Thread regarding Bank of New York Mellon Corp. layoffs

Yes this is the elephant in the room. They will be reducing headcount from here on out, forever. Hence the deterioration of the employee experience, the more that leave on their own volition the easier the board’s short term future can be.

Maybe they are right about AI, maybe they are wrong, but the reality is entire teams have already been replaced and your daily data every facet is being used to train their models.

Grab your popcorn as we have a front row seat to AI corporate dystopia.

@10s Dang boy, you a youngin'. I was in the 7th grade when Seinfeld ended, and we all talked about the final episode at school the next day.

I think the article was written by AI or a woman getting paid by the word.
"far sooner than expected"
"This transformation won’t happen overnight"

@ef, Seinfeld went off the air before I was born.

AI will thrive in unregulated lines of business. Banks will have to be extremely careful how much the allow it to go unchecked because one audit failure and it’s up in smoke.

Anybody knows did Frayman leave the Bank to replace Newman on Seinfeld?

OP,
You really should be ashamed of yourself.
Coming on here spouting hair brained absurdities trying to link it to BNY courtesy of CNN. All the while insinuating ‘waaaah big Govt. save me! Waaaah’. And asking feedback and when posters give it to you (but good!) you go full PMS. Aint that just like a clueless liberal leftist.

Don’t have a mass mental breakdown because your boomers who know everything were frustrated to understand the details of each and every product.

Perhaps skill up. If not wait tables. It’s actually fairly lucrative at high end restaurants. I don’t know a boomer who hasn’t worked full time since 16 years old.

It’s called paying your dues and paying your own way through college.

Boomers paid for their kids education which led them to a lack of worth ethic.

@dk+1jwfdtvsj Don't make this into a political debate, boy: you people literally believe math should be removed from schools because it's racist to teach kids 2+2=4. Not to mention you can't define what a woman is, and you seriously believe agriculture is a fictional societal construct because we get our food from voodoo rituals and stores, not farms.

@dv
Yeah and your daughter just took off her knee pads after the work out. Great family - and it is a open secret how you are building your pension

@bg+1jwfdtvsj

Who didn’t see this train wreck coming for the last four years of boomer brain drain.

Good luck children… should have asked questions in stead of going to war against coming into work.

Obviously they should have tapped a few Boomers to explain how things work. . We love to help out. When the ACH team retired the Bank had to rehire 60 people and they named their price and every one got the deal.

Nobody in tech now at the Bank is competent. The TSG box babies understand nothing.

To be honest, the only thing that Robin asked was for you to come in to work for Chrissakes.

And that’s two years after being monitored and employees sc--wing off.

Ok, the BNY Pension is now Alight Solutions. Is this going to be our seventh major pension cutback? …. After the the last three which were all after our last pension cutback.

If they move their lips they’re lieing.

@ce+1jwfdtvsj

What can one expect from a ...e tra.h, trailer park unemployed dim..wit.
This is not about politics , this is article that airs an opinion from a AI CEO. Yes it is an opinion just like yours but has nothing to do the MAGA trash attitude.

This is one really genuine and it is actually protecting the GED MAGA constituents because they are the ones who are going to be lining up for the soup line

There is no way out for you. For the first time in 42 years, it’s your lives ,and it’s your role to find your way to innovate your inventions.

Let’s see GenX on down pick up on the riches which the boomers bequeathed to you. I personally don’t expect much, but I’d love to be proven wrong.

The Boomers built the Bank. Your roles are to stop friggin breaking things.

Period.

Your tiresome rant for the day only serves to reduce further the level of discourse here.

Don’t be a Luddite. Capital formation will always float all boats.

Every generation needs to find and throw out their own Ned Ludd.

Digital assets, crypto, block chain, chinese bonds…. All failed flim flams here. So go on, tell us of a new BNY utopia where NEXEN will go away and we will have Eliza and her children to produce instant results.
There is the outside world of reality, then there is the BNY Twilight zone.

CNN?
You mean the same agency that said Biden was ‘sharp as a tack’. The same one that said Kamala Harris was the most decisive VP in America. History. The supposed news that said we didnt have a border problem and crime. That one right?

