Has anyone who has been laid off during this round determined whether we will get the 401k match? I’m assuming not, but my manager didn’t know.
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@amvd, right, it causes simpletons to ignore the fact that someone fired 10% of his employees.
Illiteracy is such a sad thing.
@aubs claims Frank "did NOT have layoffs" then claims "nothing that I wrote disagrees with" a post about Frank's layoffs.
And yet I maintained and still have a full drawer in my home office with all 7 of the pension cuts including BONY’s initial heist of of Mellon’s plan which made BONY’s plan solvent.
I’m willing to bet $10,000 on this to be arbitrated by a mutually agreeable third party. Let me know if you’re interested and how we can meet.
Nothing that I wrote disagrees with the Pittsburgh Quarterly article.
Yes, there was incredibly tight expense control in all aspects, but Frank’s key move was spinning off Grant Street Bank as a separate entity to isolate and work out the bad loans. Displacements were a small part of the whole solution.
Frank had actually done this before at Crocker by selling off bad loans to another California bank. The difference here was that Frank created and spun off a bad bank. It was a genius move which regulators watched carefully. Shareholders, customers and all third parties were made whole.
you better call The Pittsburgh Quarterly and let them know they're totally lying too.
Frank Cahouet, 85: Cahouet rescued Mellon Bank from the brink of failure in the 1980s and restored the fabled Pittsburgh institution to strength. The first outsider to lead the bank when he arrived in 1987, he inherited bad loans and excessive expenses that led to a loss of nearly $1 billion that year. Cahouet aggressively cut expenses, including nearly 3,000 layoffs.
I don’t understand… why are you always talking about Senior Managements?
Don’t you realize there is one Senior Management Team? Is it possible that you don’t understand that management and Senior Management are plural?
There are no “senior managements” that treat the employees like shiit. Senior management is treating employees as Shiit.
Allow me to guess… University of Phoenix Associates Grad?
@9wln, you better call The Pittsburgh Quarterly and let them know they're totally lying too.
Frank Cahouet, 85: Cahouet rescued Mellon Bank from the brink of failure in the 1980s and restored the fabled Pittsburgh institution to strength. The first outsider to lead the bank when he arrived in 1987, he inherited bad loans and excessive expenses that led to a loss of nearly $1 billion that year. Cahouet aggressively cut expenses, including nearly 3,000 layoffs.
There are no rules for the 401K match anymore. It’s the law of the jungle with the Lions in the C Suite scheming to raid your savings to save on expenses for the bank. There is no way that we can beat them when they arbitrarily make, break and change the rules.
Open up a Roth IRA outside of the bank, save only there, and don’t put a dime in the 401K. If you can swing it recharacterize an IRA or 401K into a Roth IRA.
But if you do none of that, at minimum you NEED to get your money out of your employer’s clutches.
This a total lie. Mellon was never even close to insolvency. Frank spun off Grant Street Bank to work out the bad loans. Frank instituted tough cost controls bud did NOT have layoffs to save them from bankruptcy. Not even close to the truth.
Of course we noticed the pension getting yanked from us, and it was death by a thousand cuts. I don’t know if YOU know this but we didn’t work in an era like today when people make huge money even for the simplest clerical Ops jobs. We worked for peanuts and the pension plan was the great promise that equalized our retirement income.
The simple rule of thumb was 1% of final salary for every year…I.e. 30 years = 30% of final salary, and was cut over and over again. It was much worse than the 401K cuts that people complain about.
The sheer corruption on display with leadership stealing our contributions from the Bank of New York Mellon 401K plan is disgusting. Our leadership team is literally systematically stealing our 401-K contributions and matches as they continue to use our matches as a long term interest free loan while making it ever harder to even receive the match.
If Robin and his cohorts used even a fraction of the devilish ingenuity they’ve displayed in picking our pockets and actually applied it to running the business then there would be no need to steal from us peons.
How much money do you leaders need? Why can’t you make your money honestly as we employees do?
In 2008, year three of the “merger”, BONY raided Mellon’s overfunded pension fund and used it to make their underfunded pension whole and then combined the plan. So there was a one time theft of one third of Mellon’s Pension by BONY and a new combined plan.
Ever since then, the combined pension plan has regularly been cut.
But BONY’s one time theft of Mellon’s pension was as dishonest as it gets.
Ever since 2008
Why Robin need to take our hard worked moneys? He has all the money he needs.
