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A distinguished past Five years before he became the U.S.'s first Secretary of the Treasury, Alexander Hamilton helped found the Bank of New York. As Treasury Secretary, Hamilton negotiated the first loan for the U.S. - the country borrowed $200,000 from the bank Hamilton helped found. In 1792, when the New York Stock Exchange was formed, the first corporate stock traded was that of the Bank of New York. Today, the Bank of New York is the 14th-largest bank holding company in the U.S. and the oldest American bank operating under its original name. Old, but still growing In 1922, the Bank merged with the New York Life Insurance and Trust Company, the first of many mergers with trust companies that would establish the Bank in that industry. In addition, the Bank began to expand geographically, with operations and subsidiaries in several states and foreign countries. In the 1980s, the Bank's successful entry into the credit card business helped compensate for the poor performance of its portfolio of highly leveraged transactions and nonperforming loans. Don't worry - we'll take care of your assets Bank of New York's highest profile businesses are its trust and custodial operations. Custody and trust businesses largely involve administrative handling of private or corporate assets. With close to $4 billion in assets under administration, the Bank is one of the three largest asset custodians in the U.S. Its commercial lending business is not as strong; the firm ranked No. 12 in 1998. The firm and has been on the prowl for other financial services firms. In April 1998, the firm made a bid to buy a stake in Boston-based State Street Corp. A month later it made an unsolicited $24 billion bid for Pittsburgh-based Mellon Bank. Industry analysts say that Bank of New York would not fit well with a traditional retail bank, and should look for deals with other trust-intensive firms. Still, while it has historically been strong in managing money for wealthy families, the firm is moving toward more retail businesses, and is building a brokerage. Scandal In August of 1999 BONY was embroiled in an international money laundering scandal. Authorities have alleged that as much as $10 billion in illicit gains - possibly diverted IMF funds - has been laundered through the Bank of New York and another bank. Thus far the bank has been accused of no wrongdoing but has terminated one of its employees and accepted a resignation from another in conjunction with the scandal.
The Bank of New York's web site, www.bankofny.com has a complete listing of job openings, qualifications, and descriptions. For all positions, the firm asks that candidates fax resumes and salary histories. The numbers to which resumes should be faxed vary by position, so be sure to check with the web site before sending resumes. The firm posts developmental positions for both MBAs and college grads, as well as for those in computer technology. Says one recent hire: "I met with the personnel manager of the department, and then met the VP and AVP of my department." Reports another contact: "There may be several interviews for different levels of people. If you get more than one, they are interested." Insiders say that BONY is a good place to start a financial services career. Says one former employee: "Most high-end financial firms are very hesitant about hiring people without experience, so this is a good place to start."
Conservative, stable company Bank of New York employees praise the "unwritten policy of permanent job security" and the "collegial" corporate atmosphere. One insider lauds his co-workers: "The people I work with are very bright and supportive of one another. I have made a number of good friends over the years at the bank, many of whom I have kept in touch with even after they have moved on to other jobs." Another is more even-keeled about his colleagues: "The quality of people is average - no obvious superstars, not many highly incompetent people either." However, many employees also say that promotion opportunities are "infrequent" and that the "conservative management" is "slow to implement change." One insider gives an example of the conservative atmosphere: "The dress code is pretty standard corporate attire." Another says "BONY is a very old, conservative, and very successful bank." That contact, however, points out that "since it is very old, it has the most stable businesses." Great profit sharing While this "sluggish" corporate culture is the source of "frustration," employees do benefit from hours that are "not too strenuous," "sparkling" salaries, a profit sharing plan that can be as much as 18 percent of one's salary, and performance bonuses. Reports one insider: "The pay is perfectly adequate, and the bank has a very generous profit sharing plan." Continues that contact: "There are clerks who after 30 years or so at BONY are retiring with seven-figure pensions."
Thomas Angers Human Resources
Commerical banking;Private banking
BankAmerica;BankBoston;Bankers Trust;Chase Manhattan;Citicorp;J.P. Morgan More Company Profiles For more career information, go to Vault.com ©2000, Vault.com Inc
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