Robin Vince says BNY Mellon employees will circle back to bureaucracy in 2025.
Saul Loeb/AFP via Getty Images
BNY CEO Robin Vince said the bank is currently in aΒ "recharge period" until 2025.
Employees at the finance giant are encouraged to focus onΒ "core business activities."Β
The move is part of a larger push by the bank to provide mental health support to its workers.
The CEO of Bank of New York Mellon Corp. says it's OK to be more laid back at work during the last weeks of the year.
Robin Vince, who also serves as president of BNY, announced Monday that the bank is bringing back its end-of-year "recharge" period for its employees.
Beginning December 23, a spokesperson told Business Insider that BNY employees are encouraged to narrow their focus to client andΒ core business activities, postponing more routine items until the New Year.
Non-essential activities, like internal meetings, work that isn't time-sensitive, and in-office requirements, will be paused until January 3, they told BI.
In a LinkedIn post, Vance said he's "missing the free Starbucks at our global HQ, but it's worth it to be able to spend more time with my family, all home together, while taking a break from the more routine work to really focus on what matters for clients and driving our company forward these next two weeks."
Vince told Fortune in June that BNY asks employees to be in the office "more days than you're not." BNY first introduced its two-week recharge in December 2023 to allow employees more time to focus on family than non-urgent work tasks.
It's part of a larger push by the bank to improve compensation and benefits for its employees. BNY announced Thursday that it'd increase the minimum hourly wage for US employees from $22.50 to $25, starting March 2025.
This year the company also partnered with Spring Health to bring more mental health services to employees and their families.
"We want talent to feel appropriately compensated and enjoy an industry-leading employee experience β and benefits are a part of that strategy," said Shannon Hobbs, chief people officer at BNY.
Lyft has sued San Francisco city for unfairly calculating its income taxes.
Pavlo Gonchar/SOPA Images/LightRocket via Getty Images
Lyft sued San Francisco, saying it was unfairly charged $100 million in taxes from 2019 to 2023.
Lyft argues the city's tax formula unfairly includes passenger payments as revenue.
The lawsuit highlights global gig economy debates over worker classification.
Lyft has accused the city of San Francisco in a lawsuit of overcharging it $100 million in taxes over five years, arguing that the city used a calculation that doesn't reflect the ride-hailing firm's business model.
The lawsuit, filed at the California Superior Court in San Francisco, said that the city calculated Lyft's 2019 to 2023 taxes based on the total amount passengers paid for rides. But Lyft said it makes money from what drivers pay to Lyft, not what passengers pay to the drivers. Drivers make at least 70% of what the passenger pays, according to Lyft's website.
Lyft considers drivers as customers who use its service and not employees, the company said in the state court complaint. The city's formula is "distortive and will grossly overstate Lyft's gross receipts attributable to Lyft's business activities in the city," the filing said.
The filing said that the US Securities and Exchange Commission does not consider driver's fees as part of Lyft's revenue. Driver fees are also not recognized as income for income tax purposes on a state or federal level. Lyft is seeking a refund for the amount it overpaid.
Lyft and the San Francisco City Attorney's representatives did not immediately respond to a request for comment.
"Lyft doesn't take operating in San Francisco for granted and we love serving both riders and drivers in our hometown city," the company said in a statement to Bloomberg on Wednesday. "But, we believe the city is incorrect with how it calculated our gross receipts tax for the years 2019-2023."
The complaint is another example of ride-hailing andΒ quick-delivery platformsΒ like Lyft, Uber, and DoorDash making it clear that drivers on their US platforms are gig workers, not employees. Having drivers on a payroll would mean paying employment benefits such as vacation and overtime pay, minimum wage protection, and health insurance.
Last year, gig economy companies scored a big win after a California appeals court upheld a law that classified gig workers as independent contractors, not employees. But that argument has not always worked out for these companies in other markets: In 2021, the UK ruled that Uber drivers must be treated as company employees and not independent workers after a five-year legal battle.
Apple is exploring new areas to create more hit products.
Mladen Antonov/AFP via Getty Images
Apple is exploring new headsets and smart-home devices to expand its lineup.
