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Bank of New York Mellon – “Doing the best possible in the current environment (?)”
Sep 14, 2009
2009-09-14 15:59 PDT
Details
Pros
The company is very healthy comparatively speaking. Of the numerous banks that were forced to receive TARP money, BNYM was one of the first to repay, as well as issue debt without the FDIC guarantee. BNYM has been a leader thus far in their category of being a "Banks' Bank"
Cons
While there seems to be adequate cash-flow due to BNYM recently acquiring certain smaller shops slightly outside their core business, the employees have not seen much of this splendor. After salaries being frozen, BNYM recently decided to also cut it Tuition Reimbursement from an industry leading 100% down to only 10k a year. While this is still a handsome reimbursement, the 100% is what I feel drew quality applicants. With this new development, they take the risk of losing quality employees.
Advice to Senior Management
Although shareholders matter, you must also think about the employees that create that value. If money is being spent taking care of public relations purchases, and not on the people that comprise the company, be prepared to start slipping!
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