I’ve been an employee for 10 years. My group has seen several of our long time team members terminated over the last few months. All hard working, smart, dedicated people. We no longer have the cross coverage to support our applications in production . The bank is taking on risk at levels never seen. I’m being asked to take on more responsibility and put in more hours. I was told that I shouldn’t expect any additional compensation or bonus since the money isn’t there. Thank you BNYM for all that you don’t do for me or any of my team members. The only thing I can expect is to be terminated the moment they have an opportunity. What a sad, sad company. Shame on our management that think this is ok.
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I had the opposite experience (former employee here). In my former group several people barely did anything. They could cut more people, and that would not change much.
The sad truth is that BNY can do this and will continue to do this because it doesn't come back to hurt them. Most BNY employees just don't leave on their own. Everybody will have a reason or excuse about why they stay. At the end of the day the work gets done by overworked disgruntled employees that say they are going to quit because of it but never actually do. BNY Mellon has no morals as a corporation and only really cares about the bottom line. If they can treat their employees like garbage and the work still gets done without a mass exodus whats their incentive to change?
Trump tax cuts going to stock buybacks, dividend increases and pie in the sky tech projects even as the Bank puts up record losses and record layoffs. This is sickening.
Yet they have money to raise the dividend and $2.4B to buy back stock. "Act like an owner" ... hum. Sit back and collect the dividends... ??? Too bad bonuses cut back or gone. Back in the day there actually was some in stock and discount for employee purchases. Then you really could be an owner.
Same thing in my department. We ran our business like a fine tuned machine. But for the past few years, good people let go, sometimes even critical people, which makes no sense. Now we’re missing deadlines and production is way down, maybe ok since our budget was slashed anyway. People working harder, some even doing double duties, without increased compensation. (The forced performance quotas continue.) Chaos after each layoff, then dust settles and it happens again. We wonder if they plan to eliminate our department, or maybe its just extreme mismanagement. Interesting that this might be happening in other departments as well. It doesn’t seem sustainable. Good luck.
Seeing a lot of this throughout the bank, cutting the meat and only rarely the fat. Disengaged management needs to get out more and learn about their organization
Remember the buzz words / propaganda . “Act like an owner”.
Amen