Sorry guys, but I don't think any of this should have come as a surprise. Bony has been unable to hold on to talent (front and back office alike) for the exact reason that the layoffs are happening - a culture of complacency and mediocrity, unwillingness to change, inability to reward its best employees. This was a problem at all levels of the organization (which is why I, and many others, left as soon as we saw that). Too many managers stuck in their old ways of doing things, no growth for junior/mid level talent - instead rewarding mediocre employees - these are the ones who stay behind simply because they don't have the ambition or transferable skills to work anywhere else on the street. Perfect example is the analyst rotational program - how many "emerging leaders" has the company managed to keep over the past few years? Not many. BNYM needed to clear out the ranks to make room for strong performers - otherwise you're just stuck with the leftovers. Just my two cents.
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All true, the only emerging leaders they find are at the "bar" and at the "gym". You only need to hear them speak for all of 10 seconds to realize they don't know anything. Their APAC managerial staff is the biggest joke in the industry. Do you really want to work for such incompetence? Check out the red faces working there - they are red from their "liquid" lunches not from the aggravation, though that could be a factor as well.