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CARLEtheCamry t1_jefek6r wrote

Reply to comment by James19991 in BNYM Employees by reesesmama

I agree, but that's not how these C-Suites see things.

Employees are a cost center. If they can improve short term profits by getting rid of a 50-year old employee making $95k with some kid out of college who will accept $45k, even short term, that's a win for them. And probably earning them a bonus.

I mean, look at the 401k thing. It's such a small thing in the big picture of compensation of a bank, what could possibly be the motivation behind it other than "As CFO I reduced expenses".

Saving pennies to lose dollars when they get hit with a cyber attack or something in the near future because they replaced the experienced people.


James19991 t1_jefhb13 wrote

I see your point. The 401K thing is so perplexing. I have a feeling more companies will do the same unless the federal government steps in.


CARLEtheCamry t1_jefjdvy wrote

Maybe it could be spun as causing too much administrative overhead to process a 401k match every pay period. Except... it's a bank. The literal business is processing financial transactions.

If the Simpsons was any good still, they would write this into a story for Mr. Burns.

BTW - I don't want it to seem like I've been saving this stuff up or am some kind of /r/antiwork radical. My nephew is in his early 20s and just starting his career in the same field as me and has been asking for advice. He just wrapped up his 3rd interview with BNY. I knew they had a bad rep (from current co-workers who came from BNY) but dug these articles up for him last week as citations for trying to steer him clear. I think he's going to take the position - but my advice is "don't stop looking for greener pastures" while working there.


B0bb3r7 t1_jefqd9g wrote

You don't have to be r/antiwork to see that many business processes are sick.


tesla3by3 t1_jefuidd wrote

Not only that BYNM actually has a business unit that processes 401k’s for other companies.


James19991 t1_jefmpjs wrote

I don't think there's anything wrong with your advice of continuing to look at what's out there if they extend an offer to him. All of this feels like it's just to keep the commercial real estate market from collapsing.


reesesmama OP t1_jege21u wrote

I started in my 20’s. It is a good place to get experience and build your resume. He can always hop over to PNC or another financial institution in the area if he decides it’s not a good fit!