November 6&7. Is it really 10% across the board for all organizations and departments? Is it really going to be 5000 employees? Any MDs/directors to employees ratio in this layoff round? Any useless EC members impacted? EC members like RR who spend their days posting on social media about themselves and their ideology. Is it possible that 1/2 of the EC and then CEO positions will be offshored to India to reduce millions $ in ridiculous salaries and executive compensations?
19 replies (most recent on top)
It’s 1% so only 500 lucky employees.
@3mrv, days has nothing to do with it but geography does. There are federal and state WARN laws so they vary based on location.
They are only obligated to report if it's over a certain amount. I don't remember exactly what that number is. I also heard rumors years ago so I don't know if it's true, that that's why they started splitting it across a span of several days because that negated their requirement to report
I heard starting 2024, severance package will be half of 2023, very inhumane if is true.
Probably not 10% across the board but I did hear it is going to be 10% in the department I work in. Rumor has it that some departments will be slashed more than that. It will be masked by adding staff off-shore and in the (what is it that they call it?) growth centers. And by no cuts in the departments that are the flavor of the month.
It's not just under performers who get hit. Managers have been told that a certain percentage must be rated as not meeting expectations even if they do -- your weakest performer can still be doing a good job but that is not enough.
I remember a time when HR actually had the task of informing staff when they were being let go. Now that job has been handed off to the individual managers. I'm not that worried about all the work HR has when there's a layoff. I'm more concerned about the people being let go and the staff remaining that have to pick up all the extra work.
Uh… @1atk, Scharf wasn’t CEO in 2008.
Yes and they have indeed have 3 1% layoffs. I expect a fourth this week as the traditional BONY Christmas/Haunuka kickoff to the festivities.
No, not even close. It’s the usual 1% quarterly layoff. The days of real layoffs ended after Scharf's August 2008 massacre. We’ll never see anything like that ever again. It was more total employees cut than our four quarterly 1% layoffs total. All of the big cuts were done from 2000 to 2008. Every year in that era we’re 10% layoffs, no exceptions.
Today’s layoffs are exceedingly small by any historic measure and in fact should be regarded as utterly normal times, with some light gardening to remove the real weeds and keep them from spreading.
1% is about the limit of layoff size that HR can handle in a layoff. It sounds funny but it’s a lot of work displacing workers. My understanding is 4 quarterly 1% layoffs this year and we are on track for that.
Back in January, they reported that they intended to lay off 3% of the staff. Since they are obviously growing offshore, it doesn't take much analysis to see that it translates into a much greater percentage being let go in the US.
I didn’t see any WARN notices so although I’m certain they are happening it’s hard to know how many.
It's probably not 10%, but 1% is still somewhat significant - they probably won't touch much of Poland or India, which make up at least 40% of the work force I'm sure....So that leaves North America and Western Europe, the latter of which tends to have more red tape to conduct layoffs, though it does happen. I imagine at this point, the 1% company wide translates to 4% in the US. It's all conjecture, but I don't think I'll be too far off. The fact that they've already gutted operations so much and took so many benefits away that people are leaving on their own, what else can they cut? If they want to improve their stock price, they should consider selling off certain products that hurt the overall P&L - funds services is notoriously poor margins. Good luck all.
We already let an exco member go in 2023.
Do you people know that you and your imaginary HR friends have now collectively promised far more BNYM employees being layed off than have ever worked here.
Great! Now for your next trick, learn how to post a working link…. speaking about dotards…
People have such vivid imaginations… of they’re simply trying to scare you.
No, once again it’s a 1% reduction in force. I can only assume that the @OP as always is trying to cause stress. I’m a manager and have given only one name to HR. Calm down people and don’t listen to these rumors.
It’s yet another another 1% reduction… about 500, not 5000. Out of every one hundred coworkers that you know. It’s far easier to hit the daily number than to win the Sub at BONY.
This round is closer to 1%.
Yeah offshore all executive positions to India. Our stock will jump to the roof with the reduced expenses.