Not what it was - Steer Clear - Wealth Manager BNY Employee Review

The firm used to be solid. But it has taken a major turn downward in the last 5 years. They have gone left when the industry has gone right and not in a good way. 1. Let's start with withholding your 401k match for 15 months. You don't earn for that entire year, but the company keeps the earnings. Then, they only give it to you if you stay through that time period. They say it's an industry standard but it's not. 2. If you leave you do not get paid for vacation time unused. Period. 3. There are continuous rolling layoffs. Jack Welch style. This keeps them out of the news. 4. What once was a culture of people and doing what is right has now become a culture of 'Firm first'. Many issues almost reported to the OCC of crossing the line of their fiduciary standard. In my eyes, one move away from a massive ethical lawsuit. 5. Pay for younger folks is higher than market, trapping them in the company. Veterans of the firm are not welcome. This seems to be a way to cement people in. Good on the surface but will hurt down the road. 6. If you like a NYC mentality, this is the place for you. 7. Don't kid yourself, this is a dictatorship from the top down. 8. Overall, the company used to be good, relevant and wholesome. It is now a NYC Custody bank masquerading as a relevant financial firm. Basically, they are the government bank and full of bureaucracies. If you are looking to sit in a cube, shut up, zero creativity - this is the place for you. If not, steer clear.