Thread regarding Bank of New York Mellon Corp. layoffs

It’s no mistake that a senior exec and EC member creating a toxic environment and culture across the technology organization initials are B.E - the lowest rating in the performance review hierarchy...history will show the lasting effects left in the wake of incompetent leadership brought in who amid the coronavirus are working with home while the rest of us are still in the office...wake up Todd!

Contractor/Outsourcing is replacing permanent employees. This is the new workforce in America. 🤨

It is not personal. It is just plain and simple they are looking at the bottom line. It is just brutally implemented. You have to just look out for yourself.

I’m sorry for anyone that’s been laid off. So what is considered real talent? Just because you worked here 20 years means nothing. I have met & dealt with many coworkers who worked here 20 years and should have been let go years ago. How do you not know basic excel functions while working in the finance industry? The industry is changing, technology changing, etc. Unless you are helping improve procedures, help cut department or companies expenses, help streamlining processes, than they really don’t need you. Any team that is just processing should be worried. Heard the targets for Dec 2 are MD & VP levels. Good Luck to everyone!

I've been there almost 25 years and it just keeps getting worse and worse. We were given our goals and one being to process 10 percent more work than last year. Here we are at PMP Time and did I meet? Who knows because no one can tell you how much you processed last year vs. this year. Another goal handed down was some process my team doesn' t even perform. This a task we were all explained we would be taking over. Did we? No. Another goal related to accuracy rate yet my manager has no idea how to track that. So out of five devlopment goals, three are BS. Daily, We get emails on new joiners. All external hires. Seriously??? One day last week , I got three emails of new joiners all being upper managent level. When all of us independent contributors are gone , along with all of our years of knowledge, and all they are left with are managent positions maybe they will finally get how and why our company ended up in the position it did.

Unfortunately they are cleaning house. Out with the old and in with the new! Be glad you're out. The culture is terrible! They are demoralizing good workers with BE ratings just to get them to quit or drive them out bec of age. They do not appreciate real talent; only the bottom line and that hasn't gone well for them. Lots of talk. Lack of good action and judgement. Poor management and leadership. The only thing they know how to successfully do...is fail. Give Chuck and his management a BE and take the out!

@5idgg, same here, I was let go on the September lay off wave after over 20 years of service, feeling very discourage and confidence is so lacking on my job hunting. Hope you have found something great and better to move on. Prayers for all who go thru this.

I was let go in May after 20 years. All of my colleagues (pre-Bridget) were layed off as well - some after 30 years. All that's left now are people who have been there only a year or two and do not know how things work. Over 150 years of institutional knowledge gone.

I heard the next round of layoffs will be the Monday after Thanks-giving. Anyone has any details as to which group and how they make the selection? I heard there may be lawsuits with bnym with these layoffs and forced ratings. Anyone have more insight on the mess at bnym???

I the total was around 400-500 company wide. Locations Pitt, Orlando, UK, Pune, EMEA, NYC, Brooklyn. Next wave Dec 2.

Have anyone been layoff without a package? I heard someone had 30 years in the bank and they put something in their file so they won't get a package. I don't have any more details.

I believe tbe elimination of work from home and forced ranking is a thinly veiled opportunity for the firm to discriminate against older workers, primary caregivers. Think about it. If you have 10 excellent workers, but have to rank someone BE, who will you choose? The person who is paid more, will retire soon anyway or the person who needs to leave by 5 to get to childcare ...call it for what it is.

I was required to force rank employees for 2 years so this has been in the works for a while. Why a team that has managed out underperforming employees has to continue to rank employees BE is absurd. I previously had teams that were the highest performing in the business. Requiring managers to force rank on a team versus a business is ludicrous. A high performance team should be a managers dream but they have turned it into a nightmare to rank employees BE without a reason. There is no reasonable explanation to the actions happening right now.

I walked in to work on Tuesday and noticed my manager was not at her desk. I then saw I had a meeting invite from our COO titled “catch up”. Right away I knew it was not that he wanted to see how my weekend was. Sure enough, the HR rep picked up my managers bag and sweater and off she went. I immediately started packing my things, printing important documents and texting my colleagues of 16 years goodbye. Sure enough, I walk up to the conference room and can over hear our COO talking about me. I honestly should have grabbed my belongings and not showed up for the meeting. I knock on the door and notice he’s on the phone - didn’t even have the decency to tell me to my face. Since coming on board, he has talked to me twice and never once sat down with me to figure out what I even did for the very successful team I was a part of for the majority of my career there. My manager gave me a ME review at mid-year with a write up that was all positive. In my 16 years with BNYM, I have only ever received EE and ME. My review given by my manager was forcefully changed to BE. I asked why no one approached me during the year to inform me that I was underperforming. I even called HR for assistance and par for the course, was blatantly ignored, as she knew there were no answers. It was all a scheme and so many good, hardworking, loyal people have been subject to this same horrendous treatment. The HR rep asked what she could get me from my desk. She comes back with my bag, asks for my badge and credit card and then tells me I have to leave the building. I think the absolute worst part of the situation was that she left my coffee that I had taken one sip out of on my desk. Like was it too much to bring that to me? My job was given to a colleague that I mentored, trained and whom used to report to me as a “promotion”. I’m sure this person is now underpaid and overworked, as with many others. I felt horrible and alone for the first few days, but after reading so many of these stories I now feel it’s a blessing in disguise. I have 8 months to spend time with my family and no longer have to worry about being used, feeling demoralized or degraded. It’s hard to see the light at the end of the tunnel when something like this happens, but there are so many great companies out there that actually appreciate their people. I worked from home two days a week and now knowing that benefit would have been in jeopardy along with the fact I was underpaid, makes me happy that this happened. I am also thankful that I got my 32 weeks. Anyone in this same situation - count your blessings! Anyone still there - bring home anything worth meaning and print out any important documents. I was lucky I did all that a long time ago. Best thing I did. Good luck and light!