Its plans don't always work out;Β it scrapped a car project and faces weak demand for the Vision Pro.
Apple's future profits depend on the success of devices other than the iPhone.
Apple's possible future product lineup suggests the giant is entering a new era.
Many devices are reportedly in the works at the tech giant, and many of them are very different from its golden child, the iPhone. Apple followers including the Bloomberg reporter Mark Gurman and the Taiwan-based supply-chain analyst Ming-Chi Kuo have said it's exploring new headsets, smart-home devices, and more.
The tech industry has long speculated about Apple's next big thing. The answer may lie in the slate that people have been reporting on for the past several months.
Creating a hit product isn't easy. The company in February scrapped plans for a car, and its $3,500 Vision Pro has gotten mixed reviews in the months since its release. On November 10, Gurman said Apple was focusing on smaller wins that could generate revenue on the same level as its iPads or wearable tech.
That requires Apple to tiptoe into new territory where competitors may already be making strides.
Bloomberg, also in November, reported on a wall-mounted smart-home tablet in Apple's production lineup that could operate home appliances, use Apple Intelligence, and access Apple apps.
The report said the project, code-named J490, could come as early as March, a month before new Apple Intelligence features are expected to roll out.
Though smart-home tech isn't a cash cow for Big Tech, another futuristic smart-home device is said to be on Apple's radar: a tabletop robot with an iPad-like display and a robotic arm.
Analysts from Morningstar, Deepwater Asset Management, and EMARKETER were skeptical about the device's profitability β or the probability of its existence β when Business Insider asked them about it in August.
Apple is also reportedly developing a smart lock and doorbell system, Bloomberg reported on Sunday. The device would allow a person to open their home's door by scanning their face, the report said. It's unclear whether the doorbell system would work with existing third-party locks or if the company would partner with a lock maker.
The technology could certainly introduce competition to Amazon's Ring and Google Nest. However, the report said it's unlikely the product would launch until the end of 2025 at the earliest.
Meanwhile, Kuo, known for his often accurate Apple product predictions, said in early November that the tech giant had delayed production of a cheaper Vision Pro to "beyond 2027" and would move ahead with a Vision Pro with its M5 processor and Apple Intelligence for 2025.
In the wearables category, Apple is said to be exploring AR glasses β perhaps inspired by the prototype Orion glasses Meta showed off in September β though they're far from production stages. The Morningstar analyst William Kerwin previously suggested that smart glasses are likely Apple's ultimate eyewear goal.
CEO Tim Cook, who's been in the role for 13 years, is guiding the company into a new future. The next line of products Apple launches could solidify his legacy.
I grew up one of six kids in Atlanta. When I was around 11, my dad was taking me to get my first cavity filled. I was super nervous, but my dad, it turns out, was thinking about money. As we walked in, he said, "Don't get the novocaine. It's $20."
That anecdote sums up everything about finances in my childhood home. My father worked for the power company, so he always had a job, but he was never rich. I had everything I needed, but scarcity was the subtext of our economic reality.
That's very different from how my own kids, who are 13 and 15, are being raised. I was one of the first 250 employees at Facebook. I left the company about 13 years ago, but due to good pay and stock options, I'll likely never need to work again as long as I make smart choices.
My son asked if we were hiring a private chef
That means my kids are growing up in a very different financial reality. When my son was 7, he came home from one of his even richer friend's house. He said, "When are we going to hire a chef?"
The reaction in my head is one I can't repeat here. I wanted to yell, "A chef? The only chef I grew up with was Chef Boyardee!" But I realized my son only knew what he sees.
I joked about sending my kids to middle-class camp at Grandpa's, where they had to face horrors like having a fan instead of air conditioning. I approach the difference between my upbringing and theirs with humor, but the truth is no one imagines raising kids in an economic situation that's so vastly different from how they were raised.
I want my kids to learn to prioritize financial decisions
One book that's helped me greatly is "The Opposite of Spoiled" by Ron Lieber. He talks about the importance of giving kids allowance, because that allows them to make mistakes with small amounts of money.
