People who have been laid off or quit, do you just go to a different bank or do you leave banks behind entirely?
I'm asking because it looks like what's happening here is happening everywhere in our sector. It doesn't seem like any of the other banks would provide much improvement to this place.
Or am I missing something?
After 15 years at bnym and 25 in the industry I’m considering other industries, especially healthcare. Hoping the next adventure is better than the one I left
I got out of banking/finance entirely. I didn't want to go to another Financial Services firm only to have the same b---s--- happen to me that happened at BNY. I have friends who work for Wells Fargo & Chase, and they are dealing with the same layoffs, offshoring, reorgs, automation of peoples' jobs, etc.
BNY Mellon isn’t a traditional bank, its a financial and investment services company. They gave up their traditional retail banking service years ago.
If retail banking is your interest, good luck with that. There are many many retail banks, just look for one with a good repurtation. And expect a much lower salary, because many of us average workers make more than a retail branch manager.
But a bank might still have traditional benefits, like health care, pensions, and employee discounts on financial products. If you came from PNC, maybe try a PNC Bank in your neighborhood. Easy commute and get your service time back for vacation days, etc.
Retail banking is sure worth a try, especially if nothing more appropriate comes along.
After spending more than 15 years working for financial services companies (2 Banks, 1 Investment firm) I can tell you surely than the best days are long gone. There is no more guaranteed bonus and raises are sparse. Nowadays they are relying more on Automating allot of their Infrastructure and moving Applications in the Cloud (Voice Collaboration, HR functions and timekeeping etc)
In addition most of these banks are moving their technology operations to India and relocating IT in lower cost states. The metro offices will become reserved for the business side.
The rule of thumb is that if you want to do good move to a company where what you so is their bread and butter and you have facetime with the customer.
If you are back office IT operations you are not really making the money but spending it.
Get out if you can find something that you really like
Is your true passion the banking industry? What are you passionate about? If you were let go, used this wonderful opportunity to finally do what you want to do! I am not sure what your beliefs are, but burn some sage, meditate, talk to him you pray to and make moves! I’ve been gone for two weeks and next week I am opening up a small e-commerce business and moving across the country at the end of July. Everything is falling in line for me and the unknown is the most exciting part! Best wishes