Thread regarding Bank of New York Mellon Corp. layoffs

It is the calm before the storm if can even call it calm. Will continue for tenured employees and not stop until they figure out the cost/ benefit not worth it. That may or may not ever happen. Hiring for offshore positions in places like India and domestically US college grads will continue. Overall head count probably won’t change much.

@ce, it means they're trying to hire 17 people in India to replace the 5 people in the US they fired.

Investments had a huge layoff in early April and there is a second one coming in JUNE ( acc to my friend in HR/ People Team (d-mb name). They are just picking people regardless of their experience and skill set. I heard that they got rid of some really great people in the 1st round of Investments, while some very senior people who are really clueless and just able to manage up are still there…. Be interesting to see what the second wave brings. Senior MDs trying to protect themselves by getting rid of their people. No wonder morale is rock bottom. I just hope I get culled so that I can get the package and go work somewhere half decent. BNY is rock bottom.

Coming soon to a theater near you - in June or sooner

The only good sign to look for is if and when Trump puts a tariff on importing labor. He doesn’t seem concerned about the lost jobs in the US due to outsourcing overseas.

FYI, There were lay offs last week in Poland location for underperformance (partially met/below).

We will probably see a wave of terminations in the next month, not layoffs, due to the 20% of the workforce automatically placed on a development plan after being rated partial/below. Certainly not everyone will get the axe but some will.

(Before anyone comes at me for the mention of 20%. in past years 10% were ranked below. On another post someone said that 10% also had to be partial which is where the 20% came in. )

What? A respite from job cuts? This company is already telling you what they are going to do. You just need to know where to look. A poster thread called it out on the company’s public prospectus for 2025. Staff expense annual increase costs got cut 90% in the operating budget for 2024 as compared to 2022 into 2023. The total staff expense overall stayed the same as the prior year. Does anyone seriously think that was by accident or that they will just leave it alone now? And what with all the high paid innovative cerebral thinkers being brought in as well as cheap India workers available, that can mean only one thing for the general work populace in the US.

The cuts are still coming. All depends on the LOB. If you’re stateside operations your time will come. I heard there’s BNY recruitment posters at Indian restaurants in Pitt that say “call friends and fam back home”

@cp+1jq2px9x2
BNY shills? Where do you see that? The ‘plants’, HR mouthpieces and proBNY interests stooges are actually rare here. We do have a collection of a - holes and ludicrous non entities like 42, but frankly most of the posts here are accurate. You get better intel here than you do from mysource. Is it exact? No. But its pretty much ‘there, there’.

Original poster,
No. It’s not a positive sign. It’s simply that most of us have reached the ‘acceptance’ stage in the Kubler-Ross stages of grief model. You clearly are still in the ‘bargaining’ phase. This place is eliminating US and UK roles only to move them to India and Poland. They just went through a major restructuring of the new severance model. That so called work and procedure setting had to be done first. The RIFs will stoke up. Have no fear.

This site does not seem to be as reliable as it used to be, I think it has been inundated with BNY shill’s

It’s possible they are just spreading it out more rather than getting it all done in the first 2 quarters. But they will continue I’m sure.

The 17 open reqs in my department are all for positions in India. What does that tell you?

dont be fooled. they are constantly pressuring LOBs to bring headcount down till theres no meat left on the bones

I think they will hold off substantial cuts for now, as they implement soon may implement the 4 day office for all employees which could cause some natural attrition.