There are newer employer reviews for BNY Mellon
There are newer employer reviews for BNY Mellon

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Helpful (6)

Company going donwhill - hostile work environment under CEO Gerald Hassell

  • Work/Life Balance
  • Culture & Values
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Current Employee - Anonymous Employee in Boston, MA
Current Employee - Anonymous Employee in Boston, MA

I have been working at BNY Mellon full-time (More than 8 years)

Doesn't Recommend
Negative Outlook
Disapproves of CEO
Doesn't Recommend
Negative Outlook
Disapproves of CEO

Pros

BNY Mellon was previously a fantastic company with strong values and a true client service focused atmosphere. I was proud to work here. Line managers allow you to take on many special projects so that you can grow both personally and professionally. Flexible work arrangements here are second to none.

Cons

The company has changed dramatically over the past year and more specifically since CEO Gerald Hassell took over for Bob Kelly. While cost cutting measures are critical to our stability and growth, employees are paying the price for expensive acquisitions that have not seen the ROI we expected. Employees have seen bonuses eliminated, Health Insurance benefits go downhill, a freeze on raises, a freeze on even managers buying coffee and donuts at a meeting. Employees have to use their own personal laptop and cell phone and travel to meetings with no reimbursement. Job "restructuring" singling people out for demotion. This is the nightmare we heard about that was the culture at The Bank of New York and it is now being revisited.

Advice to Management

Pay attention to your number one asset which is the skill and knowledge base of your employees. You cannot keep chipping away at morale and expect the company to be successful.

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  1. Helpful (9)

    A company thrashing desperately

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at BNY Mellon full-time (More than 10 years)

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    Intelligent, talented, and friendly co-workers who pull together as a team in spite of numerous company problems. Flexible hours and generous telecommuting policies. Free coffee.

    Cons

    Where to start? There are rolling layoffs due to a stated goal of replacing half the US workforce with lower-paid people in India. Everyone's looking over their shoulder and wondering if and when they'll be next. Survivors get to pick up the pieces, not just from those who were let go but from the overseas staff who lack necessary training and experience to do their jobs effectively. Advancement opportunities are limited. The bar for success is set so high that almost everyone gets an "average" rating at review time. Promotions come in the form of increased responsibilities but no accompanying pay increase. Annual raises are generally capped at 1% to 1.5% and this year have been more than eaten up by changes in health coverage that forced everyone into high-deductible plans. The Boardroom is of course insulated from any sacrifices; Forbes ranks Gerald Hassell as one of the highest-paid CEOs in the industry, while lower-level employees are falling behind. Cost-cutting isn't matched by any clear strategy to grow revenue. BNY's much-trumpeted "Plan to Win!" seems focused on finding a single magic revenue source that will cure all ills. At the same time multiple, smaller initiatives where the firm already has a competitive advantage sit on the table. A strongly risk-averse, almost hidebound culture stifles innovation and creativity, especially in IT. Efforts to move away from outdated technologies are met with resistance from managers who haven't updated their skill sets in years and chant the not-invented-here mantra. Inbred attitudes are reinforced when younger employees and those with higher skill levels get discouraged and leave. Bottom line, morale is in the tank. People are openly discussing their job searches and wondering when clients will start jumping ship for other providers. If things keep up the way they've been going it may not take too long to find out.

    Advice to Management

    If upper management isn't willing to resign in favor of people who can do more than just send jobs overseas, at least change the name of the company so it reflects reality. "Bank of India Mellon" should work just fine.


  2. Not your typical bank

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Intern - Human Resources Intern in Pittsburgh, PA
    Current Intern - Human Resources Intern in Pittsburgh, PA

    I have been working at BNY Mellon as an intern (Less than a year)

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    The people are nice- hard to find in the finance industry. There is constant innovation A lot of opportunities to move and grow within the company Diverse culture

    Cons

    Pay isn't too great Still a cultural rift between legacy Mellon employees and legacy BNY employees


There are newer employer reviews for BNY Mellon
There are newer employer reviews for BNY Mellon

See Most Recent

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