If you Google it you’ll learn that Frank Cahouet spun off the underwater loans into Grant Street Bank, the so called “bad Bank” and gave all Mellon shareholders Grant Street shares. Mellon proceeded and did well. With Grant Street loan workout specialists focusing on liquidating the bad debts all were retired.
Both Mellon and Grant Street were in the black and all shareholders in both Banks were rewarded,
And yet I have a complete folder containing all 6 Pension cuts after BONY raided Mellon’s overfunded Pension plan to shore up their own under funded plan.
7 pension cuts in 10 years starting in 2008 when BONY first began to loot Mellon’s overfunded Pension Plan to shore up their underfunded plan.
You must be in New York… enjoy our money jagoff…
I’ve avoided telling people where I worked since the 2008 takeover of Mellon by BONY. It’s so embarrassing to be associated with these clowns.
Honestly, it’s because we don’t exactly attract and hire the sharpest tools in the shed. Nobody good is applying to get into BNYM. Over half of our employees don’t know their employee ID, how to see their paycheck, how to even enter their home email addresses into the HR system.
OMG. You are either a joker or completely financially illiterate. Do you really not know the last four years of ever more brazen thievery of our retirement savings?
Yes, but it was really another sub 1% layoff. Still no significant layoff since Scharf’s August 2018.
The real issue is not Layoffs.
The real issue is the steady drip, drip, drip of constant benefits cuts and management erecting new barriers to prevent access to all benefits.
Our 401K matches are being stolen out from under us.
Thankfully I’ve been out of this place for awhile now. I had simply had it with the annual cuts in the 401K, the medical, the continual pension cuts, including the final cuts which occurred after HR said that under ERISA the pension could have no more cuts. Yet they cut it again one last time when they outsourced it.
But my blood boils to see the Bank scheming to steal even the current year’s contributions, the match, etc. This Bank has truly declared war on its employees. Anyone who does not believe that they are a lifer needs to get off of their butts and job search.
I know of NOBODY who is not far better off within a year (and often far less) after leaving this dump.
Robin has clearly declared war on all active employees.
Everybody should work as slowly as we can.
Frank Cahouet was a genius and he saved Mellon from bankruptcy. He was highly ethical and he split the good bank from the bad bank which allowed Grant Street bank to focus on working out the bad loans. All Mellon stockholders received Grant Street shares and were well rewarded.
Have to be with company on 10/1 to get match. Associates laid off as of 9:22 - No match.
Just google Grant Street National Bank and Frank Cahouet if you want to see back door shenanigans and ruthless layoffs at a bankrupt company.
@5isj, nothing happened to Mellon retirement accounts.
Post ID: @4pjm+1oz15AWo
Simply google Bank of New York hostile takeover of Irving Trust and you’ll see the character of legacy BONY
This well planned heist of OUR OWN retirement accounts was a serious and dishonest breach of trust in looting our retirement savings. These people in management have declared war on rank and file employees.
This is a sickening development which has seriously fractured the the employer/employee relationship forever more.
Funny how so many Mellon employees forget how they had massive layoffs to save them from bankruptcy. But somehow they shored up BNY with the merger.
At least you could thank us for donating our pensions to BONY.
Responding to the comment about BONY ruining Mellon, just know this type of evil was not here before. It is a new evil for all of us “legacy” employees from both companies and a sign of the times seen across multiple firms.
I just got my sub plan docs yesterday. No 401k match or bonus if you are laidoff of before 9/30. My last date is Sep 26 , so they made me work weekends and off hours and now being sent away without the 7% 401k match or Bonus. Good riddance! This company is just few major issues away from a disaster, they just keep laying off good employees because they have to pay them more. I cant see future but I'm really good at seeing patterns and this does not bode well for the bank. (before you ask .. Yes I knew my urgent meeting invite was coming. Just didnt know when)
We knew this would happen. The more devilish they are, the more we begin to understand their next move. I truly despise BONY for acquiring and destroying Mellon.
“Manager don’t know” is redundant.
Sorry, I just graduated from Pittsburgh High School. Pardon my poor gramma.
There are not managements, there is management.
There are managers.
Just helping out the University of Phoenix associates degree holders.
Look, they’re been cutting the 401K annually for decades. And now they’re weaseling on the match from you for a free no interest personal loan.. You likely can get your contributions back if you persist.
I’ve been rolling over my 401K to a Rollover IRA annually to avoid these shenanigans. These lawless BONY Banksters will continue to steal from us. I’m always looking down the road for their next scheme.
This proves again that all those Mission Statement and Employee Wellness on the BNY page is BS. The senior managements treat the employees like shiit.