Are BNY Mellon Layoffs A Sign Of A Bigger Economic Problem?

Anyone from 2/18 layoffs having issues getting unemployment in ny because they received lump sum payment? Is it just me, or are they handing out pips like candy these days? Not just to low performers, but to people where it makes absolutely no sense? In the short term, bny mellons layoffs can reduce operating costs and improve profitability. By cutting headcount, the company saves on salaries, benefits, and other expenses associated with employees.

Layoffs planned office closures and headcount reductions the bank will be taking many opportunities to reduce headcount, focussed on higher paid staff with longer tenures and located in offices away from regional hqs. Bank of new york mellon corp is planning to cut around 3% of its workforce this year, a source familiar with the matter told reuters on friday, joining a number of wall street firms in trimming headcount to cope with turbulent markets. With a headcount of 51,700 at the end of 2022, bny mellon is the latest to plan retrenchments as interest rate hikes jeopardise economic projections and discourage dealmaking. The layoffs will focus on management positions. The loss of bny mellons jobs is expected to have a significant ripple effect on the local economy.