More like trying to make conditions so bad that people quit so they don’t have to pay termination benefits. Effective 2023 BNY Mellon won’t even match 401k contributions until the end of the year so if you leave mid year - no match. Deep cutbacks in staff, longer hours, low morale.
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@3bwv, the apparently Todd wasn't managing as good as his nephew thinks.
Right, @2oyb. That's why I ALWAYS got ME and EE on my reviews and why I'm a HNWI even if you exclude my retirement accounts. Not only did I accomplish WAY more work than 90% of my co-workers, I completed the tasks that most of them weren't capable of doing no matter how much time they spent.
Sure, @2org. Todd communicated to us a dozen times in the first few months of covid when he canceled our change requests at the last minute when we had dozens of people lined up to do implementations over the weekend. It MAY have made sense to cancel changes even though everyone was sitting home doing nothing due to co---e covid cuomo, but it didn't make sense to say we could do them the next weekend only to be canceled again at the last minute.
Ahh the truth comes out. Less than a third have ever worked from home even once before COVID. But the real issue for you is that Todd displaced you. Todd only displaced employees who should have been terminated with cause, but he generously gave SUB. You should call your manager that flagged you as a low performer.
Todd was a great leader and a great communicator. He led on moving the Bank to fully remote under the g-n during COVID. He planned and communicated to stockholders, regulators and clients. He was a steady and trusted communicator. He was decisive and cool under pressure
If you’re thinking that any of this was an easy task, then you’ve never managed even a small team.
There was no calming needed during covid. Most of us worked from home several days a week for the past 8 years so doing it full time was no big deal. Then Todd fired me during peak covid even though I never, ever got a rating below ME and usually had a few EE's. I'm sure your uncle is a decent guy, but he's no leader. That's why we still stalk people to tell them their job has been eliminated when it's really being sent oversees to the slave capital of the world .
Todd was the calming steady leader that we all needed to guide us through the COVID era. He was flexible enough to rise to new challenges, and cared enough to ensure that all of us were all right and had what we needed.
Todd put people first and had zero layoffs. Inevitably there were people whom were terminated with cause, and yet here again Todd was kind enough in light of the personal struggles of that era that he extended one year Sub packages to them. I have really grown to admire the man. What a great leader.
Truly
TG was not a hero, he may not have been a ruthless a-hole but he was incompetent. But so have the rest of the CEO's for the past 15 years plus.
I like the idea of staying to soak them for every SUB dime, but things are very different now. We’re working our tails off to drive attrition. Robin is smart enough to realize that he can drive attrition so that people leave for free. We haven’t had a real layoff since Scharf’s August massacre 4 years ago.
Systematically cutting benefits each and every year decreases expenses and encourages people to leave for free. RTO encourages people to leave for free. Gaming the 401K match people to leave for free. Turning Pittsburgh into a sweatshop encourages people to leave for free.
Like it or not Robin has hit upon a great strategy.
Stay and soak them for every SUB dime. I was there less than 5 years and I got almost 4 months of SUB, so I can only assume the tenured employees received more SUB payments. The benefits at BNY are horrible and got worse with the payment of the 401k match being paid once...the following year. I landed at a smaller company and ALL the benefits are much better. So much for leveraging the size and strength of BNY.
Todd. Stop giving him credit. He was a figurehead for his short tenure.
@syw, Todd is the one who should have been fired for cause. 'cause our stock did nothing during his clown show.
Sadly the Todd era is over.
Under Todd employees that should have been terminated for cause instead received a generous paid year of SUB vacation. That’s over. The Robin era is all about driving attrition with ever more benefits cuts coupled with modern sweatshop style labor. Outside of a brief two year respite under Todd we’ve taken huge hits on benefits yearly since 2008.
Those staying in hopes of a layoff are going to be disappointed. January’s tiny 1% cut was your last hope. The Bank is no longer going to pay you to leave with a year’s vacation. The strategy is to make employees so miserable that we leave for free.
We’re coming up on the four year anniversary of the Scharf August massacre. That was the last real layoff and will likely stand as the last.
RV isn't going to pay people to leave, those days are over.