Thread regarding Bank of New York Mellon Corp. layoffs

CLO is awful, not knowing his sh*t, not legitimate, extremely unhelpful. Asset servicing was going to lay him off, He will be kicked out from BNY any day once they find Goldman replacement

Not blind to layoffs yet to come. CLO says business growth. P V is a DEI symbol of zero talent, unprofessionally yelling, kissing upwards covering up the truth being there only for himself. 1LOD is a joke with this clown.

I’ve been interviewing… And every time over the course the process they ask why you’re looking to leave and I mention BNY they completely get it… They’re very aware of the atmosphere

I accepted a job about a week ago and was talking to the HR rep at my new job about some of the stuff going on here and she was in disbelief… Couldn’t believe how dishonest this place is and lack of morals

From what I hear most fully remote people are being told They need to come back to the office in September.

if they don’t live anywhere near an office they have a little bit more time

Also saw a memo going around from HR talking about expecting 30% more from each employee

Every single rec you want now has to go to Dermot/Alejandro level- doesn’t matter if it’s a replacement

@k5+1jvq8pmh2 - Sorry to hear! You will land right back on your feet, soon. I am sure of this. Were you in R &C division?

I was in your shoes a month ago and all the recruiters I have spoken to said they were sorry to see BNY on my resume. They said it takes away the impact.

Any way, you will do great with BNY behind you. Good luck.

Layoffs have already started. I got laid off on monday, and my manager had made it clear there were more to come. I was also not the only one laid off that day. They have plans for more.

Something is definitely brewing, I doubt anyone in this board isn’t a level that knows

The change shouldn't surprise you at all. It can be summed up with 3 letters - D.E.I!
RD in R&C is just another box checking token from Goldman Sachs. The displays in incompetence will only accelerate at this point. If you thought the incompetence at our illustrious organization was moving fast now, wait till you see it in action at warp speed!

This place is a joke!

@az+1jvq8pmh2 You know reporter? A few good long, costly and embarrassing failures might be good for this place. It would be the only way to ‘outsource’ RV and team. The stock price is artficially inflated and there is no major growth, no new clients, no new products and no big wins. All there is, is payroll and expense slashing to keep cash. Just because BNY has been around 241 years doesnt mean it is immune from failure. Bear Stearns , Silicon valley bank, first republic, Lehman Bros…remind us. Foundering does happen and usually very suddenly. And, It’s one thing to be able to get rid of this hideous management regime. But it’s also likely they could take down everyone and everything trying to avert it. This is a very bad con artist deluxe leadership.

@at+1jvq8pmh2 - BNY may or may not go bankrupt. But its sudden stock surge (with no new products or services coming) is bizarre for sure. The CRO's announcement of most of the 2LOD staff moving into 1LOD (essentially) means you are adding independent people into a quagmire which already was confusing. I think this is definitely a recipe for disaster. More reg issues and operational outages are coming to a workstation near you. We have a rather junior person as the CRO and it is clear now why this happened: the R & C division is going to shrink big time!

Assuming this refers to Risk & Control. There are some lame a-s people in the CAO overseeing 1st LOD. Okay with checking the box. BNY is going to end up like SVB - bankrupt due to weak management of operational risk,

R and C = Risk and Compliance under the CRO. Not sure how may people in this site are working in BNY.

You can just write out what R and C stand for. This isn't a telegram where they charge you per letter.

what is R and C?

What announcement?