What is the hiring process like at BNY?

Good hiring process and management

No real negatives, I enjoyed my time

The company offers competitive salaries and, for those who maintain close relationships with their managers, the potential for significant bonuses. This aspect of compensation is certainly on par with, if not better than, what many mid-sized companies provide. Additionally, it serves as an excellent learning environment for employees at various stages of their careers. The opportunity to acquire new skills and knowledge is abundant, making it an ideal place for professional growth. However, it's worth noting that the distribution of bonuses can sometimes reflect a bias towards those with closer personal connections to management, rather than being entirely merit-based. This observation suggests an area where the company could strive for more transparency and fairness to ensure all hard-working employees are recognized and rewarded equally for their contributions. Given these dynamics, my advice to current and potential employees is to focus on personal and professional development while remaining vigilant about the broader workplace environment. It's beneficial to always be open to new opportunities and to continuously expand your skillset, ensuring you are well-positioned for whatever the future may hold in an ever-evolving job market.

In the face of organizational restructuring and leadership changes, the company has embarked on a series of layoffs that have raised concerns about the criteria and processes used to determine who is let go. It appears that the selection process lacks transparency and may inadvertently prioritize factors such as race, diversity and age, particularly affecting those over 40. This approach seems to narrow the pool significantly, resulting in the departure of many dedicated and motivated individuals who, after passing through these filters, find themselves without a role. The impact of these decisions not only affects the livelihoods of those let go but also sends a disconcerting message to the remaining employees about job security and the value placed on loyalty and hard work. Additionally, with the arrival of a new CEO, there has been a noticeable trend of hiring managers based on previous connections, further exacerbating the feeling of instability among long-standing employees. This practice seems to underscore a preference for new affiliations over established experience and contributions, challenging the notion of meritocracy and long-term career development within the company. The manner in which layoffs have been conducted, coupled with observed behaviors from some leadership figures during these rounds, notably smirks or smiles, further diminishes the trust and morale among the workforce. Such behaviors, whether intentional or not, can be perceived as a lack of empathy and respect for those affected by layoffs, contributing to a culture of fear and uncertainty. For those considering joining the company, it's advisable to stay informed about its culture and policies, and to continuously seek opportunities for learning and personal growth, keeping in mind the dynamic nature of the current job market

Interview process was seamless and organized

None at the moment, just started.

Providing employees company shares is a plus. Paternity leave is generous

As much as the preach that they care about their employees, they in fact do not unless you are at director title or higher. Everyone lower than that will get abused and thrown under the bus to protect the hight levels. The HR is the absolute biggest joke from the hiring process to your last day

Get decent amount of money for overtime. Co-workers are generally friendly and nice.

1. Lack of Onboarding and Integration: From the very beginning, my experience at BNY was disappointing. There was no introduction or onboarding process, which stands out as the worst I've encountered in my career across three different banks. I was left without any team assignment or responsibilities for an entire month, and I did not even receive a face-to-face greeting from my manager. There were no onboarding activities, no training provided, and no sense of belonging fostered within the team. If it weren't for my three years of Corporate Actions experience, the team would have been in an even worse position due to the complete lack of support. 2. Favouritism: Favouritism is a serious issue within the company. Despite working diligently for 11 months, I have never had a face-to-face conversation or a one-to-one meeting with the senior manager. In stark contrast, other team members were directly approached by the senior manager. It was only recently that I had my first one-to-one meeting with my immediate manager, but still no interaction with the senior manager. This blatant disregard for hard-working employees is disheartening. 3. Inadequate Compensation and Unjust Promotions: The pay at BNY Mellon is uncompetitive, especially considering the market rates. It's absurd that analysts are paid more than senior analysts, with overtime factored in. The promotion process is equally flawed, as it appears to be driven by favouritism rather than merit. This has resulted in deserving employees being overlooked and undervalued. 4. Prejudice/Racism: I encountered what I believe to be prejudice in the workplace. After working on a large batch of exchange events alongside a colleague, the senior manager assured us that our hard work would not go unnoticed. However, the next day, my colleague received VIP points (basically cash bonus) while I did not. It wasn't until two months later, after I raised my concerns in a management feedback survey, that I was finally awarded VIP points, along with another analyst. However, the recognition felt hollow, as the message we received was a clear copy-and-paste, lacking any personal acknowledgment or genuine appreciation. This experience not only highlighted the underlying prejudice within the company but also demonstrated a lack of sincerity in how employee efforts are recognised. 5. Poor Recruitment Practices: The recruitment process at BNY Mellon is deeply flawed. The company consistently hires individuals with no experience in Corporate Actions, which places an undue burden on existing team members to train them. These new hires often lack the necessary skills and understanding, requiring constant guidance and repeatedly asking the same questions. This is especially problematic when even my immediate manager, who should be leading and supporting the team, has zero knowledge of Corporate Actions. While it’s understandable that a manager may not need to know the intricacies of processing within the system, they should at least possess basic fundamental knowledge of the field. Instead, we are spending 99% of our time explaining fundamental concepts to him every day, which is not only inefficient but also hampers the team’s overall productivity. 6. Poorly Managed Team Split: The decision to split the teams into Payments and R&I was handled terribly. Implementing such a significant change within a single week, without adequate planning, was a mistake. The reorganisation left critical aspects such as procedures, guidelines, templates, and task allocations for us to figure out on our own. Now, the company wants to merge the teams back together, acknowledging the poor decision-making process. This lack of professionalism and foresight is shocking for a company of BNY’s stature. 7. Unilateral Decisions and Disrespect: I was made the only senior in the Payments team without any prior notification or explanation from the senior manager who made this decision. It is astonishing that a decision of such significance was not communicated to me directly. Out of basic respect, the senior manager should have personally informed me of the change and provided an explanation of the rationale behind it and its impact on my role. Instead, I was left to discover this change indirectly, which is both unprofessional and deeply disrespectful. This lack of communication and consideration makes it clear that my contributions are undervalued, further highlighting the favouritism and poor management practices within the team. Expecting one senior to manage an entire team without proper support or communication not only increases the risk of manual errors but also jeopardises client relationships. How can employees be expected to care about their work when management fails to show them the basic courtesy of open and respectful communication?

The interview process was fairly easy.

Did not receive much work during the duration of the internship

poor management, layoffs, competition, company hiring to man people and then decided to reduce the number, a lot of people lost a job

good benefits, mental health program for all employees is a plus

Excellent policies, decent to good salary. Excellent insurance coverage to employees. Good perks.

Very bad managers. They behave like kings that can do anything and we should hail those decisions no matter how bad they are. Going on a cigarette break with manager and gossips is mandatory to get a promotion. Irrespective to the gender of the managers, the females are always favoured. The existing employees get very low compensation hikes as the company is busy spending and hiring college students paying them higher salaries than the existing experienced employees that are working really hard to meet the organizational goals.

- nice building and office space

- organizational structure changes made for confusion as a new hire in terms of figuring out responsibilities- not clear

Not much to talk about. Ops and tech heavy firm that still lives in its legacy. No meaningful change is possible as everything is customized and bespoke by client. Only way firm churns out returns is by cutting cost. No net new revenue added in last decade plus.

- MDs are in the business of putting up appearances and managing their brand perception, no actual work gets done and no real leadership skills at certain levels - Firm keeps showing a new shiny object to the street every few years with nothing meaningful coming out of it - data analytics, blockchain, AI. - Very poor HR systems and processes. Performance management process is a joke. No structured framework or path to recognize high performance. - Lot of politics and cliques - No real strategy to grow