Thread regarding Bank of New York Mellon Corp. layoffs

To confirm - the analysts are the interns who came back from last year? They don’t have a set role or team they just float from department to department, and the people in those departments have to (waste) take their time to train them and then then move on to another department? But the analysts get to float around and decide which team they liked the best and pick it? Huh?

@1hbp

Business analyst roles are an excellent way to get on a solid career track. You really learn quite a lot quickly when you’re determining the scope, requirements and approach to a major deliverable. Nail a few successful projects and your star will rise quickly, as with your pay as well.

Outsourcing is as old as the human race. People naturally learned to divide labor and specialize according to skills. We are not all equal.

You can complain all you want but appropriate jobs will always gravitate towards appropriate people. Please read a few books such as “What Color is my Balloon”. And for heavens sake stop the endless woe is me whining. It’s obviously ruining your career.

“Free men are not equal. Equal Men are not free”. Think on that a bit.

Sorry, I’m just not buying your dystopian world view.

What a dark world of conspiracies and intrigue our less mentally stable employees envision. As William Blake wrote, “The Mind that alters, alters all”.

It’s only an Operations job, and not all that difficult one at that.

I will simply encourage our overly stressed employees to seek professional help.

Everyone here, who does not want to see the reality, are calling names. Simple.
Manufacturing paved the way. When outsourcing started the jobs lost NEVER came back. Take a look at Ohio neighborhoods Cleveland for example. In PA steel Industry. Allentown, Pittsburgh. Auto Industry manufacturing went to Mexico. Now US has to impose regulations to provide discounts based on US percentage (Tesla as an example)
Pharma manufacturing - generics moved to India , Electronics ... One can keep going on.

US workforce survives on service industry and Govt borrowing/providing freebies.. Being a financial services company employee one should have the basic knowledge on these.

BNY is just another company that will live and survive based on those rules. Outsourcing keeps it alive, costs low and the "wealthy" will still pour their money in to be managed. BNY is not going away - lot of folks here DREAM and have that as a wish. It just proves that they are in denial

One has not seen clients leave. May be one or two or few but that is BAU. Some leave and some come in. If we do not lose clients then only one has to wonder.

If outsourcing has been here for years (as one pointed out) and have been servicing the clients for two decades and we are STILL here with the service provided by the Indians that proves that the clients are SATISFIED - may be a bit peeved but happy to see their balances grow AND are STAYING.

And so are the share holders. BNY may be riding the market up swing in this bull market but the picture that it paints is simple - healthy returns. No one has seen the BK stock being dumped. Didn't the great WB keep accumulating BK and has been holding to it - Agreed he is recently cutting his holdings or rotating but that is not DOOM as many are wishing here.

The TRUTH is, if one works and works hard they stay. No more free rides at high cost locations may be Starbucks. Technology has shown that, if one can drop a 500 lb in remote country sitting in a trailer in Denver so can one manage the server farms sitting in a remote Bangladesh hamlet

If you bring in the money then you stay or if you are low cost.

Accept it. Or start looking for a new gig. BNY is not dependent on YOU. It has shown and said it loudly time and again. What is so difficult to comprehend/ You are the one who is hanging on to that for your existence.

Please go ahead and down vote, call names but the smarter one starts looking for a new gig or starts working .

What does an Analyst do anyway? Seems like a bunch of useless overhead to me! Let’s cut these people over those that do the real work!

I’ve worked with a lot of these analysts and they are bright and willing to learn but they get all the grunt work from RMs. Most leave within a year or two and those that stay eventually get to manage the smaller clients but ops has been gutted so hard that dealing with 20+ clients that ask for fee concessions because of a NAV error can get overwhelming and they may not have the experience to handle that when thrown in the deep end.

Clients will definitely leave since BNY is laying off the people that they’ve been dealing with for years. Just like BNY has no loyalty to its employees, with each layoff any loyalty the client has with us is lost and they too will begin looking for lower cost providers at the end of the contract; especially if they feel they aren’t being given the same attention with all the increased errors.

vrg+1ugFG25p
What a ‘stew’-pid and ignorant post from a stupe. Outsourcing has been going on for decades but this RV strategy is outright piracy of the workforce here and in the UK for cheap returns. It is not cultural or lack of work ethic here. It IS corporate greed— profitibility by cannibalism of the work force because they are out of ideas and only want immediate short term gains. It is also why many feel this is deliberate and the organization is being slimmed down for a bigger future event. So, before you go attacking Americans you ought to try to learn the facts about a short sighted management, unethical practices and poor strategy. They are simply taking advantage of loyal workers and skirting around labor laws and third world countries to gain market value.

India, Bangladesh or wherever can have this company. Outsourcing erodes company loyalty, at both an employee and a consumer level. So when clients leave, and they will/are so does the workforce, where they are located does not matter.

The sheer fragility of our last three cohorts does not bode well for the U.S.

I think that we need to hand over the reins to India. There is no fire in the belly with these three generations. One would think that they would want to compete with such weak adversaries.

@OP is loosing it I think.

@gzh last year I might have agreed with you, but I think it's time to stop taking this cr-p quietly.

I'm in Ops and the RMs make my life a living he-l but I'm with them on this.

dude get over yourself. let these kids learn on their own. this is part of life.