This is the first true statement regarding an upcoming layoff that I’ve read in well over a year. Yes indeed… The first round is the week of Jan 8th...Happy New Year welcome back
After a completely unwarranted three year fit of paranoia you’ll finally be correct.
The first round is the week of Jan 8th...Happy New Year welcome back .
January or February 2024 and quarterly for the rest of the year.
This is NOT going to be a repeat of January 2023 with one half a percent cut and nothing significant for the rest of the year.
This could really be true unlike the numerous other layoff warnings which failed to come true all year. It does seem that management is planning for a change and trying to reacquire their layoff competence after three unprecedented little to no layoffs over the last three years. Have to think that Robin went ballistic when HR botched an 0.05% layoff way back in January and never layed off for the rest of the year.
To the id--ts that are saying no layoffs : read these 2 articles. I posted them other day but people dont read anymore.
This year target is 3% most likely it is achieved by now. In the second article he says we are about 40% done on the cost cutting plan. So at least 50% more left for 2024 - you probably see 3-4% layoffs next year.
https://www.reuters.com/business/finance/bny-mellon-cut-1500-jobs-this-year-wsj-2023-01-13/
https://www.americanbanker.com/news/bank-of-new-york-mellon-says-its-on-track-to-beat-2023-expense-target
Thank you for coming out and saying what I’ve been thinking. These people who continually prank us with these false layoff scares are sick individuals. This is not a game here, these are real people and these constant fake rumors are destroying our emotional health and well-being.
Grow up people and stop spreading these constant layoff lies.
Excellent advice, and I’ve been preaching that exactly here for four years after leaving.
It’s so perfect that I’ll repeat it verbatim:
“ As a former employee, I mean this sincerely - if you must ask these questions multiple times a month/quarter/year, then you should already be gone; best to do so on your own terms.”
I’d only add that you are responsible for your own career and if you cannot stand working here then you really should make an attempt to soul search to find what you’d like to do and take actions to move. It’s not all that hard to do, and if you land in a bad spot, we’ll, try again with the next job search.
Real adult problems can only be solved by real adults. Participation Trophies were only a feel good fad which turned out to harm GenZ & millennials. Fortunately our family steered clear of that fad.
No you heard and repeated rumors that you read and/or spread here.. In 2023 there was a 1/2% layoff and that was it for the year. Period.
Stop making stuff up.
That does sound like an extremely low percentage across the bank. But if you’re thinking about certain departments or divisions of the bank that are hit more than others, then they can be significant for some people. Especially teams and dept’s already understaffed.
That’s the correct answer from an obviously engaged HR employee.
Our current layoff level is 1/2% per year. Can we assume that you’re new to corporate America, as that’s utterly normal in any large corporation and actually to be honest it’s on the low side. You really cannot do much better than 1/2%.
And it’s Mr. Jacka$$ to you, sir.
A badly needed reset…
We had a 1% layoff attempt way back in January 2023, and for unknown reasons it failed and was less than 1/2%. HR employees posted here about stopping it because of broken water pipes and other reasons but really nobody knows why it was cancelled.
What is known is that we still have not had a major layoff since Charlie Scharf’s August 2018 massacre. 1% and lower are normal levels at all normal companies. At 1/2% we are essentially layoff free.
To put this in perspective, the true layoff era was from 2000 to 2008, where we displaced 10% per year, every year, no exceptions. Ever since that era there has been nothing out of the ordinary for any large bank or other corporation.
Forced rankings have really helped us to trim the fat.
While It would really be nice to trim a few layers at the MD level and above, and also delayer Middle Management, that is an issue at every large corporation.
What is not healthy is for employees to constantly obsess over utterly normal turnover levels while the real issue here is the lack of pay progression, toxic management, systematic cutting of all benefits from 401K to Pension to Medical, etc.
One final point… you own your career. Every day that you read this forum in disgust is a day that you really should be working on your job search. But do be aware that BNYM layoff levels are utterly normal everywhere.
You’re asking us to validate your delusions?
False. Unequivocally false.
As a manager, I can confirm there were quarterly layoffs in 2023 and there will continue to be quarterly layoffs in 2024. The numbers are being discussed right now and will be finalized by mid January. And yes, I had two layoffs on my team in 2023.
I agree. You cannot worry every day about being layed off… it will tear you apart. Leaving the Bank was the best choice that I have ever made. Do whatever you need to do in order to escape.
As a former employee, I mean this sincerely - if you must ask these questions multiple times a month/quarter/year, then you should already be gone; best to do so on your own terms.
@1oba
Supplemental benefit. Kinda like when I top your Mom off then she makes me a sandwich. It’s an extra benefit after your finished.
This whack job still going on and on about the last 35 years like he knows what’s going on in every location while paying no attention to the experiences of people replying. I saw layoffs in Jan/ Sept/ Oct/ Nov. This is my first reply on this thread. With so many saying the same thing how can you be minimizing all of our experiences? Where do you work? I think you’re just a fake or retired person who thinks they know what’s going on. Or you’re just purposely trying to get reactions out of people as a sick individual. How can someone be so blind and naive? And from events I’m currently witnessing like a sudden rush to finish putting what work we have left offshore, I do believe there will be even more layoffs by the end of the first quarter 2024. The signs are there.
It's probably the same loser that is doing these repeated, tiresome talking points, almost all of which are false. Most would agree with your definition. To be honest, it's not even an eliminated position sometimes. A new senior manager may just force the old team out because they want their lackeys back from their previous firm. Really irresponsible and toxic to the environment because you can't do much about politics and even if you could, there are still factors out of everyone's control. Crazy...
A bad dream? Maybe spend less time on here.
There aren't monthly layoffs and there likely never will be. It’s much too difficult for HR to organize. Stop trying to scare people.
Are sup benefits like meals on wheels or something?
Didn’t know that we had our customers on a leash. I do loose my dog in parks.
There have never been monthly layoffs. Stop trying to scare people.
Quarterly layoffs are what we do, and this year there were no layoffs.
So all of Oriskany ppl could be gone sine they decided to sell the building. Bring US jobs back before you loose customers.
To the know-it-alls on this post, can you please define what YOU would call it when multiple people I worked with, across various LOBs have been let go each month, not performance based, told position has been eliminated? Is there a threshold that needs to be exceeded for you to consider it a layoff? 20? 100? 1000? In excess of WARN requirements? Please, educate all of us with your infinite wisdom. Or maybe just STFU cause I assure you there’s people reading your comments who are currently receiving sup benefits and stressing about their family’s future. Ya Jacka$$.
There have not been monthly layoffs for at least 35 years. Stop making things up.
Significant layoffs were most certainly NOT held in 2023.
All of you newbies (last 20 years) who have never experienced serious layoffs have absolutely no idea what you’re going to be seeing next year.
The _sadists_ start another LO rumor mill and folks who have bills to pay, children to care, mortgage to pay, put food on the table get nervous and live under constant stress and fear. It is not _unique_ here in Bank. It happens everywhere AND the person who started this thread is the evil person.
I am not about _ignorance is bliss_ But at the same time, if you do not have a real news and 90+ probability do not start a rumor and relish on the misery of others.
I down voted the OP and 100% truly wish that he/she get the boot.
January / March / June / October for 2024 with each round getting heavier.
Layoffs are not every month people. If you aren’t mgmt you really need to stop trying to answer these types of questions
8-Jan
The end of the three year low to no layoff era will be in January. January 2023 never materialized but January 2024 is going to be significant,
The layoffs are every month. They don’t ever “begin”’or “end”.