I listened in on the OST weekly conference call yesterday. The budget was discussed through eom may. Our business was recently moved to OST. it is very interesting that the budget was discussed at all. The OST group is over budget in every category. It was supposedly worse since the budget states there were some savings found.
Biggest item over? Contractors. How can we have so many contractors? BNY laid off so many people over the past years but work still needed to be done. Maybe qualified employees could have been kept and the overall budget wouldn't be so bad.
The worst part of listening in was the fact that those in attendance were laughing at the situation. I couldn't believe senior people in OST would have disregarded the situation since we know this calls for more layoffs.
One more thing - Hood mentioned about employees posting for new jobs. His concern was for the company first and not the employee. He did come back and mention that employees shouldn't be kept more than one month while transitioning to their new job. But, Hood's main concern appeared to be that of BNY and determing whether the employee really should be allowed to switch jobs.
This situation makes it perfectly clear that BNY does not care about its employees. Yet again.