The problem is less the number of people let go, as the quality of the people let go. BNY training and resources leave a lot to be desired and to take people with years of knowledge that isn't in any trainings offered here and lay them off with no notice and then announce that the "survivors" will be training new hires soon...well who is available to do the actual work?
Completely agree, @1zfg+1sZvSali. It’s a major problem.
Oh go ahead and due the company
@5ual Lemme guess, you trained people in India last year?
@4zhg+
Hold on there, attack 42 all you want since he's a goof that can't even do basic math but don't be dissing the 'Burgh. You obviously have no clue what you're talking about.
I was let go last week. My reviews were all met expectations, my office was closed.
Honestly this 42 year old guy needs to get a life. Most be the only company he worked for, and thinks he will be safe for being loyal. Unbelievable how delusional people can be in Pittsburgh. It’s like a whole different world out there, middle of no where and lack of knowledge or culture. What a sad pathetic life
Wrong as usual 42.
The guy they let go in my group was a very good worker who our manager thought highly of, but EC didn’t want to pay somebody in his location at that grade level what he was making - they let him go & are hiring his replacement in India.
But we’re not letting go quality people.
We’re laying off the workers who have the lowest ratings and we’re firing the employees who refuse to honor RTO requirements.
I think that all of us can agree that this is good management.
If firing the only one who knows Excel in your group is true god help the bank. How was the group even hired?
It’s only a two year learning curve because we don’t pay enough to get good people.
The products are so complicated there is a 2-year learning curve! Just a matter of time until they are obsolete!
Forced Rankings have pretty much eliminated letting quality people go as a problem. It’s systematic and managers are forced to think through all of their staff and rank. It’s an excellent approach for ratings, rankings, increases and promotions. It is also invaluable for displacements as nobody wants displace a productive employee.
dyv+1t160lIp - if they have an issue with staff working from home full time then maybe they shouldnt keep closing offices that make no sense to close. Their “growth” locations are a joke and filled with people who cannot do their jobs. The ones permanent wfh are the folks holding their hand. Upper mgmt needs to open their eyes
Your "secret" SUB package seems logical but it really makes no value. If one needs a SUB of decent size ( L level gets 3 months minimum I heard and max is 50 weeks (not 52) which requires 25+ years) one has to be a senior position or long term employee
A long term employee until he/she gets the SUB is actually a quiet quitter. They are disillusioned (majority) and are hanging on to get picked (may be in their late 50s or early 60s)
Anyone who gets 26 weeks or above (10+ years service) are the ones who are in their late 40s or 50s and need their jobs. But mostly they are not quiet quitters and are trying to juggle and manage or talented enough to leave
Anyone less than 20 weeks - a few years of BNY - and they are not here for the SUB.
SUB is not the reason. And those who are waiting for the SUB (on the verge of retirement) have quiet quit (as I said earlier). So they are in fact vacationing with salary and benefits.
Hiring senior management from Goldman Sachs says it all. They think they’re smart, but in reality, they are nothing more than poison to what was a good firm to work for.
The most recent layoffs were by HR of people who worked from home. Performance did not lead to the layoffs and managers were NOT consulted.
The dirty little secret is that the SUB package is so good that people stay here in hopes of getting it. Nobody worries about getting laid off… they pray for it. I stayed for it for a few years but was too productive to displace and too undervalued to reward. So I walked and blocked all of the right phone numbers. I sleep like a baby and sometimes wonder who is getting emergency calls Cognizant and and other offshore teams. It took two years but I no longer have the nightly BNYM nightmares.
@mtd The whole point of the severance (actually supplemental unemployment benefits) is that they want you to take the money because the money comes with strings. One of those strings is that you sign an agreement saying that you won't due the company.
There was a woman in my team that was let go after being with the company 6 months. I heard in the grapevine they gave her like 3 months severance for 6 months working here!!! Our manager couldn’t deal with her questions and it was clear he didn’t like her and wanted her out. At the department Christmas party he badmouthed her with 2 associates and how she would be out soon enough. The day after she was let go, our manager pretended her departure was a tough decision in our team meeting. She was very nice to me and thought she was refreshing to work with. Imagine paying someone to leave after that short amount of time? I suppose they know what high risk lawsuits they can face for their serious culture problem - especially with women of color. This experience taught me head down, don’t ask questions, say yes, smile and plan for the next place.
Nobody in my team was ever fired, nor that I know anyone who was let go since I joined 2 years ago. However, when I asked my manager about possible layoffs after reading this site, she said that her layoff criteria would be to select people who have a better chance of finding another job quick. Very humane I can say.
Lmao...when you have one person and only one person that has access provided by technology and then you lay that person off without giving that access to someone else...that vlookup is totally gonna save the team! Hooray for exc-he-l...I mean excel.
@inb, yeah, maybe you can develop some more under-the-radar systems for your BU that have no DR, no source control, no security, no audits, no peer reviews, no testing, no ethical hack, etc etc.
Why not skill up and master pivot tables? Start with vlookups and focus. You can do it!
They're not letting go of quality people. They're letting go of expensive people. If you're expensive, you have a target on your back.
In addition to people being let go, there has been a couple high profile people in ETO retire early and announce they are leaving in the past 48 hrs.
The actual work won’t matter. There’s this surge on metrics and key strokes and pivot tables. It’s what interns thrive on. I’d be pretty po’d if I was let go when they hired 1k interns. What the F?