@a6+1jwfdtvsj

The critical point is that they disrupted the current system with P-M. The firm was layering over the current inefficiencies and incompatibilities with more hardware and infrastructure. Just hiding them under glossy new technology which cannot function to its full potential ..

This is where the disruption helps. It hurts the folks who are used to the routine. And the anger (due to the fear that they may lose their cozy employment where they were getting paid handsomely - you are welcome to disagree - with minimal or no effort) is what we see here.

The disruption takes time and the new tool set is AI. The other day I visited my high priced specialist for a review of my health. All she did was data entry. The tool analyzed it and gave her guidelines on the current state of my health , what steps and preventive medications and life style changes that I should make.

WHAT ? Is my doc replaced by a LLM based AI agent ? If the AI can invade critical space like Medicine (not yet in surgery and observation / examination )) why not in financial processing and book keeping

It may be in its infancy but just 2 years back we were not even considering this. Just 2 years.

Yes you are right, start looking for a new gig

But at the same time please realize that the position here is at risk thanks to AI

I do not understand why this post got negative votes. The OP has pointed out where the world is heading and where we are heading too.

Yes we have recruited a lot of architects and high-paid talent in AI . Whether they deserve it or produce is something that time will tell. But we are heading in the direction that they article states.

Loss of white collar jobs. AI will hit the lower rung first. We saw that in the banks - no more tellers - it pays handsomely 27$ per hour in 9-5 job with small amount of walk in clients. We saw that in check out lines. Self check out. Here technology made it possible

Similarly in the engineering world too. As a developer I realize how helpful copilot is .. It is just a matter of time before it takes over my job. As OP says major software producers - who write millions of lines of code , many time more than us and handle various scenarios - are saying that AI is doing that work.

Why is not scary ? Will I be able to compete with AI ? Work non stop 24 hrs ? AI can ..

Whether Robin gets it correct like say Microsoft is a billion dollar question. But he is not on the wrong track ..

Refusing to see the oncoming train is our mistake.

AS have their own version of Wove like program - Information Architecture. My AS tech friends tell me that we have spent in excess of 25m and nobody can list one single significant tech win or a client win on the back of this huge check issued by JD... these investments put us ops under huge pressure as they have to find returns through HC reduction.
These are ideal candidates for having AI or Eliza take over and reduce the spend 10 fold. We may not require 100s of engineers working in such multi year million dollar programs if Eliza starts producing same or even better code at a fraction of a cost.

There are no policy makers dictating workers.

Everyone who leads in any business is a policy maker for that business.

You too can start a company and be successful. I did, and made more from my business than I did working for the Bank. And when you own the show you always agree with the bosses decisions.

It never fails that the bored Ops clerical people with 2 year Associate degrees think that all businesses is evil and must be shafting the people in these Ops cubicles.

Let’s turn the table and you tell us why you think that you can out think our management and you can do Robin’s job? And give us an explanation on why we shouldn’t use better educated, yet cheaper hires in India and Poland.

Name one successful application or major client deliverable produced by AI at BNY. Answer- nothing. Robin and co. Believe in brute force and getting something for nothing. We have far too many legacy apps, far too many external vendor apps, even internal vendor apps cant be touched by this due to contracts. We have far too many infrastructure tasks that AI currently cant do. No question the world has been, is and will continue this way, but, this is BNY we are talking about. We are cheap, misguided, too management too heavy and we can barely support what we have. We are in constant fire fighting mode. For AI to work, you still need LOTS of good dedicated software engineers and environment stability. We dont have that here. Because Robin won’t make the investment to do so. He’d rather cut heads now. The concept of full AI here, is like giving a disassembled 767 jet and a tank of fuel to pilgrims and telling them to figure it out. As for Eliza, it’s in it’s infancy and limited. So, Instead of worrying about shaping a future at BNY, people would be better off spending time getting a position elsewhere. And another thing, our policy makers and lawmakers already watch as American jobs are outsourced with no repercussions. No push back on the fact that the skillsets are all here locally or levy placement on firms that do this and put strain of public support. So AI—human replacement wont be reacted to as much either whether that’s here or India.