For a company that keeps touting their bumper sticker slogans about culture, I have never seen a worse culture of just miserable, beaten down employees.
17 replies (most recent on top)
No surprise that decisions at strategic growth locations are being motivated by corporate tax credits awarded for net new hire jobs and public-private partnerships that draw inexperienced new hires from local state colleges and universities. Win-Win-Win for the local economy, BNY and the college or university looking to create opportunity pipelines.
This is another corporate strategy taken directly from the McKinsey playbook to hire newbies at low cost and receive the tax credit to create the appearance of real job growth and support work demands.
BNY is willing to push new hires through a learning curve/ training program and accept the risk while receiving the tax credits. Experienced folks meanwhile will be weaned out for made up, contrived job performance concerns to thin the herd and continue to lower the cost of doing business.
If you pull back the kimono you’ll find more unspoken truths about the decision-making being played out.
Morale is the lowest I have ever seen across any institution I have worked at over the last 34 years. Mass incompetence by those making the decisions, who, essentially haven’t actually done the homework to understand what they have got. With a focus purely on cutting costs, there is little investment going into anything else. Bridge cost millions and is an absolute disaster…so bad that it’s been handed to a rival, iCAP to run for us. The top layer of leadership are clueless. To change an organization, you first need to understand an organization. Instead, you have people who have been here a few years making d-mb decisions and voila…it’s an absolute mess. Things being sold that we can’t do and will never be able to do for years, people scared to speak out in case they get cast into the mandatory 10% ‘Below Expectations’. at least 70% of my group ( not team) have resumes out to the street…when I spoke to a Recruiter last week, she was shocked at the amount of BNY resumes flooding her office…..seems everyone is trying to get out…how to turn a great institution into a complete disaster in a few years…….
Actually I think that you’re the last to realize this.
@kk+1jqp59sjp
Nailed it.
Part of me hopes that it fails spectacularly. That clients will see they're not getting the same quality of work.
By getting unqualified people and high staff turnover the same level of work just won't be generated and higher management doesn't seem to care.
Moving a lot of work to India seems great in theory but the reality is they will literally follow the procedure in front of them and won't deviate - not great when issues arise.
Alexander Hamilton would be spinning in his grave.
None of you know whats coming. More is going to india and other foreign locations and they are looking to open on the west coast. Amazing idea smh
@kk+1jqp59sjp
Agree 100%. They are going with this new model which is almost like a corporate version of the leftist social class representation in California where you either have ultra rich elitists or poor lower class basic skill workers. It will be people l Robin’s think tank above and below: junior out of school people and high dependence on offshore. All the while driving middle class and line managers out. And dreamy wish propaganda talk on a large dependence on AI and ‘involved upper mgmt’. This is going to fail spectacularly. Trying to run when they can barely stand. For those who inexplicably own more than 50 shares of stock here, you are warned.
BNY is clearly moving to a new business model that favors lower level skill competencies, and specialization within a low / -er cost of service model with fewer client touches.
The company has great facilities, innovative technology and support and great people and teams, but don't be fooled by the free coffee. The shift to the new model has a price and is disruptive to the 240 year history of the firm and its established culture.
Since a majority of the work is done in what management describes as "the engine room" there is seemingly low regard for how or where the work is performed. Many global resource groups are considered fungible and work continuously in a multi-tasking, highly reactive environment. With the exception of Client Management teams, many US roles are now performed offshore or in obscure back offices. Of course, everyone's job is important and is aligned with strategic goals, but the pivot to the new model is complex and psychologically challenging to everyone involved both internally and externally.
BNY HR policies now seek to attract junior level talent (new college grads) in lower cost locations (not NYC or NJ) where new college grads can get their first global brand on their resume, acquire recognizable job skills and experience (for a short limited time period) at arguably below market wages. In today's DOGE economy, this proposal looks very attractive and is worth the risk. Meanwhile, the pricier, more experienced heads will continue to roll with every successive wave as they too will be replaced by AI and lower cost resources and process at some point soon.
As honest insiders may tell you.... beware of frequent town halls with hype music and familiar sociopathic talking heads espousing propaganda, heaping praise on the new business models, infusing energy and self-praise, and constantly harping on company pillars and principles like a canned sales pitch from a carnival barker or used car salesman.
Wonder what BNY founder, Alexander Hamilton, would think now?
@jz+1jqp59sjp Microcosm of the USA? Nah… this place is fully Anti-American. It believes in using cheap 3rd rate offshore to stoke greed. Risks be damned. Robin the red coat hates America and worships limp wristed woke socialism.
It's a microcosm of the USA
Culture?
There is no culture. What we have here are lies, threats, dishonesty, mismanagement, sociopathic behaviors, cut throat tactics, pitting people against each other, anxiety, disharmony, cut throat tactics, edicts, meaningless dates, Jim Jones town halls, sour milk environment and fear…. Most of all- Fear. Petty tyrants like to use fear to get what they want. Fear of losing your job is really the only power the bad azzes here hold…. If good equal paying jobs were easy to get , this place would be a cemetary. So there goes your ‘culture’
The culture is hilariously bad. We have a department meeting every Monday led by a useless talking head where all he does is tell everyone how hard they are working to get rid of staff. Using creative language of course. It’s just extremely enraging how they will just take you for id--ts and sp-t in your face. And he only acknowledges anyone in tech and India. He is just very fortunate the people above him are stupid because if they had half a brain they’d just replace him with an entry level project manager.
I'm also just trying to stick it out for a few more years. I like what I do, and work with a great team (what's left of us), but they really do seem to be trying to get us to quit.
All our open reqs are for positions in India. The manager over there is under pressure to get a huge project done (it's been ongoing for probably close to ten years already) and no one over there has any business knowledge about the code they're working on.
People are being told to get things done in three weeks that you could easily spend three weeks writing specs for, let alone code and test.
I have a friend who works as a top-level troubleshooter for projects like this. He goes all over the world, and he said the biggest disaster he ever looked at was at a bank in India, where they had spent US$600 million and had nothing to show for it. They had to start over. I can see this project being a similar disaster in the making.
So so bad but you got to stay to put food on the table
It’s the worst
Op sorry good chance you will be on a fake pip soon like many 50+ are seeing now after a long successful career here .
Ethics and code of conduct."do the right thing" does not apply to the executive leadership
1- I’m nearing the end of my career
2- I am looking.
3- my location doesn’t have the options as say a NYC
OP why are you still working here if it is so bad?