There will be a big volume of lay offs next week across all groups and more to follow in February. Work from home and other soft benefits will be a thing of the past, decreasing employee numbers is the intended end goal.
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Will a BE sure to go this round ? Or not possible to keep a BE ?
37 years equals me 52 weeks pay. my friend was here 20 year got 42 weeks. and my last co worker worked for 40 years and gets the same 52 weeks pay.
I am in the same situation, more than 3 decades of never having a negative review and here I am. More to say once I am one of those unfortunate ones. Good luck to you all and wish you nothing but the best in your new jobs.
severance is being paid every two weeks, no lump sum. get a job you lose what ever severance is still left.just like bny mellon to do severance in a way that benefits them.
Is this coming from just the bank or also Pershing ?
Fired, really? I thought it was "your role is being made redundant"
Chandresh was fired..How many more capable resources will be fired without any reason?
Please let us know the total count of people fired today? Will it be the same story for india or those Indians will be let off?
Agreed and hope he feels that pain as well.Soon middle level managers will feel it too as there will be fewer managers in the near future than there is today.
Charlie is the WORST CEO eediot (sic) for BNY ever. He will get RICH but I hope he suffers from BAD KARMA and BAD HEALTH and ROTS forever. What he did and is going is IMMORAL.
Many ratings are fake and false. So far Charlie Scam your rating is WAY BELOW Expectations and you should be fired. BNY will face bad consequences. Charlie has no ethics no ideas no talent, he is just privileged. He has done nothing to increase Revenue. He is earning money by firing others.
Where is our President now for giving all the big Tax breaks to Guys like Charlie.
What level or how long were you there to get 52 weeks pay? Any info would be great. Thanks
Was 2018 bonus discussed ad you worked all year and deserve to have one
Yes you can collect unemployment for sure.Im sorry to hear what happened
I get 52 weeks pay with benefits as per HR rep. They said I can collect unemployment also, I'll have to look into that
Can anyone confirm rumors about changes to severance packages?
Just got laid off after 37 years service. Mellon Bank the Neighbor you Can't count on.
How can he lead the Company when there is zero respect for him.Loyal and dedicated ,talented people forced to leave just to meet a forced number.Agreed offer a package to all and volunteers would come out of the woodworks.Thats the moral and ethical approach obviously not looked at here.
They would be much better off if they offered a generous voluntary leave package. Yeah it would cost $ which this dump doesn’t like to spend, but it would be oversubscribed and they would save big salary $. Oversubscription would cause problems & hurt client service but it doesn’t seem like Scharf gives 2 c-aps about that!
There’s a dark cloud hanging over BNYM this morning.Layoffs are a natural part of businesses but forcing lower level managers to rate employees below expectations without cause is a new low .Although legal it’s borderline disgraceful.Good luck to all who don’t deserve this ending here.
I have already seen a couple of people who left Bnym. I dont mind being layoff but please give a decent package.
Correct on two rounds. Below expectations is basically a lay off sentence, but people rated at meets expectation and exceeds will also be on the lists. Decisions have been made at the top of the house with no understanding of the actual work or structure. If you make this round, follow the advice above. Get yourself in a good situation outside of BNYM. January numbers will be 1,500 plus.
Falsifying performance reviews where managers know it's wrong just to meet a quota .Its hard to believe that a Company that claims to be a leader in the industry is referring to such low tactics.
Managers are now required to mark 10% of their staff below expectations. Those marks are then used to lay people off or terminate them. Then you have to adjust the remainder of your staff so you still have 10% below expectations, and so goes the loop. Funny thing is the manager they report to must do the same. At what point does this ride end?? So glad we just raised many people up to minimum wage only to lay them off.
Well said.Layoffs are common in any industry.The issue here is management has not generated any new business revenue streams so they are taking it all out on associates The stock has underperformed since the only new way to make money is to reduce staff.Forcing middle level managers to rate someone as below expectations when they are dedicated and hard working and clearly has met their goals is completely wrong .Who would feel safe working with this type of atmosphere?
All things written here are true. From the rotation of experienced workers to outsourced cheaper foreign labor, and the managed reviews used to eliminate staff. My manager even confided to me that he didnt even write certain parts of my review when I questioned how they can say that after taking on more work from the last layoff. Training my replacements in india, while working without breaks everyday . More worrisome is how these reviews meant to benefit them for severance will affect the workers once their searching for new employment. If there is ever a class action suit I will be right there. Document your work history. This is totally unethical and should be illegal to ruin peoples careers for the sake of cost savings.
Strange how a 20 year associate with good reviews goes from that to below expectations in just 120 days.Its probably legal but it’s unethical and wrong even if a court would disagree that its within the right of the Company
NO I was doing my job. My manager even said it didn't seem right but she was forced to rate someone as does not meet expectations. My evaluation was excellent and then at the end she said you do not meet expectations. I was told of all the positions in my unit mine would be the less needed position if they needed to get rid of someone. They would distribute my work among my coworkers.
I assume out the the 10 percent they will eliminate 50 percent of that oool
Most large firms have this policy of rating 10% of staff below expectations. What are you going to do, fight BK in court? That's how they manage people out the door. They all say, you weren't doing your job.
Fabricating a performance evaluation is immorral, unethical and should be borderline illegal
yes and also Scharf is forcing managers to rate one person in each unit to not meet expectations! I am one of those. I been here for decades and just rated before Christmas as does not meet expectations. This is the first time I ever had this low evaluation. I was shocked to death almost. I hear from others it is happening not just to me but all over. How can this be legal. I smell a class action lawsuit. So will these associates be fired or first to be laid off? All my hard work and dedication unfairly being rated.
Do anyone know which groups will be impacted? And how many in NYC?
There is a round on 1/14/19 and another round scheduled for 1/19/19 after mlk day. Too many cuts for HR to support so they had to do waves. This is confirmed by someone close to the events at hand.
Layoffs DEFINITELY happening on 1/14/19 and more to come. If you survive the first round use your time & big 2% raise wisely and be prepared. You could be layed off next or get the joy of doing the work of 3 people for very little money. Charlie is going to run us into the ground and walk away a very rich man. Sham on him and BNYM!
I think you are talking about State Street here.
Theres been no mass layoffs mentioned, or planned at BK.