My wife and I give the kids a modest monthly allowance. That means we don't have to talk with them about money every day, and they weigh up whether they really want something, like a new soccer ball.
It's important to me that the kids know that money isn't in endless supply. If they buy X, they might not have enough money to buy Y. Although I have substantial wealth, I still prioritize my financial decisions.
For example, I could fly private, but that would require me to work in a traditional job to have more income coming in. Yet, it's more important to me to be able to do the type of work I enjoy, comedy, which happens to pay less. I value professional flexibility more than the status of flying private or the joys of getting to skip TSA, so I prioritize that.
Financial security has let me chase my dream
I've loved comedy since I first got onstage at Dartmouth College during grad school. My parents paid for college, but I had $80,000 in student loans for graduate school back in 1997. That financial reality meant that I had to take a traditional job in the tech world rather than chase my dream of being a comedian.
After working in tech for a few years and paying off my student loans, I quit to pursue comedy full time for two years. My standard of living was still good because I had a lot saved. But when I met my wife and knew we wanted kids, I returned to the tech world because I wanted more financial security than life as a standup comedian could give me.
Working at Facebook ended up being a bigger home run than I could have ever imagined. I remember saying to my wife, "This might be as big as MySpace one day." I couldn't even imagine how big Facebook would become or the changes it would bring to my life.
Now that I spend time writing jokes about my financial situation and talking about money on my podcast, I've realized that happiness comes from making a choice to be grateful, not from a number in your accounts.
The author felt closer to her mother after she had her own kids.
Courtesy of Melissa Noble
My mom and I have always been close.
However, I didn't realize how much I still needed her until I had my own kids.
Becoming a mother helped me understand her unconditional love for me.
I've always loved my mom dearly, but after I had kids, I found I felt even closer to her. I never thought that having a baby would change my relationship with my own mother, but it did.
Growing up, my mom was the warm, fun, cuddly sort of mom who was always heavily interested in us four kids. We always knew we were loved fiercely and unconditionally.
I vividly recall lying in bed as a child, waiting for her to come and say goodnight. She would appear at my bedside and smother me in hundreds of kisses while I giggled and said, "Stop, Momma."
When I was little, life was always a great adventure with my mom. There were spontaneous trips to the drive-in movies. Fun family barbecues and mud flights at the local lake.
I didn't realize how much I still needed my mom
In my 20s, I wanted to stretch my wings, so I moved overseas from Australia to Canada, and then to London. I didn't see my mom for several years, and while I missed her, I was busy doing my own thing and seeing the world.
When I returned to Australia at 29 and had my first child at age 30, she offered to come and help. I was living in Melbourne then, so she flew down from the Gold Coast, where I grew up, and stayed with my husband and me for seven weeks.
I realized during that time just how much I still needed her. Navigating parenthood for the first time really does rock your world, but having someone to support you who has walked that road before makes a world of difference.
In those first few weeks after our son was born, mom was a powerhouse of energy. She cooked us meals, rocked my son to sleep, and counseled me when I cried about my post-childbirth body.
When I felt completely shattered from sleep deprivation and like I couldn't cope, she would take the baby out for a walk and tell me to catch up on some sleep. On days that I needed cheering up, she'd say, "Get dressed, honey. I'm taking you to lunch."
I remember watching her burping my son over her knee one morning in our little flat, and feeling like I was seeing her through fresh eyes, almost as if for the first time. Suddenly, I felt like I understood her better.
Having my own child helped me understood her unconditional love for me
I could finally relate to the boundless love that comes with becoming a parent. My husband always says my mom is my greatest ally and will defend me to the death, even when I'm clearly in the wrong. Finally, I got it. She loved me unconditionally, just like I loved my son.
I thought about the many sacrifices mom had made for me and my siblings so that we could have a better life. Growing up, she never blew money on herself. She didn't wear name-brand clothes or have the flashiest furniture or cars. But somehow, she and my dad always found money for us kids, whether we needed it for orthodontics, acne treatments, or our many hobbies.
When it was finally time for Mom to head home and I was driving her to the airport, I felt terrified. I didn't know how I would manage without her.
