This is a methaphysical a bit but still an important topic, it's imporant but we never discss it. I'd be good to build a framework for cuts which would heavily rely on basic ethical values. It's so messed up now...
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This was NEVER EVER handled gracefully.
Thousands were perp walked out without their belongings and all lost most of their belongings. It went on that way from 2000 to 2008. 10% per year. Every year. No exceptions.
There is another one filed by a Boston WM client, but Bloomberg hasn’t picked it up yet. This client asserts that BNY’s conduct is even more egregious than the class action suit other clients filed.
Here is one regarding a class action filed by a WM client
https://news.bloomberglaw.com/litigation/bny-mellon-must-defend-bulk-of-clients-claims-of-self-dealing
Can you provide the link?
It uses to be handled in a decent manner many years ago.
When there were going to be layoffs for the year, the company would send an email approximately 2 weeks before the layoffs indicating the number of employees to be impacted and the dates for when impacted employees would be notified (usually limited to a three day period).
In that email, the company would list resources available to employees.
This took away the feeling of always walking on eggshells. Employees knew they would have a heads up , even if only a short notice, and didn’t need to worry all year long causing mental distress and lack of focus.
It’s understandable that layoffs happen in our industry, but BNY’s handling of this is less than delicate, and causes more disruption than is necessary.
Respect the individual- start with that
Perhaps you should read up on some of the recent lawsuits clients have filed.
Bny could start by doing things legally
Fire all the DEI hires first before considering any layoffs of those people that know what they're doing. While you're at it, just downsize HR too. They're utterly useless!