Work for Global Tax area. Hearing a lot about moving work to outside vendors to streamline processes. Basically means Outsourcing work , then layoffs. The only way this company can improve the balance sheet is to eliminate positions. This was the first lay-off that affected this area. I’m sure there is more to come. If nearing retirement or there a long time, ride it out and get your package. If your young, update your resume and send it all over the place. There is no future in this company!
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@ivit everyone thinks this about every other practice/department at BNYM but their own fiefdom, often their own direct management, and especially their management two or more layers above. Excepting the lack of self awareness, in virtually all cases, everyone is right. the rot has settled in everywhere.
So both of you are saying that the global tax practice is uncompetitive and overpaid, anyone involved better get the hell out, and so far everyone agrees with this? Weird.
If it's cheaper to pay someone else who's even making a profit margin above what they're paying their employees to do instead of letting internal people do the work as a financial services company, that's a damning indictment of corporate inefficiency