"I don't want you to go," I said, tears streaming down my cheeks as I hugged her goodbye. "It's time, honey. I'm only a phone call away. You'll be OK," she said, and then she was gone.
Mom was right, of course. I was OK in the end. She'd held my hand through one of the most life-changing experiences there is, and she'd helped me find my way. Just as she did when I was a child.
Β The author, not pictured, has found ways to cope with sadness around the holidays.
Dimensions/Getty Images
I was estranged from my mother for 11 years before she died.
Our relationship always gave me feelings of sadness, but they often intensified over the holidays.
Seeking therapy and embracing my emotions helped the me find joy amid holiday grief.
Tis' the season for joy, making holiday cookies in the comfort of your cozy kitchen, the smell of pine needles and sipping piping hot cocoa. But for many folks who are estranged from loved ones, including me, it's also the season for something a little less merry: grief.
My mother and I were estranged for eleven years. I say were because she is no longer earthside, but somewhere out in the ether, depending on who you ask. Of course, with that loss comes its own kind of bereavement. But before she died in 2019 after a methamphetamine overdose, our estrangement felt something like an eternal sadness, one that can't be taped over and wrapped with a bow β especially around the holiday season.
The months that mark the end of the year, a supposed-to-be-happy shift into a new year are, perhaps, the hardest months when you're estranged from a loved one, a friend or for many people, their entire family. For me, that was certainly the case. My mother, the person we all are connected to deeply in ways we can't always understand, wasn't around. She always loved Christmas time, but Halloween was her favorite, and as our eleven-year estrangement went on, I found myself a little melancholy as the spooky season approached. It went well into December, too.
We missed out on the wrapping of presents together, the jaunt to go look at the holiday lights or even watch silly movies about elves and St. Nick and those Hallmark movies she loved. And with every missed holiday together, it marked something we could never get back. Time. Memories. Joy. Sorrow. Love. This came and went every year.
Finding a way to cope
Amid our estrangement, around year three, I decided to find ways to cope with the sadness. I didn't want to stay stuck in this loop. After all, I wanted to enjoy the holidays, too. We all deserve that. So I set out to do what I knew would help me: I got a therapist booked out, every year, to talk to before the holiday season kicked in. Even if I didn't keep the sessions throughout the months, I found that having someone (a trained professional) to make a plan with β like what to do when I feel depression coming on or what I could do to help myself if I got angry messages from my mother β was a way to protect myself.
I always knew that, around the holidays, each of our feelings would be exacerbated. I'd feel the call to continue to protect myself, and she, a struggling addict, would feel the call to reach out to me and reconnect. I'd feel sad to not be able to hug her, and she'd, presumably, feel sad she couldn't hug me, too.
I used to imagine her sitting in her home that I'd never seen or been invited to before, and I'd wonder if she thought about me, or what we'd do if we were together. Over the years, I found that, instead of pushing these thoughts and feelings away, embracing them actually made things easier. We should feel all of our things, and even if they're hard, that is the reality of many folks who are estranged.
Living a joyful life
Making the decision to get professional help, and let myself notice and acknowledge how I felt, gave me permission to live in the duality: I could have complicated emotions and still live my joyful life. Of course, it also helped to confide in trusted friends, indulge in my Granny's Christmas cookies, head to the three-story mall with my little sister to shop for gifts and give myself restful days when I needed them.
Now, even after my mother has passed on, I think the process of grieving her while she was still alive, was somehow, more difficult than grieving her death. That's the thing about estrangement, it forces us to grieve a person who is still living, but who, in some ways, feels dead. Around the holidays, this always leaves me still with a sadness, that I suppose will always be there. But I can continue on.
A few years before my mother's passing, I got a card in the mail a week after Christmas. It was postmarked on December 24th. The address was one of a drug addiction treatment center, where she had checked herself in on Christmas Eve, a time when the holidays must have helped her reevaluate her life. The note simply read,"Merry Christmas, I love you."For the first time, I wholly knew, she felt the hardness of the holidays, too.
"When your cat licks your face, they may see you as a member of their family," vet Nita Vasudevan told Newsweek, but not everyone appreciates this behavior.
