Is there any truth to this? This is roughly 10% of the workforce. Heard it was AI related (same as other companies are saying - fire thousands of people to invest in AI).
There is now even a freeze for hiring contractors.
Makes me sick working here.
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It's fcked, my team has reduced by 50% over the last few years, now instead of doing what I was hired for, I'm doing that and all the admin of HR/regulatory/reviews etc.
"Can't you leverage Eliza?" No, I can't because it's garbage. Chatgpt is never going to integrate with internal systems that were designed 30 years ago.
@xa, it's not nice to lie.
Right from the main page at layoff.com, "The purpose of this site is to provide a space for anyone who'd like to discuss the possibility, likelihood or impacts of layoffs in a company of interest."
@xa that person can’t possibly work for BNY unless ex Goldman, one of their friends or recent college grads. In that case, they may not get it. BNY is a horrible company to work for unless fall into one of the categories I mention above. Beyond unethical.
@kr you're on the wrong website, buddy. This is an outlet to vent and expose unfair practices with your employer. Bye!
@kx womp womp? Do you actually work for BNY? If so you must be isolated. I’ll skip the venting but let’s be real. BNY is the most unethical company in the industry. Fake performance reviews or maybe no performance review, termination with no or maybe minimal severance, everyone walking on glass. Horrible culture. The 4500 number in May alone seems high but more layoffs are coming no doubt. I would encourage anyone unjustly treated by BNY to legally challenge them. They have no capacity to fight you back and will pay you vs going to court every time. If anyone reading this is ex Goldman Sachs, one of their friends or a recent college grad this does not apply to you and everything will be fine. For others, it’s not fine and I sincerely wish you the best.
@a3 crashing stock market is a win for bny. We did so well in 2020 when the market crashed in response to covid.
It is very likely true as BNY has invested so much in AI so they need to somehow recover their investment. Time is ticking as investors start to realize AI spending does not materialize in higher returns: so be prepared for more aggressive cost cutting esp in high cost location.
Funny how HR managers continue respond to employee feedback on layoffs by punching back, stirring the pot and creating agitation. Why would anyone argue???!!!
@ks My message to all the whiners and complainers here: womp, womp
Information of any kind can be used for good. Complaining about complainers is funny
I have a feeling that this whole forum is loved by real losers that just whine and complain and don't want to do anything to improve their lives and careers, and actually have the capacity to find something different and better. It's like the never ending "everything su-ks" routine in every message. Patheric.
Stop doing extra. Doesn’t matter what you do, they’ll terminate you to offshore your job. They are just using whoever they can until they can get AI and running or give it away to india. Fu-k this place. Make sure you have no notes or procedures out where anyone can access them . Keep info to yourself too. Let them crash and burn
I just dont give a f anymore. I have never hated this place more and these senior POS need to go. How tf are you a foreigner with an investigation case against you from GS and taking jobs away from americans. All while here living in nyc pretending to be one of us. You arent so fu-k off
@a2 hsbc is slashing 20k for AI and MS a couple thousand.
Where’d you hear this?
@bm Spot on! The P-O-M model is completely designed to lower overhead costs and headcount. No mystery there.... Product Owners, Scrum Leaders, RTEs and STEs are treated like STDs! The human resources are simply the unwanted remnants of the ECs crusade to cost cutting chaos. The ideal would be to have more digital agents and fewer resources so more $$ drops to the bottom line. Management takes action by Scrum Leads to 3 or more 4 pods to manage process flow. What do they care? The workload and the process don't matter as much as trying to figure out when and where to bury the bodies. This is the future of work.
The problem is, they cut staff, groups and people are already overworked, but people just work more hours so it’s a win-win for our buddy Robin and his 50 million in total comp he collected last year. quit working more than the 40 hours you’re paid for. It’s not gonna save your job. Use that extra time the job hunt or get a side gig.
@a9 that’s just your email retention (6 months). Has nothing to do with what you’re saying.
IF we lose an additional 10%, there's a he-l of a lot of work that's going to get done very slowly or not at all. In the groups I work with, we're already there.
@a9 that group means your email will be saved for 6 months. that's the default for most employees.
@bf the intended goal of the P-O-M model has always been about lrexuving cost and headcount. The model is a McKinsey designed and BNY implemented org structure that continues to evolve with continued challenges. Resources are not excited about the model and the productivity gains and client benefits remain to be seen. Dermie is in charge of P-O-M model changes as he is responsible for P&L upside from a leveraged cost basis. Look for more realignments and offshoring within this group in order to achieve their targeted cost savings objectives. There are no good deals or career growth opportunities coming from the P-O-M model. You know it, they know it and even the seagulls cra&ping on my deck know it!
The economy, along with the stock market is on fire.
next p-m wave has two different saves total 10% like any p-m activation. lots of contractors definitely getting axed too. prob sprinkle in any 4s and 5s groupings while youre at it
@aa, what do you mean sliding??? BK is up YTD and up 40% YoY.
@a9, with that number of people, are you sure it didn't say retrain? lol
@af Thanks, I didn't think of message retention :) That makes sense.
@a9 the 6 month retain is for outlook and teams messages they disappear after 6 mthd
Is the communication from the CEO sent to certain grade levels this morning coincidental? It’s titled “Reimagining BNY (with AI at its core)”.
There will definitely be layoffs in May although I have not heard the amount. There is a P-M activation that will trigger a 5% reduction. Good luck to everyone in that wave.
The original plan from end of 2025 was 5% of the workfore. With the stock sliding, maybe they've raised it to 10%. Whatever the release plan is, it will stealthily avoid regulatory reporting where statutorily possible, ie, avoiding WARN notices, etc.
I noticed a tab for "Memberships" when I hovered over a name in an email I was sending.
One of the groups listed under memberships is name "ArAMS6MoRetain" and has 41,440 members. My name was on it.
I have no idea what this group is, but could it be people they want to keep for at least another six months? Let the conspiracy theories start now :)
And the job market is brutal right now - applied to almost 50 position, heard back from 2, got 1 interview scheduled.
There will not be a change in direction until the stock price crashes. Or the entire market.
I know it’s coming but for me it was labeled as “change in priorities”.
Not entirely sure about the number but other companies are slashing around 10%, I’m sure RV will join them, great opportunity to fire people to offset all the money spent to build the useless employee of the year Eliza