What happened to Bank of New York?
20+ years ago it was a decent place to work. Great benefits. Employees looked after to an extent. Pay wasn't fantastic compared to other places but it wasn't bad. Morale wasn't awful.
Now - it's down the sh1tter with their attitude towards employees, providing lower quality work to clients. Alexander Hamilton is likely spinning in his grave seeing the state of the company.
20 replies (most recent on top)
Merger with Mellon. Not blaming either side, just saying both companies would have been better not merging.
@ph - Tell me you haven't worked here in the last 3 years without telling me haven't worked here in the last 3 years...
Your salary has nothing to do with the Bank’s earnings.
You seriously need to get a B.S. in business from a credible University.
Profits at the Bank has nothing to do with your pay. Nothing.
You badly need to earn a business degree so that you understand this.
@j7+1jhrnfne4
Uhhh based on mesozoic fossil evidence, we know Bob Kelly and Mellon mgmt. were responsible for the demise of Mellon bank homer. We also know Bob was unethical, into insider trading and he was responsible for embarrassing, failing and damaging BNY Mellon. He tried to run away. Mellon was obsolete even 25 years ago. And even if BNY didnt acquire it, it would not exist today at all. The July 2007 merger between BONY and Mellon was one of worst done ever. What kind of merger keeps everyone and everything basically? This was Bob. There are still declared sunset systems out there still cranking away. And IAS is still an obscene joke.
ID: @aj
You win! Bank of New York bought Mellon, the smart bank, and utterly decimated us.
Frank told me that he that he never would have sold Mellon until Marty McGuinn destroyed the balanced Bank.
Been downhill ever since but at least we were all able to cash in our Shared Success options thanks to Bob Kelly , the change in control clause and the 62 stock price.
Cha Ching and bye bye for me.
The very definition of grammatically challenged:
“ It’s happening all over financial services. When CEOs and boards get all the power and are beholden by quarterly earnings.”.
No, the only thing different is that millennials expect to rise quickly without working hard in college or fro BNYM.
B1tch all you like but you’re going to have to pay dues at any employer. Why not learn the hard lesson now, and build a career?
Your pay and raises are based on your performance. Your attitude is your problem.
Sorry, it was always a sweat shop. Buckle down and straighten up
It’s happening all over financial services. When CEOs and boards get all the power and are beholden by quarterly earnings. It’s a pony and dance show. You do well and your golden package will be great at the expense of the workers. We talk about US having the best economy in the world but at whose expense ?
Goldman-level workload and culture but without the pay, benefits, and clout of that place. It is just that simple.
Thinking about 20+ years ago….
And then think, what’s the likelihood that you get hired here and are able to work your way up and make it to 2046 and have had a happy and modestly prosperous career?
You probably have a better chance of living to be 140.
Thats because all these mo--ns care about is being “agile”. Freakin joke
OP is bang on, I started around then. Weeks of training, ok the money wasn't great, but it felt like somewhere you could do something long term. Cut to 2025 and we have the lowest annual increases for ages, and whilst they've always been below market, to drop them in the same week as the earnings 'celebrations' is tone deaf at best and cynical at deliberate at worst.
But hey, there are coffee machines.
We are in league with leadership and decision making of two large investment firms call Gold-man S. and Bl..kr..k. That’s what happened. Look at all the so called leadership we have coming in here. This place is BNY in name only now. It was a soft coup driven by our mindless board. Greed and control wearing a mask called ‘partnership’. We are a rubber stamp for them. Rubber stamps dont need leaders, real growth, missions, strategies and lots of good employees. The senior ‘partners’ do all that. That’s what’s happened.
BANK OF NEW YORK TOOK OVER THATS WHAT HAPPENED
I agree with the post. I just received my smallest percentage salary increase at BNY. Couldn't raises be a little higher considering last year profits reached record levels?