https://nypost.com/2019/06/04/bank-of-new-york-mellon-quietly-canned-five-from-bond-team/
10 replies (most recent on top)
njx ... far from funny, but letting people go for cost savings actually is a business reason. Grade L or above with over 15 years tenure and 50+ yo is certainly the bulk of the people cost. Backfill with junior talent and many will cut it. Those that don’t can always be mixed into a future round to even out the wave demographics.
New article in today’s NY Post continuing the dismantling of Markets.
I’m 51 and last month I got a job offer at BNYM to which I decided to decline. I’m glad I avoided the circus at BNYM as a month later I got a much better offer at a much better company.
I'm 60 and was let go in January.
But they seem to be keeping 60+. Maybe they expect those to retire, and not need a SUB package. So they are keeping cheap experience. Diabolical, but not stupid.
Funny they claim they let someone go for a business reason. Everyone whose been let go recently was a grade L or above with over 15 years tenure and 50+ yo.
The cuts are the most recent wave of layoffs this year at the bank, which was started 238 years ago by New York Post founder Alexander Hamilton. As of the end of March, Bank of New York Mellon had 49,800 employees, down 4.4 percent from the same time last year amid cost-cutting efforts by CEO Charles Scharf .... The veteran BNY Mellon staffers increasingly feel that they are being squeezed out by the newcomers, one source said.
Maybe cheaper, too.
Finally, some New York press! I was beginning to think that Charlie was paying them to keep quiet.
Come on. All they are trying to do is "optimize our global business structure to increase efficiency, enable faster decision-making and better serve our clients".
Seems like another day in the office.