I was delighted when I got the job here. I really wanted to work here. But now I think younger people, talented and capable, are not that impressed when they hear BNY Mellon. Any thoughts? It will be very difficult to correct that, of course, if the leadership even cares about correcting it.
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Yep, that’s TSG in a nutshell. Creating bureaucracy is exactly what they do.
The IT workers in TSG ARE the bureaucracy. It drives the application developers right up the wall.
Just from an outside perspective: I don’t work at BNYM, never have, and never will - I’ve never heard anyone say anything good about the company, including people who have been with some part of it for decades. The general consensus where I work (a lot of alumni here) is run, management is incompetent, and I’d surmise that anyone defending the company here is either in management or a boomer/Gen X boot li---r who is detached from reality.
@3gdh, it's not the IT employees who need to step aside in TSG, it's the managers. They're the poster child for poor management.
For instance, migrating applications to GF required setting up hundreds of new IDs and permissions for each application. Instead of having it done by the provisions teams by the batch, they forced each application to submit requests on a system that was meant to handle an occasional request or two. Then you needed to enter a remedy inc to escalate it if you couldn't wait months for it to be completed.
Or when we have changes to go in on the weekend we have to hunt down someone to do it instead of being contacted by the person assigned to the crq before hand. But that could have all been automated if they didn't gut our department of very productive IT professionals.
All of this seems like an utterly normal career progression with increases for moving. You’re passionately normal in your career moves and salary increases. It literally is the same thing that I said.
You're way off the mark. My background was never IT, but I was in a group that originally started in ASD, moved to Finance, and then moved back to ASD in late 2021. My team wasn't client-facing, but we did analyses that would help our sales and front office colleagues win business or enable management make decisions to rectify how to fix certain clients' P&L within ASD.
As a K-grade with a few direct reports, my base never exceeded 100K despite having glowing performance reviews and being well liked by my manager and his direct manager. When I went from J to K, it was only about a 10K increase. Going from I to J three years prior, it was only about a 6K increase. I'd been at the lowest level of each grade for years, though I did do better than my peers regarding bonuses (usually 10-14K). I'm not going to say my job was the most important ever, but it was very high touch and high risk as it contributed to decisions that directly impact the P&L and that's more than I can say for the dozens of project managers that can't follow on initiatives that lead nowhere. Maybe @2yko+1o1SmsIA is correct for client-facing roles responsible for bringing in business, but that's such a small fraction of the bank anyway.
Ironically, once we moved back to ASD and got a really crummy senior manager that destroyed our team, I aggressively started looking. When I landed my next gig as a VP somewhere else, I made a request that was 40% more than what I was making and I thought I was highballing it. This was right before NY mandated that NY postings show salary ranges. But as it turns out, I was actually in the lower range of salary for my VP role. I kick myself a little bit wondering if I could've squeezed another 5K but the big boost from BNYM's low salary was a huge victory in it of itself.
TLDR; if you work in NY, compare VP positions to all the big banks and see where their ranges compare. BNYM is consistenly at the bottom tier.
Regarding the OP, I have no regrets starting my career at BNYM, but it's not the most respected place on the Street. I tried to make the most of it here by learning something new every day but it's very easy to fall back to a state of complacency doing the bare minimum until you get the coveted layoff package.
There is an older expensive generation of IT that need to step aside so that we can modernize TSG. We need to get what we pay for.
@2yko, not even close for IT people. And I sp-t out my coffee when I read "f you’re performing well you’ll be fairly compensated".
BNYM has NEVER been a great place to work. I know for a fact that Mellon once was a great place to work and also understand from colleagues that BONY was also a great place to work. However the merger of the two never worked out.
BNYM pay actually is competitive with other banks. You have to compare he same job and skill level and you’ll see. If you’re performing well you’ll be fairly compensated. What people don’t get here is that in banking you have to be willing to take risks and jump banks a few times. Internal moves can be lucrative as well, particularly if you bring in big projects successfully.
People talk about Goldman Sachs money. Well, if you’re working for G.S. at the same level as you are here then you’ll be making about the same with regional adjustments. The real problem is that the younger workers expect it all and right away. Life doesn’t work that way. You need to pay your dues and prove yourself.
To me, in reading these threads I can tell the real problem is
BNYM used to be a great place to work. Not so much anymore!
Brave words from an intern who has no concept of how lucky they are to come in as a new hire in a special role. No other employer has interest in a internship hire but prove yourself by working two years afterwards at BK and you can jump with a big salary increase.
Don’t knock BK… best darn burgers by far in fast food.
Gen Z workers simply need to accept the fact that they need to pay dues in order to develop skills and provide more value than their cost.
Children… there are no participation trophies for adults. There are no Helicopter Moms invited to your performance reviews and no raises without serious contributions.
We spoiled you by giving you everything. We regret it and should have pushed a work ethic to you.
The feeling seems to be mutual. Experienced workers in their prime… talented and capable, are more unimpressed with the education, work ethic and abilities of our Gen Z workers.
I heard our young interns talking amongst themselves: “no way I am coming back to work here.”
Yikes.
BK as in Burger King?
I wouldn't hesitate to hire someone with BK experience.
BNYM is infamous for low pay vs industry, bad management, and bad culture. Young people have to weigh the risk of joining the firm knowing it will be a scarlet letter on their resume in the future. Who wants to hire someone who settled for this dump?
The young people who do come in leave as soon as possible for more remunerative and prestigious firms. You don’t foster prestige by throttling your employees for every penny
It is a good training ground for young people. Once they gain some knowledge and experience they will leave for better companies and roles. And people like me will try and hang in because we (falsely) think better days are coming.