When can we expect some peace and quiet? My team can barely manage the workload since recent layoffs. Too many people are gone. As if that is not stressful enough, I have to think everyday if I am the next on the chopping block. Worse, I am convinced that me (or any of us) working hard will not ultimately prevent that from happening.
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Obviously you don’t have any experience of the era of mass layoffs, massive streams of employees perp walked out of the facilities, prevented from returning to reclaim your own property.
We learned to walk in with nothing but our car keys, badge and wallet. We all lost personal property while we learned how to become minimalist.
@5hcyh, we fire people in the US and hire 2 people in India to replace each one.
2008 was an incredibly difficult year for BNYM. What do you even mean that it didn’t hurt the Bank? We struggled with the toxic assets for over two years.
How can we have “Hundreds if not thousands terminated recently” when we now have 51,700 employees, a 5.3% increase from 2021?
You’re just making sh1t up on easily verifiable facts.
It appears to me that the moderators are putting out old content and trying to stop the RTO discussions. I noticed that they wiped out all of the RTP threads repeatedly and then all of these old threads have been restored. Some of them are well over a year old.
I personally would like to read the ongoing fight over RTO noncompliant employees and RTO thieves and their schemes
Why respond to a post from last March? Same old mis-information about “No layoffs”. If you don’t work here you don’t know. You won’t find it on financial statements -or- simple online searches. Employee numbers are increasing in offshore low cost locations. Need to find staff by country and to compare to past years.
i was there 40 years and spent half of that time worrying when I would be let go. It i happened 4 years ago. i thought my life was over. All I knew was Mellon. i was very mistaken. I been working for a great company for over 2 1/2 years and very happy. Not easy work at all but very rewarding. New career, better benefits all around and Im not waiting and worrying that I will be let go. WFH was never an option for me . I up, get dress and go to work everyday. Happily ever after.
@cpj
There was a Bank of New York and there was a Mellon Bank. Bank of New York acquired Mellon Bank. Do you really not understand that we have employees from four or five different institutions through mergers and acquisition?
Here’s your research task… list the 5 acquisitions that make up BNYM.
“is it that hard to figure out they're firing expensive people and hiring multiple cheap people to do less work? You must be a diversity hire if you can't figure that out.“ Wow, the racism is so direct. Can only imagine how much racism is obvert….
@kylj, is it that hard to figure out they're firing expensive people and hiring multiple cheap people to do less work? You must be a diversity hire if you can't figure that out.
How can we have “Hundreds if not thousands terminated recently” when we now have 51,700 employees, a 5.3% increase from 2021?
You’re just making sh1t up on easily verifiable facts.
Go to Yahoo Finance and spend some time learning. Follow some deep links there and work on reading comprehension.
Layoffs are an old norm. What is new is targeted firing for performance only and lack of RTO.
As far as I’m concerned it’s long overdue.
Why should a worker who shirks work be treated just as good as a productive worker?
“Hundreds if not thousands were terminated recently.”
You have a vivid imagination. You have to go back to the 2000 to 2008 10% per year, every year, no exceptions era to get those numbers.
I do admire your vivid imagination however.
How can the people on this post claim layoffs are not happening?! Hundreds if not thousands of US employees have been laid off, many with client specific knowledge. Hundreds of RM’s were laid off solely based on their years with the bank and salary grade. Gee I wonder why? Maybe so they can bring in naive college kids in larger cities like PGH and NYC. Layoffs have been happening in stages over the past decade. I work in one of the busiest departments and our numbers have inflated and risk has increased specifically due to these layoffs. How about the bank closing 3 central New York locations in the past few years.. You don’t think that came with hundred of layoffs and more to come? Like many posts in the forum say.. it’s quiet layoffs. They started the year off saying were millions over budget yet continue to invest in real estate in foreign countries. Makes sense! No one is safe at BNY- they have created a toxic culture based on fear.
You keep talking about how things were in the last 40 years or so. If that is from personal knowledge then presumably you are close to retirement age and should understand how that could be an impediment to obtaining employment elsewhere. There are certainly other valid reasons why people choose to try to stay and ride it out.
For me, I am at retirement age (maybe a few years past it) but I like the work challenges my job presents because it keeps my brain sharp. I enjoy working with my co-workers and I know they rely on me too - especially now with all the cutbacks in my department.
The job market is still hot, in general. But that does not necessarily translate into that being true in every field. Or availability with commuting distance from where you live. Not everyone is in a good situation to relocate. It’s easier if your children are in the lower elementary grades. Not so easy if your children are in high school. Or you want to stay near an elderly parent who relies on your help. The reasons can go on and on. But maybe it’s not in your personality to care about any of those things.
We’re seeing a small, reasonable weeding of the garden. Robin and crew are clearly being careful with these small but well thought out cuts. This is nothing like the massive layoffs which the boomers experienced.
Correction. The Bank is quietly attempting to displace dozens of employees.
Don’t make things up.
There wasn’t even a BNY Mellon 40 years ago since Bank of New York and Mellon were separate banks until 2007. Then the acquisition of PNC’s Global Investment Servicing in 2010. Plenty of other acquisitions.
There’s always staff reductions when companies merge. That’s nothing new. Doesn’t make sense to compare those previous layoffs to what’s happening now. Now it just feels like staff reductions in the US are primarily being done to satisfy Wall Street analysts who are constantly looking for reductions in expenses.
