Some of my colleagues think there will be no cuts, and some are convinced there will be. What do you think? Hypothetically, would a recession lead to big layoffs at BNY Mellon?
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“You may rely on it”
The Bank has been pretty relaxed and restrained with layoffs over the entire post-Charlie era. This was particularly true through COVID and Todd’s entire leadership span. To me, the most admirable aspect of Todd’s leadership was his decision to give displacement packages to employees whom should have had terminations with cause. I’ve always admired his restraint and deference due to the special issues over the pandemic era. He is a good man and we were lucky to have his steady hand.
@6jsi, covid hit the US in 2020, not 2021. It peaked shortly after the vaccine was approved and started to be rolled out.
Sorry, in January 2021 COVID was a China and an international shipping problem. If you recall the President didn’t even call for travel restrictions until late February 2021 and was called a xenophobic for following basic virology science. COVID didn’t even arrive in the U.S. until March. The “Peak” you say that “ There were massive layoffs the first Monday of 2021 during the peak of covid in the US.” The earliest COVID impact was March 2021 and the peak of COVID was Q3 2021 through first half of 2022.
With those facts, would you like to take some time and figure out when this mythical giant layoff occurred? Nothing that you’ve written about the timeline is accurate. Take your time, if something really happened it would be valuable to know.
Layoffs in 2022? Count on it.
There absolutely were massive layoffs the first Monday of 2021 during the peak of covid in the US. The OWPBA analysis was already posted on this site to prove it. So deny all you want, you're just a clueless liar.
Talk about fake news! Not only weren’t there weren’t “hundreds axed in 2021”, Todd didn’t lead in with layoffs until post COVID. You’re blinded with hatred against a ver good man who stepped up with a steady and wise hand when we needed it.
My advice is to be more engaged, read My Source, attend town halls and pay attention to leadership. You don’t have to be engaged of course, it’s your choice. Leadership, and in particular Todd, did an excellent job over the last 2 1/2 years. It’s not hard to follow what is going on in the company for which you work, but it does take some interest.
Prove it, @3xwa. Put up or shut up.
Why is there nothing listed at federalpay dot org or any other site that lists ppp loans.
Sorry, but there was PPP money which we accepted. Unfortunately, the PPP money in BNYM went mostly to Greenfield (“the best use of this money is to reinvest in technology to allow people to do their jobs better”) and a small fraction went to raising the pay of clerical employees to the minimum of their grades.
That’s a really sad indictment of the Bank, but we did not layoff during that COVID year which was the key promise.
Fake news, @3ldv. There was no PPP money for BK and I personally know dozens of the hundreds that were axed in 2021 and at least 6 who were axed under Todd pre covid.
Todd, you're supposed to be playing golf. Not defending your BNYM tenure on this layoff board. Go, enjoy retirement. We all know you chose retirement because you yourself did not want to return to the office three days a week. No one blames you.
The entire 3 year Todd era was characterized by extremely few layoffs. None in Todd’s first year, none in the 1 year COVID period when they took the Trump Federal $ and agreed not to lay off and virtually none afterwards. It’s important to note that those who were displaced were generally for performance but the Bank was very gracious in providing packages.
Pretty sure that era is now gone forever.
It will be sketchy here for sure. I would expect additional layoffs. We need money to hire more GS employees. And they are not cheap!
I want non-organic growth
Thinking commercially, yes.
While the bank doesn't pay well, it's also very top heavy from a grade level. Objectively (which,btw, would impact me), SM really needs cut the bloatedness. Some orgs are staffed well over 50% VP and above (again my own) - that's just years of mismanagement.
It all depends on lowering operational expenses and increasing organic growth (or acquisitions/new line of business).
If only one or none of them happens, then adjustments will be made. But that happens for any businesses.
The only time over the past 20 years BNY hasnt had layoffs was for the 1 year period in COVID when they took Federal $ and weren't allowed to . It started right back up once that 1 year ended.