Lower managers are to blame because they hire good and bad people but are to chicken to get rid of bad people. Remember mentality is still to equate power with how many people report to you regardless of their quality. So upper management have to do the job of lower managers and lay off people. Some good go with the bad. Simple.
Posted by @YI7Su0A-mmlf, very true.
Bjp apologies if you're offended. My problem if you want to call it that -l don't - is with weak and spineless low and middle people-managers which I can't call you one (if you happen to a manager) since I don't know you. But managers measure their power and control in head count that's what a pyramidal command structure means. Show me a lower rank manager who will voluntarily cut his/her head count. Maybe you know some I have never seen any on the contrary...
Haha. Obviously, you are not a manager, at least not at BNY since you have no idea how things work. Got a problem with authority figures, maybe?