BNY Mellon Employee Reviews about "layoff"

Pros

Working through major transformations to latest technologies

Cons

Constant layoff fears and extremely political

Pros

Good benefits, work from home, decent supervisor

Cons

Layoffs are often and unexpected

Pros

Decent salary. Advanced technology. Very dedicates employees who work very hard to support other divisions and their customers.

Cons

Too many layers of management to the point that the head doesn't understand what the feet have to do and doesn't really care. Recent cutbacks have triggered layoffs at the bottom to pay for more layers in the middle. Little advancement or external training. Long days, many weekends and not much of a life balance. Recently instituted using metrics to gauge employee performance which only adds to the effort required to do an already tough job and doesn't really reflect what is going on down on in the trenches.

Pros

Good Benefits. Decent work / life balance for most.

Cons

What they are doing is unethical! Stay away if you can. Management is told to lay off people twice a year. Each person on the team is graded against each other. The people with the least amount of experience and/or less face time with management are targeted for layoffs. Then employees are replaced by cheaper offshore contractors.

Pros

Employees always try to do the right thing in spite of a lack of management direction. flexible work arrangements definitely a plus.

Cons

Sr. Management's approach to cost savings - Layoff! (strategy does not work) Employees are doing more with less help - Sr. Managements response., rate everyone a meets expectation! Sr. Management claims there is no bell curve in performance management system. Blatant lie! Low cost locations result in jobs being eliminated in Everett and Boston.

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.

Pros

Relaxed attire and okay benefits , most team members are fun

Cons

Management is cheap and don't fight for pay raise. High turnover and layoffs . No bonus for the people who really do all the work. Click environment. Management will hold you back if they don't like you or will put all of the work on you to watch you struggle.

Pros

Benefits have improved over the past 5 years.

Cons

They care about the top 1%, they are cheap, and recently overly woke. They layoff 2x a year to keep the stockholders happy and only care about metrics .