Thread regarding Bank of New York Mellon Corp. layoffs

@3rbl

Gotta warn you… it will goes much slower now that you’re waiting

Nonsense question, nonsense answers should be ok.

@9wfp+1mcrk4PP
@8nwa+1mcrk4PP

So neither of you actually have anything of substance to add to this conversation? Just sill trolling?

Who knew that @1nry was a person?

@1nry

Who knew that a job could believe in something?

“The more you know…”

@4jzo

Ignorance is bliss. The Microsoft early experience program allowed clients to pilot upcoming Microsoft products with support, and this program required rigorous work from the licensees as well. We had to monitor closely and supply highly technical bug reports as well.

All as you struggled with Lotus Notes and what did you learn? Nothing… you forced us off of Exchange to Notes and immediately lost all of our data in the first week.

“Hey, our data is all gone, what’s going on.”
“Oh, did you fill out the form to back up Notes?”
“What form? You migrated us yesterday?

Thank god that Pittsburgh rebelled and knew how to support a product.

@4hqi, Riiiiight. Melon must have been something extraordinary back in the day since those products didn't even exist in 1993.
You better let wikipedia know because they say Exchange wasn't even released until April 2, 1996. And outlook wasn't even released until January 16, 1997. Although the express version was released 6 months earlier. Either way, it was all garbage for another decade as far as reliability and scalability. And even today is is junk as far as security is concerned. In fact, even today MS doesn't recommend running exchange onsite and pushes customers toward cloud hosting for it's real-time security and instant updates.

@2ofp

This really isn’t the devil you know. These are the early days of a new devil and gaming the 401K match is a dramatic first theft.

Actually in Pittsburgh there are a lot of Financial Services firms that really value former Mellon (but not BNYMellon) employees. In Technology, Mellon Bank was the first bank to have a computer, the first to have a massively full featured modern Internet banking portal and the first to integrate Microsoft Money and Intuit Quicken with a website.

This was all 15 years before BONY figured out how to install and support Exchange, while Mellon had piloted and used Exchange and Outlook starting in 1993 with no issues whatsoever, although it was years before it was rolled it out to the entire bank.

@2naa

Let’s be honest here. There is now no way to calculate any upcoming 401K match. The Bank has specifically reserved the right to change or even totally eliminate the match at any time. I believe it to be likely.

There also is no longer any dollar cost averaging, a key advantage in monthly contributions which our Management has taken for themselves. We are now literally fighting Senior Management for crumbs.

People, It’s far better to roll over your 401K to Fidelity, Schwab or Vanguard externally. All three are class acts. Then begin contributing into an EXTERNAL Roth IRA (tax free forever). That’s far better than fighting for and losing an annual battle with Senior Management who control and change the rules without warning. Remember, ING changed their name to VOYA after getting caught stealing from their clients (us). Then, despite owning Dreyfus, a perfectly fine retirement 401K, BK brought in VOYA. Obviously there had to be pay to play to pull that off because nobody does business with criminals otherwise.

Work here if you must but DO NOT let them hold your money under any circumstances.

I am riding it out for 3 years when I'll then retire. It will be here before I know it the way time is flying.

Does anyone else feel that @nfc has got to be THEE most stupid post ever?

@1yda, sometimes hiring companies will compensate you for money you leave on the table from a previous job. Even early in your career...

It is the devil I know.

To the anon who is waiting for his/her 401k to invest. Run the numbers! Calculate exactly the amount that is at stake if you leave prior to vesting. Since the vesting period is 3 years, you're obviously just approaching 2 years with the company. The max company match is $16k/year. You would have to be making $230k/year and contributing at least 7% for you to reach that match. I'm going to make the assumption that you're not making anywhere near that amount. So calculate that amount and have it in mind when you apply & interview at other companies.

I can certainly relate to not wanting to walk away from free money, but you might end up with a job offer that more than makes up for that loss of BNYM contribution. Or it might be insignificant enough to where you can live wit the loss.

Cuz nobody will hire us

I spent 17 years there thinking I could make a difference and fix things. The process was WAY slower than it should have been but I was always hoping that just around the corner things would change. They usually DID change, but not for the better.

@ksg

Disagree strongly. Neither Mellon nor BNY Mellon ever provided anything remotely resembling a work/Life balance.

I’m just waiting until my 401k vests, 14 more months to go, but I debate if it’s even worth it at this point. I’m pretty new into my career so perhaps I’m being naive.

I was a lifer..until they let me go...24 yrs at bnym and age 58...yep not what I expected. But after taking some time off to enjoy life I found a job...a job that believes in work/life balance but yet pays the same as what I was being paid. A job that you are not put down..critized for making a mistake...judged for not working nights....pressured to the point of mental breakdowns...its like a new world

There have been some really great replies to my post. Thanks, I appreciate that.

As for the person that mentioned that I had an arrogant attitude, I never said it would be easy. I've seen multiple comments on here the last couple years about how the company is not respected and other companies aren't eager to hire BNYM employees. I have to wonder if that sentiment is based in reality or if it is just an opinion shared by people hesitant to leave?

