I don’t understand why you people are so surprised by the layoffs. They needed to do this years ago. BNY Mellon needs a severe culture change if they want to attract younger talent to work here to move this company forward if not they most likely will merge with a Goldman or a JPM. The next round of banking mergers is upon us.
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Do you have a source for this, or does it just feel "truthy" to you"
"In every industry from software engineering to railroads to aerospace to financials the younger generation is simply producing more error free work than their elders. Their work is qualitatively better, and by a considerable margin."
In every industry from software engineering to railroads to aerospace to financials the younger generation is simply producing more error free work than their elders. Their work is qualitatively better, and by a considerable margin.
Younger talent, Ha. Don’t make me laugh. Cheaper talent, you mean.
@auv well, the employable will land on their feet. I expect that there are quite a few who will never have it nearly as good as they had it at the Boneyard, and they know it
Why do you think someone from Apple or Facebook would know anything about running an investment bank? Remember when they got the Apple guy to run JCPenney or the Pepsi guy to run Apple? How about that guy that just left Intel a wrecked shambles? The cross industry thing doesn't work so well.
If there’s a problem with BNY Mellon’s culture, it’s that we have too many damned senior executives coming from other big name financials, and we’re so culturally inbred that we can’t get innovative ideas rubber-stamped here. “We didn’t do that at JP Morgan/BOA, so why should we do that here?”
If Charlie wants change and innovation, he should fire some people several levels below him who come from Wall Street and hire some senior execs away from Apple, Facebook, etc. Changing out the people too far down without clearing out the trash at the top will result in nothing changing at all.
If you have 5+ years of service, why leave before they "walk you to the door?" MAKE THEM PAY! Not sure why all of a sudden this is a huge deal. Mellon has done this type of thing pretty much quarterly to make their budget goals for over 20 years. Trust me, IF you do get cut, life goes on - maybe at BNY Mellon, or maybe elsewhere...all will land on their feet. But MAKE THEM PAY = don't leave without that SUB money!
This is just a job for 95 percent of people here. We have a life outside there bank. This merely pays they bills. If you live in Pittsburgh, it is BNY, PNC, Highmark and UPMC.