There is a lot of negative sentiment here, so I want to focus on the positive stuff and why I appreciate BNY:
1) 7% 401K match - more than most financial services firms (for example, Morgan Stanley gives 4%)
2) Pretty generous vacation entitlement
3) If you leave the company, they pay for the vacation days you haven't taken
4) laid back, friendly culture in most groups
I read these assertions and I just shake my head. Reading comprehension can be your best friend or your worst enemy. Study up and make it your friend.
“ more than most financial services firms…”
That’s a pretty low bar. The 401k is not something to brag about here for a number of reasons.
@hq Also, Morgan Stanley pays much better and gives its employees much better bonuses.
@mg I think you're underestimating how much the delayed 401k contributions cost you and how much it will cost you when you leave if you don't time your exit perfectly. Or if BK times your exit for you...
@OP the negative sentiment is well justified. To your points, the 401k match is good (despite the way they now pay it), the vacation pretty good but they do not pay it on the way out unless required by jurisdictional law, you can find some friendly people anywhere. That being said, this is probably the most unethical company in the industry. If you are not ex Goldman or a recent college grad, it’s not a tenable company to work for. They fabricate reviews, terminate with little to no severance and engage in a host of other unethical practices. Unless you are BNY HR or one of the other exceptions I mentioned, you probably don’t really work there. If you do, must somehow be very isolated.
Exactly. You’re losing a years worth of interest now on the 401(k).
Like everything else that benefits the employee… They reduced the benefit over the past five or six years. But the good news is our boy RV got 50 million this year because 26 million last year wasn’t enough. Greedy POS.
Hello there bot. Are you sh-----g Eliza?
I wouldn't call the 401k match good when you lose around a year's worth of compounding interest. And I think MS match is 5% now. But both have a cash balance which is pretty good even though it's not nearly as good as the pensions they took away.
Here’s positivity. RV and his di-k licking GS pals can go fu-k themselves on repeat. . ICE needs to check his status and send the trash back to the UK
People Team get out of here!!!
Vacation payout depends on the state. In mine, they would be required to payout accrued vacation.
1) 401k match is pretty good, provided you are employed through the end of the year and you need to wait an additional 12 - 16 weeks to post.
2) The new vacation allotment is very generous (when you can take it without being expected to work or make it up).
3) False - do you not get paid for vacation days you haven't taken when you get laid off (at least not in my state). In fact, most aren't getting their severance now either.
4) My coworker are pretty friendly and laid back. As for the "company culture" however....
Pretty sure BNY stopped paying out unused vacation last year. And 7% 401k is something recent. I think because they don’t post the contribution till the following year and godforbid you leave before then. I think we used to get a 6% match then I think they changed it to if you put in 6% they matched up to either 4.5% or 5.5%. They had some weird stepped contribution. Now 7% but you have to wait and miss out on any potential gains. They took away some of my grandfathered vacation days grrr. I’m still trying to fight that. They just love miserable employees.
Match - only if you are employed on 12/31, otherwise the whole year’s worth is gone. Plus the vesting (already mentioned). Vacation? Ha! I can’t remember the last time had a vacation day and I didn’t “have to” work - or face having it used against me in my review. Even once had a sick day where I had a medical procedure and was told I needed to be on a call 3 hours later. Raises? For a consistent meets or exceeds - still not even half what’s needed to keep up with inflation. Promotions? Despite what was promised during recruiting - they are impossible unless you have drank enough Kool-Aid that you are purple. Doing things the ethical way don’t matter - as long as you preach the value of POMs since that’s way more important than anything. And it is amazing that BNY continues to just either fire the good people or drive them away and all that’s let are consultants with “McK” (who have no idea what they are talking about as real expertise matters little to them) or people who couldn’t find their way into the ocean while standing on the beach 2 feet from the water.
This has to be a joke post but just in case this person banged his head badly number three is false, at least in my case
Those despicable pieces of sh-t tried to tell me I couldn’t take my accrued vacation time which at the time was 2 weeks & they wouldn’t pay me out for it either. I still took it and just didn’t enter it to the system. F em
& friendly people - you must have banged your head. Everybody, by the end of my time there was miserable and backstabbing each other. Laid back! Ha. That place was a sweat shop.
@aa Most financial services firms require 3 years of service for the 401K match to vest
If you are saying that most BNY employees who try hard and work hard don't survive 3 years at the form, then this is an obvious and easily verifiable lie.
@a8 this is false
In NY there is no state requirement
Many financial companies don't paid for the unused vacation and BNY does.
401k match doesn't vest until 3 years. Most employees dont survive that long. Just another RV grift.
@OP Too bad you don't know the history. The 401K was introduced after they got rid of profit sharing and gutted (and eventually eliminated) the pension. So, eliminating dollar cost averaging of the match and not paying it out to employees who leave or are let go is truly a sp-t in the face.
@a3 the only one I know
which BNY ru yapping about I want go there