This has not been a fun weekend for me. I keep wondering and worrying if there will be more layoffs next week, or the one after.
I'm trying to figure out if there has been any official info on whether layoffs are done for now or if we can expect more in the near future?
The class action everyone keeps talking about needs to be clarified. You should be informing people to save customer emails of recognition and past performance reviews. The ONLY class action that has teeth is to take legal recourse against the company for loss of reputation causing undue hardship to find employment (result of the shady practices to rate employees below expectations which can be proven) and another legal recourse is against the company for circumventing the pension protection act regulations by targeting folks specifically to have them take the lump sum payouts. People need to stop approaching this as if you have a case for ageism.
More layoffs this week and next. Same plan for February. I urge you to file a report with HR if u feel that you are being discriminated against. Join forces with others. Class action suit is being filed.
They will try to get you to take your pension benefit as a lump sum, rather than paying monthly upon reaching retirement. This removes it from their balance sheet. This allows them to have access to capital in the future that otherwise would have been on hold. Also, the pension plan is costly to administer which is another reason they will try to include a lump sum pension payout with your SUB package.
How are they saving money on pensions, if they stopped funding them in 2008? Or whenever
Until Charlie leaves in a couple years from now. Just like he dirty did Visa employees...the method for considering who is being let go - if you have more than 10+ years of service and you have a legacy pension in play, you're up for possible layoff...all depending on how much your manager is willing to fight for you versus other managers trying to keep their staff in place.
It's the pension that makes you too expensive to maintain as an employee. Has nothing to do with ageism as some have speculated. This is why a lawsuit will yield nothing as you have folks of all varying ages being let go, although it does impact those in the 40-55 age range disproportionately.
Charlie is a head cutter, it's his area of expertise and the sole reason he was brought on in the first place. It's known as project restart by Charlie and his cronies.
Cuts will be cyclical going forward. This is the new normal.
No official communication; that is not how BNYM works. Rumors are that layoffs will continue at least through February. Its a really sh--ty time to live through.