I always take layoff comments/talk with of salt, as it usually depends on the department, location, how much you make, etc. That said, this time around, it isn't just talk: I received direct word from a well-respected manager that they are calling for 10-15% cuts PER DEPARTMENT!
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Any updates on these plans? Are they trickling staff out this quarter to avoid headlines?
This is news? Do you people live in Alaska.
Post ID: @gki+1vFo4Ksl
Wink wink I heard from a REALIABLE SOURCE that oopsies….Oriskany what’s left - unless you’re going to be able to relocate to a location WITH a physical office, JUNE 2025 will be the when the remaining ones will be gone. BNY does NOT have a remote centric model, facts - otherwise people wouldn’t be getting let go for not meeting in office…Oriskany let go a LOT of seasoned excellent workers so if it was about a remote model, it wouldn’t sense to let those people go. Use your brain wink wink
What states are the high cost locations based on BNY's decisions?
being told to move positions to either LM, India or Poland...need to move out of high cost locations by end of '25
They could cut all of India tomorrow and the bank would run better
@2cdp - If you're actually a manager, that explains a lot about the current state of affairs in this organization.
Also, there most certainly is a location strategy that is targeting specific locations. It's not even a secret, it's been mentioned in every town hall. So I don't know why you get so emotional every time someone mentions Oriskany. Employees from Oriskany and all other closed offices are on the fast track to be laid off and that's simply a fact.
@bnd+1vFo4Ksl - how bout sont be a complete mo--n spreading bs as always about a location you’re not even in. And as for the other id--ts on here obsessed with oriskany , get a fking life already. Its not location specific and never has been and as a manager, i can respectfully correct the stupid you’re all spewing. Maybe if you all applied half your energy on your job, you wouldnt be on here gossiping about layoffs
A well respected manager only becomes well respected because they know a little something called discretion. They would never reveal exact layoff plans to the minions. Nice try, though.
P-M 10%
240 or Jersey City layoffs next year? What about folks from Woodland Park
@bjh+1vFo4Ksl 1,800 is the projection for operations only. Not the whole company. They want to go from approx 20k in operations this year to approx 18k next year. It actually looks to be closer to 2,200.
@byg+1vFo4Ksl no I’m not d-mb, but thank you for your respectful question. I am not located Oriskany, but my mom is, and I am obviously concerned about her well-being as this is her only income. Really no need to be a complete tool.
25% - across the board; globally. fact.
Its 1800 across the company. Not from each team smh
@pit+1vFo4Ksl - not when we tell you how to do your job so we can do ours. So not see ya. And so your itty bitty brain knows. Locations before and after oriskany were moved to all wfh. So gotta get off oriskany folks dik. If ya know what i mean
@byg+1vFo4Ksl- 2 questions for you. 1. Are you d-mb? 2. Why are you so hung up on Oriskany? heres some facts cause you’re lost. oriskany is only wfh location. There are many others. And as a “respectable/reliable” source. You know as a mgr, its 1800 across the company. The whole company that is. Not just oriskany sweet pea. And no its not from each dept. mine from oriskany (wink wink) wont be losing anyone this round again either. See how that works
There are still like 500 employees working out of Oriskany - isn’t it going to draw attention to let 500 people go from one area in December???
Meanwhile…the CFO is swearing up and down that P-M is NOT about efficiency. The CFO?! If it’s not about efficiency, why is the CFO running it?
Oriskany WFH employees all to be let go be Dec 2025 - see ya!
The timing of this layoffs is also important
JAN 2025 - Like last year, BEFORE the Bonus announcement. Though the numbers are already decided it saves the manager heart-ache/heart-burn (whatever) in delivering the no-bonus, no-merit-increase message and have to still work with the individual going forward. It also changes the pool size to the other "RETAINED" employees
FEB 2025 ATTRITION - There may be a Trump-back-in-office induced hiring expecting growth. This and the bonus is in their bank the RETAINED employees will look for better opportunities unless they have been taken-care-of in the approaching tsunami called the P-M third wave
MAR-APR 2025 - As P-M firms up the extra who could not be fit will be let-go.
JUN 2025 - PI 1 is over and the failure will show in the results - zero delivery and the customers realizing the abyss the Bank is walking into (falling?) and will start fleeing. The wool that they are pulling over the clients with fancy talk (like AI DEI , Cultural change etc ) will be exposed. On top of that the impending market correction will force them to look at their costs and BNY will be squeezed.
Sure if I am in the CEO seat - the crystal ball is clearly indicating the only tool I have is cut-the-spending (cost) aka employees (they can always be hired back in low cost centers ). Automation / AI can replace the Ops, even Copilot can generate code and analysts can feed them instructions to create code test and deploy. Analyst now will write code processed with NLP
All they need is a few, handful who can further train the engines and correct the code if it is complex.
The 45% someone suggested may become achievable by DEC 2025
Is it reliable source that these cuts for U.S. locations only?
From prior posts, it will be between 5 to 10 thousand company wide (globally). The target is 10 percent overall. Each LOB, each department, each geographic location will be impacted differently.
This is excellent news! More free coffee and less people in the office to collaborate with!!! Robin, the investors think you do not meet expectations for ‘25. You must aim for 45%!!!! Please make my day and let me be dispatched!!
Yes- just US. Well, maybe the UK, as well. Definitely not Pune or Poland.
10-15% cuts PER DEPARTMENT - Are these cuts for U.S. locations only?
A grain