Thread regarding Bank of New York Mellon Corp. layoffs

Got fired

I got let go today so I don't feel bad about letting people know about the downsides of working at BNY Mellon. They don't offer a pension and haven't since around 2012, management is instructed to rate employees below actual performance because apparently Adolf Scharf and his cronies deserve the employees merit increase money more than the employees do, it takes a long time to get the needed access setup before you can begin working with the cuts in IT staff and the merit increases you do get are abysmally small.

I worked with a lot of good people, however, BNY Mellon is no longer the company it used to be. I would weigh my options before considering working there.

by Former Employee of more than 12 years
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Post ID: @OP+ZIRyhYc
Comment! It's anonymous!

7 replies (most recent on top)

7mvo - not entirely accurate. They force 1% of your salary to be placed to 401k each year. This coincides with your yearly merit increase. Merit increase is 2% on average. In the end, you are actually getting 1% to 401k and 1% in your take home pay (minus taxes, of course).

You're right on one point. Most other companies don't try to dictate that a percentage of your yearly merit increase will be placed into your 401k.

by Anonymous
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Post ID: @7shi+ZIRyhYc

"Best days of my life:

Birth of my daughter

Day I got walked out 240 Greenwich Street"

If working at BNY was so horrible/painful/bad, why did you wait until they laid you off and did not make an effort to find another job? I have seen quite a few old timers who sat on their behind at BNY for 15-20-25 years and did not bother to move, and ended up being redundant and replaceable.

by Anonymous
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Post ID: @7nbt+ZIRyhYc

"They don't offer a pension and haven't since around 2012" Who else in the same business/industry is offering a pension? Any other Wall St or financial services firm?

By the way, BNY does have a pension plan of 2% give into one's 401K. Most other banks don't even have that. Just saying.

by Anonymous
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Post ID: @7mvo+ZIRyhYc

What did you do to get FIRED? Good luck!

Most of us were laid off and got packages...

by Anonymous
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Post ID: @xwf+ZIRyhYc

Best days of my life:

  • Birth of my daughter

  • Day I got walked out 240 Greenwich Street

by Anonymous
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Post ID: @rtn+ZIRyhYc

Pension?!? Defined benefit pension in the private non union sector went away in the 80s. Why would you expect a pension in 2019 from a bank?

by Anonymous
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Post ID: @daj+ZIRyhYc

I hope you consider it to be 'congratulations'. I viewed it that way on my day of salvation back in January. But remember, you didn't get 'fired', you simply got 'staff-actioned'.

by Anonymous
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Post ID: @gou+ZIRyhYc

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