Pros
We have a great team with excellent support from our managers. We are all highly experienced professionals who are very good at what we do and focused on providing an excellent experience for our clients.
Cons
Charlie Scharf joined the Bank about 18 months ago and recently embarked on a major reorganization effort intended to reduce the number of management layers between the top and bottom of the Bank. The intent was to make the Bank more nimble and client focused and to drive decision making down though the organization. There have been 2 – 3 rounds of layoffs in the past 6 months, and several thousand people have been separated from the Bank in the process. Being nimble and more client focused is a great idea, although most managers now have 10 – 15 direct reports, which makes it difficult for them to be anything other than reactive. As a result, there is little time for proactive planning, employee development, etc. Additionally, some teams are overwhelmed trying to do the same work with 50% (or more) less people. Up until recently, many employees were permitted to work from home (WFH) 2 – 3 days per week. However, Charlie’s drive to eliminate WFH throughout the Bank is a classic example of fixing something that wasn’t broken. His reason for the change, to increase collaboration and communication, ignores the reality that many co-workers and teams are already dispersed nationally, if not globally. The roll out was botched and left many alienated and feeling mislead: Employees who had been using WFH for years responsibly and successfully, were required to reapply for permission to WFH via an online tool. We were told at the beginning of the process that no decisions had been made about WFH. However, nearly all WFH requests were denied and the online tool appears to have been little more than cover for a decision Charlie had already made. BNY Mellon isn’t a place known for high compensation, but WFH made up for that in improving work life balance, supporting dual income families, and in reducing weekly commuting time / expense. Charlie was questioned about employee morale in two recent town hall meetings. He stated he doesn’t have a “magic wand” and that unhappy employees would likely self-select and leave the Bank. Those remaining would have basically have suck it up and be glad they have jobs. The reality is that the talent flight out of the Bank has begun and is picking up speed. Elimination of WFH will make it harder to recruit new employees and is at odds with efforts to grow diversity at the Bank, which Charlie claims to support. It’s really sad, because I used to think BNY Mellon was a great place to work. Now, not so much.