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

1.0
Jan 5, 2024
Recommend
CEO approval
Business outlook

Pros

Vacation Time- Time off is Ample. About the only pro anymore. When this is the priority - one can imagine why the best talent isn't attracted.

Cons

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.

Explore other reviews about BNY

5.0
Jun 23, 2026
Recommend
CEO approval
Business outlook

Pros

Really technology driven and laid back first

Cons

Low salary for new associates.

1.0
Apr 28, 2026
Recommend
CEO approval
Business outlook

Pros

Job only as good as immediate manager. Salary is Ok ish Benefit options are ok not great.

Cons

1) Retaliation is a way of life at this company going back to 2018 and becoming worse since 2) Mid level managers are very efficient at passively insulting the Teams they are responsible for. 3) It is nearly impossible to advance in the company. 4) When you try to post to another department - your Mid level manager will do the best to stop you from advancing. Some have close friends in HR that will even have you submit a new application in an attempt to accuse the other department of recruiting you. I have experienced this. 5) The only way to increase pay and experience is by leaving the company. 6) It use to be a culture of lets help others when there is a problem, now it is lets find who to blame for upper mangers rushing a project before all risks are identified. 7) If you are taking a new Job - professionally push for higher Salary once you are in raises will be very small.

5
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