Are you noticing more entry level, VP or senior/director employees being laid off this year? I saw a series of lower level employees get let go but then periodically I’m seeing VPs and other long term employees get axed for no reason too. What even is their goal here? I get they are “restructuring” and AI but this just feels like teams are just on life support. What percent odds do you think they will reverse course in the future? How often do directors and above get let go? Has ANYONE seen someone higher up get let go apart of this?
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Seniors/Directors are let go as well, they undergo the same performance management process as any other employee.
Keep in mind your performance is compared to peers at your grade level across department, not compared to some junior team members of your team.
Overall, the bank has too big headcount so do not expect much change in the future.
@cx The cost saving are immediate. A gem to raise on the next quarterly reporting call.
The costs in lost institutional knowledge and senior expertise take longer to recognize, and they are not on any income statement or balance sheet line item. But these costs are real.
So the fastest way the ceo and his cronies to get a really fat bonus is to cut headcount which instantly drops operating expenses on the balance sheet..this equals to more profit and higher shareholder price which yields higher bonuses.
Think about it, if you were ceo wouldn't you want to sap as much money as possible from this company and then just leave...who cares about the broken down mess of a company you left behind?..what matters is that YOU will be wealthy!
I have seen peons and management let go in droves. Meantime, India is growing tremendously and even coming HERE in droves!
@a7 facts. I don’t see any incentive by anyone to reverse course as long as the executives are getting their shares
I don’t think it’s entirely a job grade thing. I think they now use an inverted matrix where high performance=layoff and low performance=promotion. In the HR office too I noticed everyone had weird games on their desk like dice, darts and other games of chance. Maybe that’s apart of their process too. It’s gotta be with how random and unpredictable their choices are.
Reverse course?
Only when BNY is sold, parted out and in name only.