There's roughly 500 people got the boot over the last month from BNY Mellon. Word from middle management is that those that got an average review were to be fired. Those being let go were not offered any opportunities with PIP or related options. Just pack up and go.
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So tell us your story. “Almost a decade” isn’t really much time to work here. Did you have warnings every year or what was the issue that led to to no Sub?
Labor Day reduction in 240G? Best news ever… nothing good has ever come out of 240G. Each and every cut in 240G is a huge benefit to the Bank, and the higher the executive the better the cut.
To be honest it is refreshing to see how well the Bank has done in segregating the layoffs of productive and non-productive employees. Productive people are getting a nice Sub package and the non-productive aren’t. Finally these layoffs are being managed fairly.
Yep. We had people leave our team once the three days a week in office started and are very short staffed and can’t get Req’s.
Needless to say, it’s a sh-t show and nothing is running smoothly since we’re so short staffed
Reduction in force happening week before Labor Day rumour. Big surprise. No new job recs at 240G, but recs in India.
There have been numerous posts lately stating no sub pay. Can anyone with knowledge comment. How is this possible? What were the circumstances? Has the policy changed from 2 weeks per year? What about health benefits?
Thanks
If the Co is not giving SUB pay and benefits to at least longer term employees, we need to organize and garner the power in numbers. We watch good people let go, treated badly and think it won’t happen to us. Wrong! Enough is enough!!
On the other hand Charlie gave Oriskany a 4 year warning that it would be closing… as our more engaged employees from Oriskany have been mentioning for about 3 1/2 years.
And now… we have an actual Oriskany closing date in Q1 2024, just like clockwork. When a CEO announces that your site will be gone in four years it’s good to take note of it.
So much for sticking our heads in the sand…
Glad that you’ve landed a new job at a new company and are much happier… but I’m almost frightened to ask… exactly what benefits are you “slightly missing?”
BNYM has by far the worst benefits of any organization for which I’ve ever worked, and there are many. The medical was gutted and went catastrophic with the “2008 Affordable Healthcare Act” (which extended Medicaid and taxed so-called “Cadillac plans
, and which BNYM embraced by deeming our plan a Cadillac plan, slashing and cutting it. We’ve never paid less than $20,000 per year ever since.
The ever diminishing and gamed 401K match, the worthless RSUs and … drumroll …. even the SUB has been cut to nothing for any of us (99.9%) who have no employment contract.
Charlie absolutely never did this. Just He layed off with that smirk of his. You’re certainly thinking of Todd.
Glad that I got out of this dump as well. Every year the health, the 401K, the raises were cut but the work load and the hours required always rose. For three years I encouraged people here to shake off the cult like BONY atmosphere, pick themselves up off the floor, rise up and say enough and initiate a job search. It is a great employment market and easy to get a job now.
I can’t understand why people don’t take action and get that next great job.
People… you CAN DO THIS… what is holding you back?
Yes… you never know when it is really over. Then everybody networks to figure out who all was displaced. It’s all so unprofessional.
I am so pleased that I got out of that place! Folks, have faith in yourself, you do not need to stay there….
Quiet layoffs is the only way our DEI HR department knows. That's half the problem, no one ever knows when they're done.
I got laid off in January and it was a gift. I've taken a job at a new company and am much happier. The only thing I slightly miss are some of the benefits.
I’ve posted the OSHA contact phone number for you three times. You won’t call it. I’m getting the impression that you like your throne. Do you wheel your auto cart in there at night and call it the garage?
New low, slap you with a PIP then fire you without severance or sub pay. Gonna be worse in the coming quarters through to 2024.
It’s not due to the vax status.
I’m still here collaborating around water coolers & forced to use bathrooms with cr-p on the seat, no TP. NO latches on stall doors. Overflowing trash. & no paper towels.
Maybe the people let go were the ones that refused the Covid vaccine and booster shots?
Remember when CS did this, but also said we need to treat people like humans and take care of them on the way out? Seems like an angel compared to the current evil, no?
We are all really missing Todd right about now.
This was the second 1% displacement this year, the first being in January. Just as with January, this as well was only barely below 1%. Quite sure that when HR gets back in the groove they’ll make Schart look like a pi--r.
But the difference this round was devilish… the arbitrary lack of a SUB package for some, but not for others. I know that this is not a true guaranteed benefit but it was an unspoken benefit.
What are the patterns that led to SUB or the lack of it?
Was it people who ignored badging in for RTO?
Was it ignoring “soft email warnings on failing to RTO?”
Was it simply rock bottom bad performance?
I recall hearing that Robin was saying that some who did not return would not have SUB.
For 40 years there has always been a package. Yes it was regularly cut and changed but nothing?
This is definitely a new low for BNYM.
They’ll learn fast when the new target “Junior Hires” wash out.
Average rating & you got nothing?
Wow
A lady at the CAO town propaganda hall asked about the company’s moral obligation to employees & head of CAO game some BS that didn’t address the question.
Basically this dump has no morals
Nice to have Water Cooler collaboration again. It’s been too long….
Is the no package for displaced workers legitimate? I have heard some water cooler talk around this. There was a woman in my area recently let go after 25 years and supposedly given nothing.
This is a welcome change from lifetime employees. As there was no Sub this appears to be those who self selected not to return to work.
I really think that this Robin knows how to reward good and penalize poor performers.
It’s like a breath of fresh air.
Quotes from a skip level manager (job grade S) in a meeting today -
- Our focus is on juniorizing roles
- We should concentrate our advancement opportunities toward new joiners
- We expect people that have been around awhile to resist
Managers are now speaking the quiet part out loud. As the saying goes, when they show you who they are, believe them.
As many before me have said, apply to other companies. There truly is nothing left for BNYM to take if you've been a dedicated employee. I speak as someone who has been rated exceeds for all but three of my twenty year performance reviews. I began my career in the back office and earned my current role as a project manager. I even relegated myself to accept that new employees would be hired at a higher salary than me even though they have zero industry experience and no knowledge of TS applications or systems.
After the last month of listening to several TS managers however, I finally see the end in my sights. It took TS leadership 20 years to break me...the former matron of the innovative center has succeeded in making this a business where I don't want to work.
So to TS management, thank you. Thank you for helping me realize I need to seek out something better for myself.
This is very true. Ive been with the Bank for almost a decade. I was let go in June 2023 by BNYM. They offered no severance or supplemental pay benefits. The company is using average performance reviews as a means to eliminate employees for their restructuring and cost cutting objectives.