Brace yourself, 5% across the board
41 replies (most recent on top)
@Cvsj, beee essss. The 4th quarter of 2023 we took a $200,000,000 dollar charge for severance. If each fired employee got $100,000, that would be TWO THOUSAND employees fired in one QUARTER. The truth is, most employees get much less severance so it's probably closer to 4,000 employees.
I was at the Bank all day Feb 5th. Nice day, employees using the green and going out for ice cream or smoking… absolutely no stress at all and no layoffs whatsoever.
I’ve been there for so many huge layoffs over 30 years. Sorry, this was no layoff
Greatly enjoyed visiting the Bank on the ultra scary February 6th hype. There wasn’t even a hint of a layoff or any stress whatsoever anywhere in the facilities.
Without a doubt the era of significant layoffs ended many years ago.
@aaxh
What kind of person is so blindly ignorant of people losing their jobs at this bank, even with their posts here about being laid off? Not to mention those that are laid off that don’t even know this site exists.
What’s wrong with you?!
February 5th has come and gone and not even a hint of a layoff.
When are people here going to lighten up and stop making up imaginary layoffs? What kind of person enjoys scaring coworkers to the point where they’re in constant fear of being displaced?
What is wrong with you?
Dude I know was let go last week. Nothing from HR yet.
People pillar my a**
@9apg, google the average IQ by country and get back to me.
@9apg, that is pretty racist. Why do you hate white people so much?
These xenophobic comments are hilarious! India is smarter, faster, stronger….Lmao. You sound ridiculous people.
India is CHEAPER. That’s it.
Good thing they understand something, sure don't understand accounting
Thankfully our India and Poland staff understand mixed case in a sentence.
I HAVE BEEN AT BNY FOR ABOUT 8 YEARS, AS TASK HAVE MOVED TO OFFSHORE I SEEN MORE NAV ERRORS IN LAST TWO MONTHS, THEN PREVIOUS 8 YEARS.
Wishful thinking. Both their intelligence and work ethic puts Americans to shame. They’re surpassing our OPs and so much of our technology comes from India.
You love to run down our offshore workers in India and Poland but they work much more accurately and swiftly than American Operations. As far as technology many of our India resources are way ahead of Americans. There are quite a few offshore superstars.
You would do well to emulate their talent and work ethic.
University of Phoenix = University of Pittsburgh
No, it’s not.
The work product delivered by offshore employees is equivalent or better in comparison with that of American employees. American employees cost more, but do less and spend quite a bit of their day complaining.
Off shore workers are more motivated and happy to work. They’re simply more appreciative of the career opportunities, while Americans of equivalent age have an entitled mentality. Very easy to see why they run with opportunity in a way that Americans do not.
It reminds me of the young boomers hustling like mad after any opportunity.
Go Poland, go India! We see and applaud your work ethic!
Nice theory but the work product delivered by offshore employees is now far better in comparison to that of American employees. It turns out that American employees have a sense of entitlement, cost more and fail to lock into their jobs as our offshore resources do.
We get more than what we pay offshore. We get less for the money in the states where Americans sadly have a sense of entitlement. We need to go much deeper into offshore teams. The value proposition is undeniable.
NJ WARN Notice:
Cities: Pennington, Jersey City, Woodland Park
Workforce Affected: 62
Month Posted: January
Effective Date: 1/22/2024
What does "Effective Date" mean?
- The date on which the employer becomes obligated to provide notice under the Amended New Jersey WARN Act: This could be the date of a triggering event (such as a layoff announcement) or the date the employer makes a firm decision to proceed with the covered employment loss.
- 90 calendar days before the date the employment loss is scheduled to occur: This is the new minimum notice period required under the Amended WARN Act.
check the NJ WARN notice
Maybe the work product delivered by offshore employees is atrocious compared to that of American employees. Although American employees cost more, they could be sc--wing up so badly overseas that it costs less in fines and client impacting issue to eliminate certain offshore roles. So in that sense I can why there would be overseas layoffs. Remember you get what you pay for.
Let’s not delude ourselves. It’s not only lower cost. They lock in and outwork entitled Americans in Operations roles.
“What would make anyone here think that cuts would be in India? They’ve been moving work there because they can pay people 10% of the cost of a US employee. Anything to save a buck is their mantra. No doubt the great migration of jobs overseas will continue.”
I don’t believe this. We haven’t had more than a 1% cut for at least 5 years. Even the two 1% cuts which were attempted fizzled out.
What a horrible hobby you have scaring people.
@3maw You are right (of course!) - it’s probably closer to 5%
@3upy, 10% my a$$. Lemme guess, you graduated from Cognizant University with a degree in If Then Else?
What would make anyone here think that cuts would be in India? They’ve been moving work there because they can pay people 10% of the cost of a US employee. Anything to save a buck is their mantra. No doubt the great migration of jobs overseas will continue.
@2tmb
Oh you done gone and did it now. Cue “that’s racist” comment incoming…
@2tmb+1qM2xgIj - I couldn’t agree more. They are just part of the issue my team has too and nobody seems to care that everyone else has to clean up their messes. Plus why do we have to take hits only. It’s absurd
@iqx - that would be wonderful since they seem to never get hit because all of our work gets sent to them. Let them take the brunt of it for once. Remember back when we weren’t allowed to have more than 30% of work sent there for contingency purposes?! Ha! I will keep my fingers crossed that it’s all India since they mess up all the work anyway.
@1fcx and anyone else posting jabs at University of Phoenix grads on different threads. Whether it is you or others, you are working at the same company as graduates from this University. If you are going to talk down about those graduates, shouldn't you be working somewhere they can't? It looks to me like their education and your own landed both parties in the same place.
I know several in this bank that received a degree from the University of Phoenix as a 'professional meeting holder'. Suited them perfectly for this place.
Everywhere not only EMEA and India
Here’s information on the University of Phoenix meme. It’s well earned as there isn’t any classroom instruction and very easy to pass and acquire fake skills.
Su-ks to be disconnected doesn’t it.
https://www.reddit.com/r/OutOfTheLoop/comments/4we24h/what_is_the_university_of_phoenix_and_why_does/?rdt=53310
Its layoffs for EMEA and India
Stop spreading nonsense and making people fearful.. 5% would be big news
@1phx, it makes them feel better about the piece of paper their parents bought them only to become a peon at bnym.
I’m not a graduate of the University of Phoenix however I question why a person would repeatedly attempt to ridicule others who have pursued a secondary education in order to better themselves. Seems to me you lack basic emotional intelligence and inevitably, one of these Phoenix graduates will be your boss, if not already. Simply put, you’re the real loser. I’m guessing you already know this though which is why you spend so much time insulting others accomplishments. It makes you feel better about your own failures.
Uhhh… I’m the anti-University of Phoenix guy. But as you’re likely a University of Phoenix grad I can certainly understand your sensitivity.
Hey University of Phoenix guy - we’re all beyond sick of your same old rant over & over - fu-k off & SHUT UP!
Three straight hires of University of Phoenix grads still in diapers. People don’t even know what Davos is. They think that “Davis” is gonna be displaced.
Anybody knows does HR only hire University of Phoenix grads now?
Davis? You mean where the elite kiddie diddlers go to launder money?