Thread regarding Bank of New York Mellon Corp. layoffs

Cutting 25% will expose the Company to a class action suit.

@kk+1jxdztagf
If you include summer help, interns, moving jobs offshore, temp workers, consultants it then twists this way. Dishonesty? All the way.

Want to hear something funny? Ask an agent about employee counts in the past years. I call this BS. These increases can’t be real, the official reported numbers must be bogus.

Year-to-Year Changes:
• 2020–2021: +600 employees (+1.24%)
• 2021–2022: +2,600 employees (+5.3%)
• 2022–2023: +1,700 employees (+3.29%)
• 2023–2024: -1,600 employees (-3%)

@jw+

First? I think you mean only.

Friendly reminder the first RSUs are available to be sold in Feb 2026

@fs+1jxdztagf

Not going to rule it out, but that’s a very long time preference for senior leadership. Usually EC and above don’t stay for more than 3-4 years and this regime is close to hitting 3 years already. Then again I would’ve expected RV to be gone already so I wouldn’t rule out that you’re right.

Christ….. we had trouble with 10%.

This means only one thing. They are reducing staff for a major corporate action. I assume they will sell off WM and Investments and then merge Asset Servicing into another Firm. EC take their $$$$ and “retire” the rest of us are sc--wed. There’s no way 25% below is reflective of a healthy company. This is most likely why there’s no investment going into the Firm…..focus is all on cut cut cut to reduce overheads and make attractive for sale.

No surprise at all. Month by month, they keep coming up with new ideas to further discourage employees. Starting in September, it’s four days a week in the office, but for example in Poland, after moving to the new office, there’s not even enough space to fit everyone. So they came up with the brilliant idea of desk reservations. It wouldn’t be a big deal if it weren’t for the fact that if you don’t meet the required number of in-office days, you’re out after the second warning. Now we’ll have to fight for desk space—otherwise, you’ll be working from the kitchen or sitting on the floor

I'm convinced the Board is on a 3-5 year plan to merge with another firm (GS?). They have accelerated layoffs, terminated office leases, consolidating work force into strategic locations.

@dv
Doesn't appear to be any advantage by not acknowledging, you were still Pip'd

@ac always said this company should be DOGEd.

@dv I wholeheartedly agree with you. I am one of the formerly dedicated and hard working employees who gave 30 years of my life to what is now a complete toxic cesspool led by Hi---r-ish Robin and his maniacal minions. Since the employee comment box was removed by design, I flat out refused to acknowledge last year’s performance review, when I fell victim to the false partially meets rating and placed on a PIP. Bottom line: Do not acknowledge it.

If your review does not accurately reflect your performance, DO NOT acknowledge it. Since there is nowhere in the review to place your disagreement, there is no indication that you disagree with the review. I regret acknowledging mine. I was told I could acknowledge then discuss with HR 😁 my disagreement. Within a week of acknowledging, I was laid off —- RIF. Still pi---d about acknowledging it without comment .

@dk
I have been wondering the same thing, but obviously the guys up top in the govt turn a blind eye because they are all helping each other get richer.

Its not about whose unemployed in the US. Its about getting rid of as many as you can to give jobs to foreigners. How tf is the govt not shutting that down. A US company doing US employees dirty

That P-O-M meeting was embarrassing and overly pompous. It was a waste of time. If Dermie was a delicatessen, he’d be closed down for selling bad baloney.

This P-M town hall feels surreal. All these pompous execs talking about learning and development meanwhile half of their experienced folks will be axed so Robin can cook the quarterly earnings reports

@OP

What happens if you don't acknowledge the review? Any benefit to not?

BNY’s new motto: ABR Always Be RIFing

What a terrible place and time to be at this trap of a firm.

This company is not growing. It is not adding major new clients. It is not taking the lead in generating new partnerships. It is burning it’s people, locations, intellectual property and furniture for stock fuel.

If you hold a lot of stock in this company, you better think hard about that long term.

This Vince management regime is a failure.

BNY is clearly failing to generate new business while losing clients. RV wants 25% headcount reduction by year end. Writing is on the wall. Lock the doors, turn off the lights.

@a3+1jxdztagf - the game plan is quite simple. Declare 25% as below meets. Of these , a healthy 40% (approx 10% of the entire company) will be let go without any severance and annulment of RSUs by Q1, 2025. An instant improvement in q1 without getting any new business. This game can go on for 1-2 years easily.

Can’t wait for this to backfire when all the USA-based visa holders are sent back to their respective countries because of the current administration’s policies. Literally all of the incoming interns are from India or China. Hope to see the look on Robin’s face when 25% of the company gets deported. These are people in AI, engineering, IT, etc.

According to Robin’s mind crippled logic, this means 1 out of every 4 of us is not fit for purpose. This despite many years of adequate or great reviews and promotions etc. This despite working harder and longer hours to make up for the good people destroyed already. The reality is, he needs to keep the BNY Aztec style skull sacrifices rolling to make it look like the company is profitable and growing… and it isn’t. Also to skroo people out of severance. Robin is evil personified and not a man.

Yup this deserves broad discussion,they are going to introduce a new five point scale for rating from July and my manager casually mentioned 25%..this is bonkers, they have frozen all requirements and one of the MD from my area mentioned it’s Robin’s directive to reduce FTE footprint,jump the g-n folks and start job hunting like NOW,take this seriously and save your mental health,and avoid year end regret..Good luck y’all

25% is nuts. These companies are out of control. What is the end game here? If half the country is unemployed, who's going to be buying all these goods and services?