Is there another layoff round in October by end of October?
42 replies (most recent on top)
@7mdd
Because quite frankly what happened all those years ago has absolutely zero bearing on what is happening now. You want to take the crown for highest percentage of layoffs for some reason, okay fine. Take it. Congratulations. You win the prize for having a worse life 15-20 years ago (or so you say). Feel better? Vindicated? Great. Let’s move on. None of that minimizes the fact that layoffs are happening now on a steady basis, morale is BEYOND low, and overall it feels like every single wheel is falling off the car here. Fixate on the past all you want but there are a lot of people worried about their jobs NOW and for good reason. Lament the bad old days elsewhere. We are tired of hearing it. What matters is now and a lot of good people are on the chopping block.
@7tzd, I was hired at bony in 2004 and didn't know ANYONE who was laid off until 2k8. Much less 10%.
Sorry, things aren’t worse than ever. Why not ask a survivor what it is was like to go from 2000 to 2008 with a 10% across the board layoff, each year, no exceptions. Your attitude might change.
Yes, from the moment that I walked I’ve had no assignments.
Anyone else noticed reduced work giving to you by your manager lately?
If they are not performance related what are the criteria? Also how do you look your employees in the eyes everyday knowing they get fired? (Honest question)
This isn’t even a fraction of the 2000 to 2008 era where we had 10% layoffs annually every single year with no exception. Now that my friends was a real layoff era.
Layoffs literally occurring a week and a half after PMP are due, it has nothing to do with them. Have known the names for weeks to a month now. They're not performance related
@3ruy, apparently you don't talk to anyone at work or email them or IM them.
“They will make an enormous amount of cuts in November to avoid paying bonuses and 401k match in January 2023.“
For accuracy sake:
- If released involuntarily after 9/30, one is entitled to a 401k match. May want to re-read last year’s announcement
- The 401k match is paid at the end of Q1
There is no way to know that there was a layoff or to gauge a layoff unless you are in one and in that case you receive a packet which has all of the metrics in the layoff.
Unfortunately most people get paranoid about layoffs even as there are less and less layoffs and for some reason their paranoia increases. It’s a really odd mental problem
I can assure everybody that we have never ever done monthly layoffs, at least since 1992 until 2023.
I’m out now and sure the place is a lousy place to work but don’t make it worse with untruths.
Yes there are more layoffs coming end of year. Things are worse than ever & we haven't reached the bottom yet.
There is no such thing as a “normal layoff month.” We’ve never had more than four layoffs in a single year, and when we had four they were all sub 1% layoffs. Don’t believe me? Call HR.
Sounds just exactly like it’s been ever since BONY acquired and promptly lobotomized us in 2008. Why would it change now?
Vestments are liturgical garments and articles associated primarily with the Christian religion, especially by Eastern Churches, Catholics (of all rites), Lutherans, and Anglicans.
What were you trying to express?
It’s not indentured servitude. It’s YOUR career. Own it and start a job search. Anyone with a decent skillset and experience is going to land in a far better job. Take risks, interview. Examine what is holding you back and conquer it.
Someone asked Robin on Linkedin how much he is going to save for November layoffs.
If anyone is confused or not believing that November is gonna be a worse than normal layoff month, consider this. PMPs due to HR by Oct 26th, but managers still aren't meeting to discuss the reviews until the normal time Dec 15th. What do y'all think HR is doing with all that information for 6 weeks?? Don't be obtuse. They will make an enormous amount of cuts in November to avoid paying bonuses and 401k match in January 2023. Saving the Bank tons of money. Sad but true.
Not sure who making these decisions but we are overworked, working weekends to stay on top of things I guess no one is every allowed to take a vacation day again offshore can not handle what they have now. Guess they will wait for another huge error and create a new process and waste time and money like signals
We don’t do monthly layoffs… stop making things up. We do 4 1% layoffs a year and have done so for a very long time.
Crazy how managers conduct performance reviews, assign projects for 2024, lie to your face everyday and then fire you without blinking! Hollywood-esque acting performance
What we are seeing is massive layoffs in the beginning of November (6-8). Wilmington & Westborough for fund accounting. My department alone is losing 5 of 11. These have zero to do with performance. This is a straight chain saw cut to lower expenses. Which btw is a joke. No money to pay staff that actually do the work and serve our clients. But plenty of cash handy to announce 2 new members of the ExCo today. This company has become a joke
Why is there no WARN with all these layoffs? or 401K vestments, bonus payouts?
How do we find the layoff data on BNYM?
Need to organize. Now.
Does that apply to all LOBs? Was there a % of ppl that need to be let go in each team?
November 6-8. Managers already know the person(s). We got to select who to let go, didn’t matter if they were rated BE, ME or EE since this didn’t have anything to do with the rating layoffs which happen in January. We have known nice September. HR will not be on the call, it will be your manager or your managers manager. Most follow the script we were given. They will need your personal address, your personal email address and your phone number. They will be told their position is being eliminated and they will be getting sub pay. As with that we can’t replace them on the team.
Yes, there will be a round. Not sure of the timing, but sounds like someone here posted that it'll happen in November, which seems like it tallies from what I've been hearing.
I’m back on this site after leaving the bank over a year ago. After reading the comments my decision is affirmed.
It will be a larger than normal layoffs across all of BNYM. In our separation manager meeting today we had 165 managers on the call each having between 1-8 people being laid-off.
This is the same mantra every year
Comes around just like Halloween 🎃
We do monthly layoffs so yes there will be. It might be small though.
Where do u get the info on budget cuts and layoffs
November 6th-8th, if the person is on vacation November 20th.
All the hecklers here trying to scare people
November will be awful; worst one to date.
I can answer. The newbies with their RSUs and zero understanding of investing have not learned about the market yet. BK is a flatliner stock which gradually loses its value due to inflation.
It’s under 41. Great job Robin.
The stock isn’t tanking, let alone tanking hard LOL. How do these people even get a job in financial services?
Why is the stock tanking so hard after beating estimates?
Shareholders can't be happy with stock after earnings, def will be cuts