Bank of New York Mellon Reviews in New York City, NY Area

Pros

Many good people who came from Bank of New York, pre-merger.

Cons

Consider a job in NY at risk of being moved to Pittsburgh.

Advice to Senior Management

Better balance of NY and Pittsburgh. Recognize there are many good people in NY who can be hired for competitive salaries.

Pros

Good Base Salaries, Flexible work arrangements, No weekends unless you want to keep up, friendly people, Decent benefits, strong 401k package & matching.

Cons

Everything moving to Pittsburgh, Manchester and India so if you work in NY/NJ/CT/London - you are in jeopardy of losing your job at any moment; Company is very Mellon centric, BNY lost its identity; lots of changes at the top (Executives leaving for better opps); synergy and savings are more important than people or quality of workmanship.

Advice to Senior Management

Get off Wall Street, move the entire firm to Pittsburgh and stop pretending that you intend of having a strong presence in NYC.

Pros

easy work invirnment, hours were no bad, pay was decent. the office was very quiet and somewhat dull at times. working with the people there were nice.

Cons

projects were all the same, there was not much room to excell and learn new things. I think that it would be better if there was a formal training program

Advice to Senior Management

i think that it would be good to start a more formal process for trianing interns and getting them more involved.

Pros

In the early years, before Mellon merger, it was a great place to be employed.
The hours were good, and employees were treated well.
During the Bacot years, employees were actually respected.

Cons

Favoritism, favoritism, favoritism.
Mellon management team lacks knowledge of.. anything.
Got rid of great NY people in favor of the lower cxost location
thinking. In some cases, replaced these NY employees with 3 or 4
contractors in Pittsburgh.
No loyalty to good, hard working employees.
Very little free time as migration efforts took away alot for family time

Advice to Senior Management

You needed to keep more worker bees, and keep less of the management
back slappers. I saw many cases where hard working trench workers were
let go, but their non-contributing managers were kept on. Business is being
harmed all for the bottom line, which is failing anyways.

Pros

BNY Mellon is a stable company that continues to grow. As an employee of BNY Mellon Wealth Management, I enjoy meeting with clients and prospects

Cons

Like any big company, there are lots of distractions from the parts of the job you enjoy including compliance, internal meetings and other less fun activities

Advice to Senior Management

Allow employees to focus on working with clients without slowing them down with unnecessary training and internal projects and paperwork

Pros

Great if you're directly within the bank structure and are adept with politics.

Cons

You get paid for filling out compliance checklists

Advice to Senior Management

I worked at a high class subsidiary that was part of the bank. I can tell you that everything about the bank is a nightmare. Intelligence is not rewarded nor required.

I guess if I were to compliment the bank for one thing is that they understand who they are and as such are focusing on business lines which require minimal intelligence, but throw off a lot of cash.

Unless you're in upper management, you won't make squat here.

At least Bob Kelly knows how to make money for himself despite the languishing stock.

Pros

Large company, lots of opportunity
Leader in several fields
Looks good on your resume
Company trying to do things well

Cons

Poor compensation, poor merit increases and bonuses.
Tough to advance internally, managers get upset when you try to leave rather than seeing it as a development opportunity.
Old fashion mentality.
Management not good at recognizing and supporting talent unless you are in the "inner circle".

Advice to Senior Management

Pay your employees better, according to their performance review, a 2% raise for an employee who "consistently exceed expectations" is not appropriate
Give raises to employees who have been promoted internally, i am still waiting for my raise for the last 3 years having gone from individual contributor to manager.

Pros

The Bank of Neew York Mellon has a very flexible and laid back work enviornment. There is good accessibility to senior management and a good work/life balance. The benefits are pretty good.

Cons

The technology is substandard. The salary scale is extremely low. Good employees and poor employees are treated the same, so there is no real reward for trying to go above and beyond. There is no standardized training program when joinging the bank. There is little to no good opportunity for advancement.

Advice to Senior Management

Reward employees financially each year who work hard and go above and beyond. Not just a hundred or so people company wide. If employees are properly compensated, they will be likely to be more loyal to the bank. Make major upgrades to technology, salary and merit raise scales, and training programs.

Pros

Collegial atmosphere, where most people were willing to collaborate to accomplish goals.
Company is trying to implement many positive people-oriented programs and initiatives, post merger of BNY and Mellon.

Cons

Mellon influence has taken over the company -- for better and for worse. The company has no commitment to NY anymore -- hence the new "BNY Mellon". In a year or two, no one will remember what the BNY stands for. Everything is about moving away from high cost areas -- "low cost" is the mantra right now.

Advice to Senior Management

Think about employee talent, not cheap talent. The best people work in all locations, not just low cost areas. If the company wants to be more than mediocre, it needs to start acting like a first class organization, not one in the middle of the pack.

Pros

Great benefits, relaxed culture compared to other banks. Exposure to working with different levels of management. Cafeteria with a big selection.

Cons

Low pay. No real super stars. The basic attitude is that most are complacent in their roles. A better place for an older generation.

Advice to Senior Management

Focus more on career growth, especially for your younger employees who are hungry and ambitious. Offer more training programs and better incentives.