Thread regarding Bank of New York Mellon Corp. layoffs

Corrective action !

BNY Mellon warns staff could face ‘corrective action’ if they don’t return to office.

Know the big game , Morgan Stanley analysts think commercial real estate is heading for something ‘worse than in the Great Financial Crisis’.

Following the failures of both Silicon Valley Bank and Signature Bank, all eyes have been on commercial real estate (CRE), with some sounding the alarm, claiming it’s the next shoe to drop. As Fortune has previously reported, commercial real estate lending standards were already tightening up over the past year as the Federal Reserve flipped into inflation-fighting mode. The ongoing bank troubles, however, will only exacerbate that tightening.

Even before the banks went under, experts within the sector knew it would be a challenging time for commercial real estate, particularly for office properties with rising vacancy rates and falling property values, amid the shift to remote work. Not to mention, the entire sector faces a wave of loan maturities—meaning they'll need to refinance to higher interest rates.

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Post ID: @OP+1mi3COmR

24 replies (most recent on top)

I don’t believe that anyone really knows when or how people are required to go back to the office. There are over 20 different conflicting views on it in this thread. Robin himself or his minions seem to release a new contradictory message every week.

And for those recently hired as Permanently remote… good luck with the daily HR queries that you’ll be fielding.

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Post ID: @3nak+1mi3COmR

@1qvf

It now can this be? Would this even apply to those recently hired as fully remote?

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Post ID: @3bcd+1mi3COmR

People with RTO exemptions will be let go at the end of Q2.
——
Fake news - my department just offered someone full remote

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Post ID: @1acd+1mi3COmR

@1txl

It’s 100% accurate and of course these companies want full control, but not full control “back.” They never gave employees any control, and why would they? Being thoughtful and accommodating over the pandemic was really nice for many of us and we all worked through it together.

If you somehow managed to misinterpret this benevolence as “This can’t be. There is more at play and these companies want full control back” then you are really, really confused.

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Post ID: @1rzu+1mi3COmR

@flc

Exactly… and that’s as it should be. Todd gave us four full years of notice that we would be returning to Office in September 2023, long before it was formally announced in March 2022.

You had 4 years to find a new job.

People with RTO exemptions will be let go at the end of Q2. Everyone will need to be in office.

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Post ID: @1qvf+1mi3COmR

@1ene+1mi3COmR
I also heard the same. They may want to rethink that approach now that the word is out because I'm sure it won't be too difficult to get a blast message out to connect affected employees so an ADA violation lawsuit can be filed. Very easy to prove discrimination if everyone with a medical exemption is laid off this year.

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Post ID: @1gry+1mi3COmR

@1ene I heard that too and thought it was a rumor. Interesting that someone else on here heard it as well. While I hope it’s not true I’m still on edge.

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Post ID: @1bwn+1mi3COmR

People with RTO exemptions will be let go at the end of Q2. Everyone will need to be in office 5 days a week starting in September.

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Post ID: @1ene+1mi3COmR

Thank you Sir may I have another?!

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Post ID: @1jxp+1mi3COmR

The only "corrective action" that I see coming is their way is their profit gone to sh-t.
Correction period lol.
I would love to see them connecting RTO with falling profit

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Post ID: @1apv+1mi3COmR

I say "Let 'em burn!... they knew what they were getting into!"

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Post ID: @1utg+1mi3COmR

@1imm,
Make your manager work up a plan to correct any issues.
Give a timeline for issues to be corrected before more stringent actions are taken against you.
Take away ALL your WFH privileges.
Make you ineligible for promotions, raises and bonuses.
Have daily (or more) status meetings.
Have you submit daily status reports with hourly details.
Reduce your pay.
Reduce your vacation accrual.
Fire you.

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Post ID: @1kgk+1mi3COmR

https://www.thelayoff.com/post/@1wqv+1mi3COmR

Excuse me, what are you talking about? On a time sheet, I can use that as verifiable proof of my attendance that day. Why can’t I get a record of my days in the office? What are they trying to hide? Actually I have to ask, have you ever worked in an office before in your life?

So please, grow up, child. How about you do some work instead of trying to look busy while getting brown on your nose?

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Post ID: @1tdd+1mi3COmR

@1txl

Child, have you never before worked a job where you had to clock in and out and your pay depended upon it?

The only odd thing is that you somehow managed to skip working in your teens. Wealthy helicopter parents I surmise.

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Post ID: @1wqv+1mi3COmR

what kinda 'corrective action' exactly are they entitle to / allow to do ? other than firing you

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Post ID: @1imm+1mi3COmR

I for one desperately need corrective action!
Oh yes… I need to get corrected on:
Getting a new position in good work place
Finding a hybrid environment where it’s 2023 not 1923
Doing meaningful work and not having to be savaged by peak on telling me I should be grateful
Deal with an HR department that is not a colostomy bag who can’t even track vacation time let alone a silly RTO edict
Get a corrected mindset on working for profit and not wokeism and Moon cult tactics ala “Mysores”
I will work harder than anyone— please give me some real investment benefits to correct 10 shares of road apples
Please correct me! Please! I am trying my damndest to correct it myself…

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Post ID: @1wwk+1mi3COmR

Wouldn't it be easier to just sell our offices like normal companies are doing?

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Post ID: @1bvr+1mi3COmR

The word is that the REAL reason they got rid of those trackers we wore on our neck badges was that it would track all of us multiple times in the restroom and this is a privacy violation. Someone complained and that was that.

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Post ID: @1axy+1mi3COmR

This can’t be 100% accurate. Not saying most of it isn’t to some extent but that doesn’t explain why they try to pack people in at full capacity or in some cases above full capacity. There is more at play and these companies want full control back.

By the way, has any employee (not manager) gotten a report of the days they were tracked as being in the office so they can challenge the records the bank has? If not, that sounds like grounds for a lawsuit. Otherwise, anyone can be accused of not coming in or people can get away with coming in once per week. Again, that’s shady at best and possibly illegal.

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Post ID: @1txl+1mi3COmR

Doomsday date when it will be mandatory to return to office all 5 working days (unless you have a valid medical exemption): 9/7/2023.

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Post ID: @dsk+1mi3COmR

As it should be. Been RTO even before it was announced as a requirement in March 2022. These offices should not be empty.

Also, Obey!

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Post ID: @flc+1mi3COmR

That's the reason they are selling Woodland Park, Oriskany and many commercial spaces on rent across the World.

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Post ID: @lku+1mi3COmR

let's play Bullsh-t Bingo

  1. Run to Ground
  2. Don't let perfection be the enemy of good
  3. run the traps
  4. You're my best friend
  5. Is it Commercial?
  6. No fit for purpose
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Post ID: @bmo+1mi3COmR

Connecting the dots on thinking ,acting Commercial !

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Post ID: @owd+1mi3COmR

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