Sorry to say there will be a massive layoff round come January, unprecedented in scope. Feeling is to get ahead of global economic crash being foretold by many. This has been confirmed to me by 2 people I trust. Major push to hire massive amounts of offshore.
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The brawn bought the brains and displaced them all after McGuinn ran the company into the ground.
Do you “sees them” back?
And what is “Financial Engineering”,
And what are you on because wants some…
Those who are too young to have experienced the 10% per year layoffs from 2000 to 2008 have absolutely no idea what real layoffs are, let alone how bad it can really get. It’s not some rando 3 aisles over. It’s a large random chunks of every team, every aisle every year. You have been warned.
Started with Mellon Bank. Sadly there is exactly nothing left of Legacy Mellon. Especially at the Leadership level. Yes the cronyism is rampant. A steady influx of buddies from JPM, GS and more who get high paying, do nothing, fake jobs. The bank is wholly loathsome. Consultants 15 years ago said the bank is too top heavy and risk averse. In sum, a horrible place to work. I live for the day I get an offer.
Last significant layoff was 4 1/2 years ago. Outside of a smattering of displacements with cause it’s been a great time to work. We’re 1% down from layoffs over 4 1/3 years. Contrast that reality with these daily posts of imminent giant layoffs.
it's true to expect major reductions in Jan/Feb.. trust me I know
Massive January layoff…
DEBUNKED. Attrition has now covered us.
No layoffs. Some jackwagon starts this every month to scare people.
Dire world ending Layoff warnings: 73
Actual large layoffs in last 4 years: 0
Minor (less than 1%) layoffs in last 4 years: 2
@6xvp+1
Each & every month the same rumor and each and every month nothing.
Lots of talk about layoffs. But when are they really happening??? Too much fluff here not enough substance
Someday there will be an actual significant layoff but these posts of warning haven’t come true since August 2018, the last significant layoff. Why work people up?
If you haven’t noticed we are hiring more than displacing.
We need to get past the coming layoffs in November first please.
Yes Good Times. Very low almost nonexistent layoffs for many years. Job security. Opportunities for those who still want to make a difference. For negative naysayers you can always wallow in misery and you still are unlikely to get displaced.
How do the clueless moderators keep missing this poster’s disgusting se-ual references?
Layoffs are real, but they're usually a way to get rid of dead weight, unwanted positions, or trouble makers. Maybe it's because I'm in tech, but I've never seen someone laid off that made me think it was a huge mistake.
Setting aside money for taxes is a 16 year old’s first life lesson. You work in financial services, got got paid for a year, also got unemployment, and Covid unemployment, and you never thought to put aside money for income taxes? This really makes me question our hiring process even more…
I’ve workon the RTE Team. People don’t realize how much is being spent to satisfy top talent (top?) in this company , much of it unjustified. People don’t think things like this still go on, but trust me they do. I’m basically a pi-p
I don’t know how informed people are or aren’t, but the world economy is changing. There are a lot in indications that we are looking at 12-18 months of turbulence like we haven’t seen in a while. So of course management sees this as well and will reduce headcount significantly.
I meant my team. I know the whole company isn’t down that much.
@yiq+1
We’re down less than 1% in headcount. Why do you make up things?
If the cronyism is so obvious that directors are shamelessly creating useless and duplicate positions for their buddies, name them. I personally don’t see this at all.
Sigh… millennials... No, there were never any displacements or any hard times whatsoever in world history until your coddled, er… oppressed generation.
I think that HR needs to give out participation trophies, including a gross up for tax purposes only od course…
January layoffs unprecedented in scope?
Obviously you weren’t around though 2000 through 2008. You could add every displacement since that era and it would be minute in comparison to that 8 year era.
These are good times of good job stability from any historical aspect.
Look, RV must find a way to pay his former GS colleagues a meaningful salary so they can do the needful for our firm. January would go in line with his first phase putting his stamp on the place. Don’t get too comfortable, get out before this happens.
I usually am able to apply a thick creamy glaze with rodular tube technology
All these "layoffs are coming" posts remind me of all those "end of days" religious nuts who post a specific day when the world will end, only to keep pushing it forward when it doesn't. I haven't seen or heard anything other than on here. When January comes and goes and nothing happens (again), there will posts stating "massive layoffs March", then "massive layoffs June", etc. Rinse and repeat. Yawn.
We must do the needful.
Productive people skill up and start a job search. Here’s a secret… nobody ever moved up the pay scale in banking without a few job moves and that means to other banks or companies that can use your skills whether finance, tech, operations, accounting…etc. looking for a job is so much more positive and productive than whining and waiting for a layoff
Good times for workers. Maybe work wasn’t ever your thing?
I can definitely think of a few "Directors" that are not worthy of the title and do nothing at best and who should have been shown the door a long time ago, but if you don't kiss their butts and are not members of the boys club then you know what's happening to you eventually. It really is sickening.
I recently left BNY. It’s the best decision an individual can make. You can do better. You dear better.
Good times? Really?
Long hours w/o add’l pay. 1 to 2% raises each year. More expensive and worse health insurance year after year. Greedy exec level mgt pushing their politics on all of us… Yeah, great times
The further removed from the last major layoff in August 2018, the more that the paranoia level rises. People carp about nonexistent layoffs. Why not enjoy the good times? People’s minds are tied up like pretzels with layoffs in a long great period of job stability. What drives this?
Stop Cronyism at upper management levels instead of firing hardworking US employees! In my department when US employees leave their workloads stay in the US, but the positions are filled in Pune and Chennai! The only positions that stay in the US are the do-nothing overpaid directors and managing directors whose only “real” job is posting videos and pictures on mysource and LinkedIn about their “great thoughts” and vacations that are disguised as t&e bank business. Cronyism is so obvious that directors are shamelessly creating useless and duplicate positions for their buddies and cronies while cutting operational jobs in the US to save peanuts! Look in mysource who’s in upper management reporting to whom and then look them up on linkedin to see how many of them once worked together at GS, JPM, …cronyism is virulent and sickening at BNYM! At least 1/2 of all directors and managing directors are not really doing anything and should be fired!
I believe this to be true too.
After I got laid off, I got paid for a year. I also got unemployment, and Covid unemployment (and a big tax bill). I found a job in about 2 months, then got a better one 2 months later. It’s great to find a like minded friend at work who likes to interact with my glaze. It’s hard to concentrate on work when they dress a certain way. It’s so good to feel alive.
After my layoff, many of my peer interviewers are mostly H1-B from China. They sees me and start asking questions not so relevant to the job I am interviewing.
"Tell me, how does option adjusted yield work?"
"I want to know how does PCA work?
The job does not involve financial engineering, it was treasury.
I am pretty sure the questions for their fellow H1-B will be much different and relevant to the job.
@gle+1j5mdtE5...you have got to be an executive who is clueless. How dare you say "this again. Some day it will be true." I am one of the MANY who was laidoff this year. Must be nice to be so secure in your golden castle. Try living like the average employee and get laid off. Then see how much fun it is to find a new job...7 months now...
The needful we must do.