Not hearing much on the layoffs on Monday August 2019. Does anyone know how many people were laid off??? And locations??

No on is safe. Unfortunately, good employees are being pushed out. HR is useless... Has anyone got pushed out without a package? How can you fight this?

If charlie are hiring his people making 6 digit salaries and everyone else is being layed off because Charlie and Co loves the India offices and the people who is on this board of directors that allows this man to come layoff people and then hire his friends from state street the system is so broken... laying off people whose been with the company 30 years vs hiring his friends to say the people in that current position is not good enough anymore is crazy loyalty vs friendship in business which would you prefer

@VTGDW1p-4Llgv - Your statement, in my case, is completely inaccurate. I was a manager with BNY and was forced to rank two people on a staff of 10 (20%) Below Expectations. Both of these employee's meet their goals (or exceeded them) and had positive feedback from everyone (peers, co-workers, team leads and business owners. This is a BNY "Quota" simple as that. Don't make excuses for these m0r0ns.

@VTGDW1p-4lfi, I’m curious to know where you’re getting they are mandating that a certain percent has to be rated below target? I’m a manager and have no clue what you are talking about. If an employee is rated “below” it’s because they didn’t perform where they were expected to or didn’t do simple goals on their yearly goals. That’s not the companies fault, that’s the employees fault

The worst practice is mandating a percentage of employees must be rated below target. Often it’s completely unwarranted and people are blindsided. It’s demeaning and demoralizing.

Any layoffs at 1735 Market Street Philadelphia PA

I should have seen it coming another employee on a different team was let go and replaced with a contractor two weeks ago

Just got laid off today August 19th in the New York Office by the WTC it’s happening everyone

When you start laying off good people, the ones remaining will leave as well on their own accord.

Taking multiple employees used to caring for clients and putting them in a call center. I'd quit if that were me. Sounds like a way to get them out.

I heard August 19 & the Monday after Thanksgiving. They want everyone out of Brooklyn this year so they save $17MM in rent. A large client is leaving Oct-Nov. That means at least 20 people will be let go. I heard there is not enough space in the new place for everyone left in Brooklyn. That is why everyone left has not received a move date yet.

Heard big changes in August.

I believe this 50% reduction may be something picked up from the IT division under Bridgette Engle. In a recent town hall Bridgette and other execs mentioned that IT has 15,000 employees and that they feel this work could be done with 8,000. This was in reference to IT employees needing to be "stars" where if they had 8,000 star employees then the division could in effect be halved.

I have heard in recent OST (my IT group was moved to this shared tech group recently) where mngt is saying that employee reductions will continue since they need to be leaner. But no official mention of cuts - just that we should all be working hard and be scared the entire time.

Where did they announce last week they were reducing staff by 50%?????? That’s not something anyone at the job is saying. If you are going to throw that around, provide a link to the announcement! Otherwise it’s scare tactics for your own purposes.

BNYM had a round of layoffs earlier in January, 2019. They announced last month that they would be reducing staff by 50%. They had layoffs again in May (this week) and they will no doubt have more before the end of the year.

Speculation is that there is a buyout or merger in the works, the big name around it is J.P. Morgan Chase but I think Bridgewater is in the running as well considering how much BNYM owes them for their failed 5 year attempt to bring them on to their middle office package.

If you still work for BNYM, hold on to your job, life after the change will be better. If you don't have a job, take what they offer you... but plan on sudden unemployment just in case. Do not leave your job to work there... not only do you have to face a very unstable future, you'll be working for a company that does not have the ability to support you or your professional growth.

Options or ESOPs I would understand, but why be in BK stock in the 401K? That hasn’t been required since the famed Enron fiasco in the famed 1999-2000 Clinton corporate corruption “no controlling legal authority” market crash. You’ve been going sideways or down for a very long time for no reason. The rest of the market has been on fire for 8 years of Obama’s quantitative easing (actually flat when adjusted for currency devaluation) and Trump’s 2 years of deregulation and trade... a real growth & worker oriented economy not seen since JFK & RWR.

The 401K offers an S&P 500 index fund. Do you believe that BK is better managed than the average of the 500 stocks in the index? Even if you believe this, you lose the safety of the diversification you’d obtain with the 500 Index.

So happy I reallocated my 401K severely decreasing BNYM stock prior to the recent 10% decline of stock price.

CNBC

Americans over 55 suddenly losing jobs at fastest pace in 4 years

https://www.msn.com/en-us/news/markets/americans-over-55-suddenly-losing-jobs-at-fastest-pace-in-4-years/ar-BBVENNG

I heard asset mgmt was hit hard monday — any truth to that?

Right management keeps calling me and i keep ignoring them. Honestly i was laid off jan 14 and the following week i had two interviews i got on my own and i accepted an offer last week - more money and better benefits. I dont think Right is worth it. I only signed up w them so bnh would get charged. If you have good experience and a good resume you will be fine :)

It’s 2 weeks per year of service or a minimum determined by grade level, whichever is more.

You are right, if you are up there it makes a difference. But what I stated before is the rule of thumb. Are you working with Right Management. If so, what is your experience? Is it worth the time?

I think it depends on job grade. I was laid off and am being paid til april - full salary/sub whatever you want to call it - unless i get a new job before then. So that gives me about 15 weeks of pay

You get 2 weeks for every year you worked for them

More happening in Pittsburgh today, seems like front office is getting hit. Does anyone know if they changed the severance? Have heard rumors it was changing to only 6 weeks, can anyone confirm that?