There was a 10 percent staff reduction in my department last November. There was no recognition from senior management that end of year processing is our busiest time of year with client commitments and government reporting regulations. And the staff reduction decision was forced by them despite a significant effort by department managers to at least hold off for 2 to 3 months. The 10-12 hour work days 6 to 7 days a week takes a big toll from the remaining workers.
And before I hear again about getting a job elsewhere, there are numerous reasons why a lot of people stay. Many are long term employees who are reluctant to give up benefits they earned based on years of service. Some may be close to retirement age which would make a job search more difficult. And any number of personal situations that may go into the decision to stay.
Try taking the Ibuprofen with four pieces of bread and a large glass of water.
@2mfn - It's not worth responding to the 41 year troll. All it does is incite him to keep posting more and more. If he did his research however, he'd know that there were significant layoffs in 2019 (down by almost 6%) and actually an increase in employee levels in 2008 (up almost 2%). Of course, this id*ot would rather spew numbers made up in his own mind than do research to prove his alleged "facts".
This is good news for all stockholders and stakeholders. We need a lot more jobs to move to India and Poland to get our Bank back on track.
No, it’s simpler than that. Layoffs have been virtually nonexistent for the last four years.
@2mfn - your inability to read the room and understand that NO ONE CARES about 40 years ago is absolutely mind boggling!!! NO ONE CARES. It has ZERO bearing on anything going on now. My gawd we are sick of you!!!
Layoffs are actually the old norm for well over 40 years.
What’s new is a lack of historical knowledge of how truly bad it was.
Bad move… guess it’s goodbye to the private label banks.
It’s delusional to think that 2008 didn’t impact the Bank. It was the single biggest year for layoffs in Bank history, capping off the 2000-2008 10% per year layoffs. The Bank has never been adequately staffed since.
@1phc+
I hope that's the case, the email didn't provide many details.
I got my start in lockbox and supervised multiple shifts.
Would hate to see an entry level position get eliminated.
WHAT LOCATION?
When did I say BNYM was never impacted? You are so crazy. The only way 2008 would be so important to you is if you e been retired or laid off for 15 years and not paying attention to current event. I said I saw people laid off in my office, but not nearly to the levels of what is going on right now. My office is nearly gone now. There were probably 1,500 people here. We’re now down to somewhere around 500. It’s not like they were relocated. They were let go. And it’s not over. It’s not just my location. Groups of people I dealt with in custody were here one day and gone the next.
It’s not stopping anytime soon! Sounds like they’re getting ready to ship even more jobs to India! As our footprint shrinks theirs is growing.
Per BNYM on LinkedIn: To continue to be a top destination for talent in India, #BNYMellon has signed one of the largest pre-lease agreements in Pune for 16 floors and nearly one million square feet of prime office space with Prestige Group.
This move will consolidate our footprint in the region, allowing for significant growth and collaboration in strategic locations across Pune & Chennai. The new campus will also attract and retain a diverse pool of talent in the area.
Read more about this exciting development here: https://example.com/OAEy50QyU2M
If you're currently looking to experience a global culture of innovation and opportunity in a supportive team-driven environment, apply for an open role today: https://example.com/aSMf50QyU2N
There’s not going to be layoffs there any time soon. With tons of specialized equipment and wide integration with multiple vendors, wholesale and retail lockbox and home grown technology I’d expect the purchaser to lease space in the CSC and extend job offers to all employees working there. BNYM is by far the largest scale Lockbox provider in the United States.
It’s good to know Bank history so that you can understand how very good it is to work here now in a low layoff environment.
I’d love to see a psychological study on why the rarer the layoffs are, the greater the paranoia grows.
The Bank hasn’t “cut thousands of employees” since 2008. It’s almost impossible to get displaced except for ignoring RTO requirements.
The minor layoffs which we have now are aren’t significant. Essentially if you meet RTO requirements you’ll be just fine.
Wait I thought there were no layoffs . Thought it was conspiracy and over reaction. Probably the same spell check warrior who references University of Phoenix on every typo that is also a layoff-denier
@itaj
When did I say BNYM was never impacted? You are so crazy. The only way 2008 would be so important to you is if you e been retired or laid off for 15 years and not paying attention to current event. I said I saw people laid off in my office, but not nearly to the levels of what is going on right now. My office is nearly gone now. There were probably 1,500 people here. We’re now down to somewhere around 500. It’s not like they were relocated. They were let go. And it’s not over. It’s not just my location. Groups of people I dealt with in custody were here one day and gone the next.
Would people please stop comparing now to 2000-2008? Who cares about 15-24 years ago? Enough already.
@1was Strange . 2008 was the year of recession. Downfall of Banks like Lehman & Bear Stern begins in 2008, it is good to know that it never impacted bnym.
I’m sure the percentage is higher than you think. They’re just trying to hide it by doing small amounts throughout the year. Groups don’t go from 80+ people each to 8 people or less and entire buildings disappear without there being large percentages. Some sites just might be feeling it more. I have been an employee at BNYM since before 2008. It’s way worse now. Back then I might have known 1 or 2 people laid off. Now it’s entire depts. I’ve never been so stressed. And to add to it, it now feels like they are knit picking everything to find any reason to write people up and put them in bad standing, so they can be let go with no severance/ sub pay. It’s like the Wild West. I don’t know why you love to minimize everyone’s experience. How long have you been retired?