the door so that your wage can be better spent on bonuses for some kiss a–.
Blood bath starting in January till year end, esp if you were given BE.
Gibbons has back tracked. Fake BE was given. Covid is still impacting people. So he could not continue the no firing policy but will only double down so he and his crooked cronies can make bigger bonuses. All that 2020 no firing show was for nothing. Just watch the axe fall starting in Jan through the entire year.
I heard the term “double down” in regards to 2021 layoffs.
BNY Mellon’s integrity problem is always on full display at year-end review time.