The only other group which has more is Technology, and they are considerably larger. Also, some of the promoted staff appear to have been with the bank for only a year or so…
11 replies (most recent on top)
ASD is indeed a major revenue generation component of BNYM as it entails winning new clients and new services for existing clients. Many of these clients are very complex so the high pay is warranted (and they actually get involved in stuff unlike GCM)…. BUT it’s very high risk. You could be assigned a bunch of unhappy clients that want to leave anyway or you could be forced to own 30+ different small clients and get overwhelmed that way. There’s also been a ton of management changes over the years. People that have had long term relationships with large clients can be let go tomorrow just because a new wave of management wanted to change things around. And with how bad our profitability is across the board, we’re open to other competitors undercutting us because our only choice is to raise fees. Being part of ASD front office can pay well, but historically any noteworthy layoff entails some causalities on that side - even if they brought in more revenue than they cost.
Exactly. The bloat is all at the top and there is no pain whatsoever with cuts at that level. The fact is that this expensive debating society is the very reason why we cannot develop a strategy or even a business model. The bank literally runs itself with disengaged leadership.
We need a strong visionary leader to hear the debate and make a decision.
Its the revenue generation unit at BNYM - why do you think people transfer to AS after they work else where.
Yes, Asset Servicing is indeed one of the the largest business of BNY Mellon.
It’s baffling that none of our technology talking “Leaders” feel the need to automate it. It’s not as if it is a difficult project. It’s simple 1990s automation.
When your personal friends with your boss, decided to move far away to gear up for retirement during Covid u are granted east exception to work from home. Or at least that’s the ASD double standard. Oh and the bank pays for all ur business travel away from home as a T&E expense. Seems fair
Regarding the comment below that “Titles cost nothing the bank to hand out”, MD compensation can be much higher given there is no limit to base salary/bonus so they do in fact cost more to the bank, ultimately making the organization top heavy hence less of the annual pool goes to lower grade staff…
Welcome to the clique.
Asset Servicing is the largest business of BNY Mellon.
The based at home designation……way to rip off the bandaid for so many of us!
Titles cost the bank nothing to hand out. This bank has so many manager titles, director titles, C titles, does it really mean anything to anyone? Funny....these people could take a couple days off and no one would miss them. But a few lowly non-exempt operations people don't show up for work and the backroom processes get delayed or grind to a halt. Who is REALLY more valuable day-to-day?
And 3 of them are "based remotely." I wonder what their medical exemption is.
You are asking the wrong question. The question should be of the 61 how many deserved it and how many kissed up, complained, and played the game?