Honest question there. This board is filled with former employees that have come back and posted that they are happy with their decision to leave. Of course there is the chance people are over hyping their current situation because it didn't work out as well as they had thought. However, I honestly don't know a single former employee that regrets leaving the company.

I can relate to the fear of interviewing. It was definitely something I stressed about because I hadn't done it in over 20 years. I'd recommend searching for resources to help with interview skills. For those of you that still have some remote days, take advantage of not worrying about someone peeking over your shoulder. Use a separate device not connected to the BNYM network and work on your exit while on the clock.

There was certainly a time when I would have felt guilty about doing non work stuff during company time, but that was not the case toward the end of my time with the company. The slash in benefits and pathetic merit increases helped me with that.

Again, thanks for all of the replies. GLTA

@szq

“ I just want to see the swine execs that mandated the jab to drop like flies.. gonna be neat 5 years!”.

You have a dramatic and vivid imagination. Please keep posting!

Ahhh yes… the vax they tried to threaten us into getting… Interesting that suddenly now the FDA IS not even recommending those original shots……

I just want to see the swine execs that mandated the jab to drop like flies.. gonna be neat 5 years!

It’s harder for some than others.

• some find comparable open roles not in great supply

• some (shockingly) discover they are well paid relative to other co’s with open roles

• some struggle with change (especially those who have been there a long time). I know some who are terrified of interviewing!

• for others, aspects of their jobs work for them (co-workers they like/enjoy, a supportive mgr, flexibility, etc.) and they’re afraid they will trade it for a situation that may prove worse.

• and, yes, for those there a while, some of the insanity comes to seem normal.

@ksg

30 year employee, now recent ex-Employee .

This was never a place where the work wasn't that rigorous and you had decent work/life balance, but it it was still low pay and noncompetitive benefits.

This used to be a place where the work wasn't that rigorous and you had decent work/life balance, but it was offset by lower pay, weaker benefits, etc and people largely accepted that tradeoff. I left, but the last few years, the work has been more demanding and there just isn't as many people to help out anymore. A lot of time is wasted trying to get this week's senior manager's pet project done.

Now benefits have been dwindling even more, which they have been for years, but now people are starting to notice the juice that they've been watering down is tasting more like water than juice these days.

Being here for 11 years, I was nervous to make the jump, but things degraded horribly the last year I was here. New manager was terrible and destroyed our team and it was frustrating not getting recognition and I was known to hustle pretty hard, which allowed me to climb through the ranks the last 6 years. I had a great team and my previous managers were great and I generally liked all the people I worked with, but I'm glad I took the leap instead of kicking the can down the road. It showed how underpaid and overworked I was (in terms of hours spent plus scope of responsibilities).

Like someone else said earlier, I'm not here to gloat or brag, but I return to this forum from time to time just to see if I made the right decision in hindsight. I think I did. I made a lot of good contacts here so I hope they can find something better too. When I left, I tried to help my team with resume stuff and just making connections to land another opportunity so I encourage any alumni here to do the same - you don't have to talk to former colleagues every day but every few months is pretty meaningful.

@nfc is pure gibberish.

@nfc

It seems that you have completely misunderstood the posts in this thread.

Amazing, really.

I left on my own terms and enjoy checking back every now and then because it makes me feel so very good to have made such a great decision. Not rubbing it in, just trying to encourage you.

I’ve long been a proponent here in encouraging people to fight the cult like 60 hour weeks, the oppressive atmosphere, the overwork, and the PTSD and pick themselves up off of the floor and do the job search. I know how hard and exhausting that can be. No matter what you have to do what it takes to leave.

I also understand how frightening it can be for a family head to make a move in the critical years. It can be agonizing.

If it helps, every new employer wants you to succeed and I know of no ex-employees who regret leaving, not even one. Start your search now.

I’m 50. It was (barely) bearable when we were working from home & I didn’t have to be around people in office - yes I prefer “ to NOT have water cooler conversations” with coworkers. Yes. The company still sucked and they continued to reduce our benefits but working remotely helped make up for some of it.
But you ask why I’m here… I wonder that myself sometimes, but I believe some of it has to do with my age, hoping to retire in five years, and if economy takes even worse, at least I get 6 mth severance.
Besides that…. I guess I am old and beaten down and not looking to jump into another big woke organization. I’m looking for the right fit which will take some time. In the meantime, I’m doing what I need to do, no more, & trying not to stress about things while others run around like they are on fire

I'm a former employee too but I think this attitude is arrogant. It's not that easy to leave. Especially in this economy. I mean.. let's be honest. BNY Mellon isn't the most respected bank. People aren't tripping over themselves to hire BNY employees.

So why are so many employees still here if the company is so dissatisfied with them? The argument works both ways doesn't it? And it has the same answer. It's not practical for a company to dismiss all those workers they have been 'tolerating.' Similarly, it's not practical for an employee to abruptly quit every job based on things they 'tolerate." Instead, the obvious first option is to modify the behavior of the other. It's called 'labor relations.' Maybe try reading about it sometime. ;-)