It seems that with the headwinds we are facing in 2023, the short-lived balance of power that employees held the last few years is pivoting back to the employer. As a long-term employee, I am unsure if this is a BNYM only thing or the same everywhere. Hang in there all, hopefully this will be a short cycle and the balance will return to at least an equal balance.
Hopefully the rate increases will throttle down inflation without wrecking everything.
ASset servicing has some of the worst margins. Even custody without interest is near negative.
Totally agree with “Romans investments are not paying off.” On the bright side Roman’s results actually make Pershing look like a well run business bycomparison.
To the comment that management is phony. Spot on, they are all scared to make any real decisions; instead they create new templates and work for people. Mgmt is always re-inventing the wheel. Asset servicing lacks any real effective leadership and is a disaster waiting to happen. Client deliverable are slipping and BNY Mellon is always fascinated with the new shiny object they are letting their core asset servicing capabilities slip. Fund Accounting product is led by an individual who is the biggest Kiss A-s and doesn’t take ownership of development. On the other hand custody has successfully pivoted under Caroline-positive change there. On the client side-all some of the leaders do is blame product management for lack of client roadmap. I am unhappy and I am hoping for a layoff or a package.
So true: For me, I wasn't happy with BNYM as my employer. I gave them plenty of warning by letting them know that they needed to increase my pay by a substantial amount.
They didn't come through, so I had to let them go. It was a difficult discission, as Ihey were my employer for 20+ years, but I am much happier now.
Please go on, I want to hear more about the Power of Balance. The rest of the posters are taking about a balance of power or something.
to op. power balance is who needs who more. if employer needs you more you get paid and you have power. if you need employer more then employer has power. it is on an individual basis. both parties work at will. don't like it either party option is to get rid of the other. simple.
I for one am really missing Todd Gibbons and his caring stewardship of all of us over the hellish era of the previous 2 or 3 years. The best leader we ever had and a friend to all.
It’s definitely time to start a job search.
Since I left BNY last year, I realize that working in the banking industry was not the best. All of these huge corporations are all the same. If you want to work where decisions are truly being made by both management and employees together, you must work for a smaller company or have form a union. BNY Mellon is filled with a bunch of phony management that treat their employees like children.
Return of the garlic manager.
Oh, I think employers generally have been working to take the power back.
Just look at how many companies have mandated people be in office X days/week.