The competition is better at some things and worse at some others. What would you fix at BNY Mellon to rise far above the biggest competitors?
13 replies (most recent on top)
Change the entire culture of the company.
Only hire women since we can pay them 80 cents on the dollar to do the same work.
Get out of the banking and sell bagels
Without proper leadership it will never change for the better.
All roads lead back to the accidental CEO.
Time to say bye bye Todd.
Don’t help the journalist with their story. They don’t help us with our jobs…
I am an experienced software developer and worked at BNY five years before getting let go in January. Overall I enjoyed my work and the people I worked with. At the end of the day I know I was too expensive for BNY. It all worked out for me and I’ve moved on, but from a technology perspective there is much to improve on.
One PBS application I worked on was literally the worst quality code I have ever seen in my 20+ year career. It regularly had issues that required manual data changes to just keep it running on a daily basis. The move to GF helped retire the old server, but it did little to solve any of the application issues. A bad application in a new environment is still a bad application! Given the staff cuts, I expect business to have to continue to suffer for the foreseeable future with these old outdated applications. I know this isn’t a unique experience. I imagine regulators would be surprised how fragile how some of these systems really are.
The newer applications aren’t much better. Moving priorities have meant that technologies are all over the place. Anybody remember the push for all things NEXEN? Management pressure and unrealistic deadlines have meant that applications are rushed and not thoroughly tested or complete. These are mostly written by junior staff in India with predictable poor quality. Unfortunately for BNY you get what you pay for. I honestly felt bad for some of these guys - forced to work crazy hours to just meet nonsense deadlines. It was literally making some of them ill. Project management overall is a joke.
Good luck BNY, you are going to need it.
why are you even bothering thinking about your dear employer? does he bother for you? get out of this lackey mentality
pay market rate just to keep up, forget about rising above
An awful shattered to work
A CEO who has a pulse would be a good start.
Get rid of Todd and most of the EC. Replace them with people that have a strategy and a vision.
Reduce the internal friction involved with getting things done & too many hands in the p-t, so to speak. Although, I realize a little difficult to accomplish w/ the controls that need to be in place, but not impossible.
Who are BNYM trying to compete with or what are they trying to be best in class at? Either way the company needs to split Investment Management from Asset Servicing. Some areas of Asset Servicing are severely underfunded, while the investment management offering appears so out dated. BNYM does not appear agile enough to rise above the best.