BNY Mellon - Nothing Changes here, poor investment and poor outlook | Glassdoor
There are newer employer reviews for BNY Mellon
There are newer employer reviews for BNY Mellon

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Helpful (1)

"Nothing Changes here, poor investment and poor outlook"

StarStarStarStarStar
  • Work/Life Balance
  • Culture & Values
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Current Employee - Specialist in Brooklyn, NY
Current Employee - Specialist in Brooklyn, NY
Doesn't Recommend
Neutral Outlook
No opinion of CEO

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

Pros

BNYM is a leader in many market segments
A world wide Org with tons of reach
Long history of being a stable member of Wall St.

Cons

No investment in employees, internal promotions don't happen without a good ol' boys network
Lack of investment in systems
Ultra-Low Morale

Advice to Management

Why not provide /REAL/ clarity to internal hiring, and create a culture of learning instead of stagnating

Other Employee Reviews for BNY Mellon

  1. Helpful (1)

    "flat structure at bny mellon"

    StarStarStarStarStar
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    Pros

    managers willing to help if you go out and seek them for assistance, also culture is very open to new ideas

    Cons

    not much room for growth, turnover is very high, most people get bored working there after a few months


  2. Helpful (4)

    "Do NOT even think about working for BNY Mellon"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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

    Pros

    Bright, dedicated employees - most whose work ethic dates back to the PFPC days when quality mattered.
    Business-casual every day with dress-down Fridays.
    Optional telecommuting.

    Cons

    Where to begin?

    - Management is almost totally focused on short-term cost cutting. Little or no investment is being made in the division's future.
    - "Employee engagement" is just empty words. The infamous 2012 survey was filled with complaints and suggestions for change but management never acknowledged. Instead they trumpeted the few cherry-picked areas where the company wasn't below average
    - Raises are generally below inflation. Increases are tied to reviews as they should be, but the process is gamed so that it's almost impossible to achieve the "exceeds" rating needed for anything higher than 1%-1.25%, no matter what you've accomplished during the year
    - Even simple decisions end up going through multiple levels of management. Questions and ideas get kicked around so many times it can take weeks settle anything. No one has accountability; if a problem occurs there's tons of finger pointing but nobody tries to get to the root of the problem and fix it

    - And worst of all: Asset Servicing is being carved up and shipped overseas. When BNYM took over they said full-time employees would be augmented by a few offshore contractors whose positions could be added or eliminated as workloads required. Instead, people with 10 or 20 years worth of industry experience are being laid off and permanently replaced with Indian contractors who just got out of college and have no knowledge of mutual funds. Productivity's down and errors are up, but all that matters is that these guys (right, nearly all male) are a lot cheaper on payday. Asset Servicing has been an industry gold mine under previous owners but BNYM seems h3ll-bent on destroying it.

    Advice to Management

    None. It's clear from the way things are going that any serious ideas will be ignored.

    Just be sure to turn off the lights after you fire the last US employee.

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

See Most Recent

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