BNY Mellon - A Really Bad Company | Glassdoor
There are newer employer reviews for BNY Mellon
There are newer employer reviews for BNY Mellon

See Most Recent

Helpful (3)

"A Really Bad Company"

StarStarStarStarStar
  • Work/Life Balance
  • Culture & Values
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Current Employee - Vice President in New York, NY
Current Employee - Vice President in New York, NY
Doesn't Recommend
Neutral Outlook
Disapproves of CEO

I have been working at BNY Mellon full-time (More than 5 years)

Pros

Benefits are decent. Pension plan and 401K plan with up to 5% company match. Health benefits were good, but are now deteriorating.

Cons

Just some of the worst management that I have ever seen. Senior management is not engaged at all in the day-to-day operation of the company. They are not typically seen and they don't set priorities in any way that describes or affects what line workers, and by line workers, I can mean vice presidents, do or are responsible for. From my vantage point, neither senior or middle management has much understanding of the issues and problems which prevent BNY Mellon from advancing, even in areas where management claims to understand that improvement is necessary. Worse, it seems that they don't want to know or understand the issues. Rather than identification, detailed strategizing on remedies and then contemporaneous management of factors where the company needs to improve, much emphasis is placed on "road shows", events and marketing of fuzzy solutions to employees. While I agree that much needs to be done to lift the spirits of employees, as there is a malaise which exists there among the employees that anything can truly be different, as the bank seems to have been mismanaged for decades, the demeanor of employees will start to change when they see that long-standing problems are finally being recognized, discussed openly, and addressed.

Management is content with a "hands-off" strategy, often purchasing software to take the place of contemporaneous management, measuring the wrong things, insane cutbacks in staffing and/or materials or infrastructure.

Meaningful education and training is seriously lacking. In technology areas at least, where specific technical knowledge is required, and the field is changing rapidly -- perhaps a good up-to-date technologist needs to gain control of 20-30% new information a year -- training which is meaningful and specific to work that the technologist is responsible for knowing is very difficult to come by, particularly if it must be paid for to an outside party. Yet, much lip service is given to training especially since it was the source of much employee dissatisfaction in previous employee engagement surveys. What has resulted is that the employee is responsible for acquiring 18 hours of training and is rated on it, usually without any serious training budget. This means that he must scrounge free education, seminars, vendor indoctrination, etc., which is not the training that most need. In this sense, management is working against its line technology workers and even against its own long-term interests.

Our new president sent an email that they are planning a new education initiative called BNY Mellon University. There were no specifics and no statement of how this university would be different from the current offerings for in-house education. I would think that such an announcement could wait for some details, some framework and some description of what gap the university would fill that the current education offerings lacked.

Advice to Management

Direct involvement in the company is more than developing a superficial checklist and checking all the boxes.

Recent activities, such as the superficial manner in which results of the employee engagement survey were presented are entirely dissatisfactory and even a step backward from what was established under the previous CEO. A one-page summary of the results obtained from a 50 or so question survey of 45,000 employees and with no true specificity on either the results, nor the conclusions obtained from the results, nor the way forward, is clearly inadequate.

Other Employee Reviews for BNY Mellon

  1. Helpful (2)

    "Archaic, but stable company who cares about your future"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Investment Management Services in Orlando, FL
    Former Employee - Investment Management Services in Orlando, FL
    Doesn't Recommend
    Positive Outlook
    Approves of CEO

    I worked at BNY Mellon full-time (More than 5 years)

    Pros

    Good 401(k) match. Good vacation time options. Many health and other insurance benefits to choose from. Although primarily a custodial bank, this behemoth has many departments and companies it owns to allow you to expand your career in different areas of the business. Also, one of very few companies left offering a pension plan. Very dedicated to diversity and inclusion among any "minority" group you can think of. Most roles are non-exempt, so overtime helps you increase your salary to a half-decent living situation.

    Cons

    Terrible advancement rules with upgrades in salary grade or transfers/promotions to other departments. If your current salary is anywhere within the massive range of the salary grade of your promotion or transfer, you keep your salary. This ends up forming groups of people where analysts are hired on making more money than senior members of the team and supervisors, and discourages employees from wanting jobs with extra challenge.
    Only the very top of the food chain receives bonuses or stock awards.
    Extraordinarily bureaucratic.

    Advice to Management

    Spend some time revisiting some of the ridiculous rules in place for the advancement of your employees.


  2. Helpful (1)

    "An elephant that can't dance but has solid footing"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Wealth Management in New York, NY
    Current Employee - Wealth Management in New York, NY
    Recommends
    Neutral Outlook

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

    Pros

    Company stays out of the news media spotlight. One of the most secure companies.

    Cons

    No perks. No lunch room. No fun. We come to work and sit all day alone in our offices communicating with our computers. Employees are still pissed that the Board paid the last CEO $34 million to go away, even though they never should have brought him back.

    Advice to Management

    This market has humbled you. Stay that way.

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

See Most Recent

Work at BNY Mellon? Share Your Experiences

BNY Mellon
  • Star
  • Star
  • Star
  • Star
  • Star
 
Click to Rate
or