Whoever is picturing these layoffs as part of some plane restructure or a strategy i sadly mistaken. There is no strategy, no pattern, no method, they are laying people of wherever it is possible in a panic urge to save cost and keep the company afloat for a while longer. Layoffs are performed on a big scale in overseas locations where the work once went cause it was cheaper,. If that doesn’t tell the story, I don’t know what will.
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The current remaining employee count reported in media was 50,000 employees in total, assuming 5000 employees were laid off worldwide ..
Layoffs offshore could be because they did not work out as expected. Good, smart workers but not as experienced as the seasoned staff that were let go some years ago when we expected cheap young workers to take their place. Bottom line, we may have lost money on that deal and its not getting any better.
But BNY is laying off everywhere, and with 55,000 employees, they can probably afford to trim a bit more. But they’d need to layoff many before before it will seem like a “fall”. Time will tell...