What’s the most careless expense management you have seen across the firm?
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Putting up new BNY signs on the Wexford office....after they announced it was closing
They spent 10’s of $millions on the Woodland Park NJ office, upgrading the workspaces & kitchen areas, lunchroom & did a full replacement of a very expensive HVAC system (took nearly a year). They then promptly sold the building for less than the money they just put into it - to a developer who promptly tore the whole thing down. Complete waste of money.
Army of scrum coaches & agile stuntmen.
Post ID: @ct+1jn7cgpw0
THe CTOC is a four year old nearly obsolete room with big boards for all to watch what they already have on their laptops. Just an expensive egomaniac trip.
Hundreds of millions spent on poor vendor software apps (oracle, FIS etc.) , extra big costs for externally hosted test environments, BNY absurdly paying the cost to fix bugs in the vendors proprietary software and testing it on BNY’s dime. Add in helpless and powerless BNY vendor mgmt teams that agree to be taken to the cleaners. Yet, we have a whole army of India developers chasing windmills and rainbows.
What is this a peakon survey, or the new way Eliza gets answers?
- The buildings.....
- Multiple layers of management who shouldn't be managers nor need for them
- Branding
- Careless: reduction in force (RIF)
Management “offsites.”
I’d say sending useless team members across the country for a** kissing sessions. Even sent some to NYC recently when there’s not even people in NYC on our team. The firm is paying a manager to stay in Pitt hotels to meet her in office days because she’s based at home in NY and is BFFs with the department lead
On the intern/analyst topic, a lot of them don’t ever come back so we spend resources on them only for them to leave to go somewhere else while leaving the current hardworking employees in the dust.
Market data is another good one. No one understands those costs or can explain them. What does this vendor charge us to price this security? No one really knows….
All the consulting engagements we pay for. $ spent and nothing is ever implemented, but people feel better saying we hired consultants.
Relocating Indian employees to US or Europe
Out of control Market Data expenses.
No one knows sh-t either, we just pay.
Free coffee
100%. The term programs, a propaganda stunt, and then these analyst that do the six month rotations are also a waste of company time….
100% spot on! I’ve know a few summer analysts that have gone on to become full time employees only to learn that current interns are making more than them.
I strongly believe the summer analyst program is a PR stunt to show BNY in a positive light about the working environment there. These interns get to attend expensive events, have meals with senior leadership, and generally don’t have much of a workload beyond maybe a pet project that is more for them learning something than adding value to the firm.
A true senior leader supports others. For example, instead of taking every opportunity to promote yourself under BNY brand across media-a true leader would diversify opportunities across the talent set-which strengthens the enterprise BNY brand. Insecure leaders take all opportunities for themselves. This would even include coaching others. We all know an example of this -happens to sit in AS and does IM interviews.
Audit, Risk, Compliance groups where the ‘leader’ leads by checking the box and the LOD don’t call them out. There is little to no risk management in those LOBs.
Lake Mary Florida.
Ridiculous location. Ridiculous labor force. Hires there are not not not not saving money as some cost more than NY and MA. Ridiculous to be called a growth center.
People who use BNY mellon as their own platform=Mr. Slavin
People who collaborate and help support others-Laura Steinbach, JMann
Have you ever been in the CTOC!??? Board room conference table was $100k (has wireless charging built in). LED light strips around the screens so you can make the room red or green depending on the current incident priority. Each screen is fed by an individual computer so there are 20 laptops in a rack each one with a different video or dashboard opened on full screen. And, my all time favorite—2 Surface Pro desktops at each desk. Staff for that room initial said they needed 2 monitors to do their work. Designers disagreed and tried to convince us one large screen (that’s square in shape) would suffice. It didn’t. We convinced them we needed more than 1 screen, but Microsoft didn’t sell a matching screen so they bought a second desktop instead. Yes, that meant 2 mouses, 2 keyboards, logging into 2 computers, etc. Eventually they installed mouse without boarders so you could use mouse/keyboard, but you couldn’t drag apps across screens and still had to log into 2 systems. Each of these desktops retailed for about $5k at the time. The icing on the cake was we were also forced to get surface laptops “so they would match”. The Microsoft proprietary surface docking station was also installed at each desk ($200 each). But since the screens were actually desktop computers, not monitors, the docking station literally did nothing and was just used as an expensive charger if you wanted to rock 3 computers at once. For bonus points, the standing desks were initially unplugged and we were told we weren’t allowed to use them so all desks would remain at the same uniform height. Why install a standing desk then? Eventually we won the fight on the standing desk but the rest remained unchanged for years.
It’s people who use BNY as a platform to only promote themselves. Everyone employed by the firm should be promoting BNY Mellon as an enterprise not self-promotion. This means deferring to colleagues and others as a collaborator and team player. Teams move an enterprise forward-not individuals. True leaders promote others-not just themselves. There are many bad examples of this. I’ll leave the names out.
For me it’s summer analysts and a lot of grads. In the grand scheme of things they may not be the biggest expense, but just knowing any of them make as much as they do to stand in coffee queues all day, have intro meetings with anyone that’s unlucky enough to be asked and dillydally round our offices wondering what to do … it leaves a bad taste in my mouth.
Especially when they get paid more than a lot of Associates, VPs and in some cases SVPs, all of whom are experienced hires who have done up to 10 years of actual work.
People might reply me saying ‘well actually students / grads at BNY aren’t even paid as much as they would at other firms’ - but I’ve met enough of them at BNY that get warped by being paid this much this early. Less than a year in, some expect bonuses, pay raises and promotions #cringe
I seen alot of expenses in which some attendee names go unreported so it wont raise a red flag with compliance team. Also seen expense reports that have individual meal related charge, but the receipt has a # of guest section with “2”. Not sure why BNY is worried about the RTO system instead of the expense policies and not firing people obviously breaking major expense policy rules… auditors will most likely come knocking soon. There will most likely be a pandora box opening soon, since auditors will eventually also point out how one policy is being favored than other policies.
A tie:
Mckinsey and our board of directors.
With leadership like this, more funeral homes are needed.
Robin Vince’s pay
Probably you are still there and managing these crazy popups on this site
Hiring you?