Thread regarding Bank of New York Mellon Corp. layoffs

Yup was told the same when trying to move internally. Now after 20 years forced to look external.... Company doesnt even hide their hatred for human American employees

People Team here. You are unable to be promoted to SVP from VP until next year. Many of us on the People Team do not agree with this "policy" as it severely limits internal growth as it's a way for Shannon and RV to weed out the current employees to bring in the new regime. What they're not realizing is that the whole ELT needs a change including them.

@pw+1kjgp8w9r see this all too often
BUT consider if you start low and obviously stay here, even for those who do "move up" having a salary well over 100k could be hard to obtain.

10yr Ex.. Orlando since 2015, 40k salary.
promoted 5 grades or basically every other year excluding 2026 (15% each time) w 2% raises ~ 2026 salary 100k

20 yr Ex.. PIT since 2005, 25k salary.
Jumped/promoted 7 grades or every few years (15% each time) w 2% raises ~ 2026 salary 100k

@r2 You must be in back office operations. It seems all banks have departments like this in that pay range. If you are happy (and have two incomes-wife/hubby?) then more power to you.

@pw I am one of them: here over 10 years and only make 53K (not including overtime). That said, I have survived many layoffs because I don’t make much and all the people who made (a lot) more than I (and often bragged about it) were let go thru the years (and several have yet to even find employment of any kind in the last 1-3 years!!). There is safety in “mediocrity.” :)

Guy if you’ve been here 20 years and only make $98k, at some point that’s on you. You’re clearly not in a role that’s valued or irreplaceable and you should find a job that will pay you more/give you an opportunity to actually make a career. Waiting a year or two to see if something can meaningfully change is one thing, but if it’s not happening after that, you need to take your career into your own hands and make a change. Accepting no growth for that long is very bad.

Same goes for anyone else who has been here 20 years and probably makes less than $98k; the reality is that there’s probably a lot of people who are in this situation and aren’t even at this person’s salary.

That’s correct, you cannot get a job offer that is higher in title than your current role. You essentially need to be promoted to move up. This changed in Q3 of last year.

I expect this to change over time as it will affect our ability to retain. I can understand if we add scrutiny to prevent people from hopping internally at an unnecessary rate but I doubt the current full ban will last forever. Doesn’t help you right now though.

Post ID: @a4+1kjgp8w9r

I believe you mean career lettuce - it’s absolutely wilted. Technically there, but it’s brown and smells gross so no one wants it.

That’s what BNY offers.

Post ID: @b5+1kjgp8w9r

Same here. I’m at a salary of 98k after 20+ years because of the BNY’s low pay.

I figure I’m just going to ride it out in my role and not do anything extra or apply internally.

With 2 percent increases each year, I figure , if I miraculously avoid the guillotine , I’ll be retired in 25 years and won’t ever hit the max band.

RV has irreversibly ruined the company and it’s just taking a bit of time to see how it shakes out. No one will be willing to apply here once the job market improves and they’ll undoubtedly launch a campaign to make them the employer of choice by offering sweetheart deals. Won’t matter when there’s a mass exodus of the employee base at the same time. There will be no saving this company from their self created downfall that’s coming in the next few years.

VP II here also.
I interviewed for SVP recently (no luck external) & the recruiter made it 100% clear, based on the updated Policy you cannot receive the new higher grade (SVP rate) until next year in January and its not even guaranteed you will get the new rate but based on performance.

Yup, this is absolutely the kind of trash this company is doing to its internal employees. These people are the lowest of the low

If the position you are applying for is within the same mgmt structure, rolling up to same managing director (whoever your MD is now) then you are not eligible to apply per new policy. They want ppl to switch departments and not move up...more career lattice than ladder.

Yes, this is company wide policy now. They'd rather hire off the street and let them make more than existing employees. WHY does anyone stay at this toxic company?

I was told the same thing. Moving from J to K was blocked by HR.
They hired someone from outside the firm with no financial services background.
#growwithbny