Pros
One of a few companies still running an old-style defined benefit pension plan. They also have a 401k plan. Not much else.
Cons
Bank of New York is the most bureaucratic company that I have ever seen. Often, tasks are divided up among so many organizations that no one has ownership of any single initiative or project, so when it fails or fails to be completed, no one is responsible. The organization is filled with many groups with overlapping responsibilities. While the bank thinks that it is becoming lean and mean, it is not, as these groups, all with their own agendas, cancel each other out and make moving any initiative forward a morass. Management is tentative and uncertain on how to make changes. It is the most incompetent management, I have ever seen within the 14-15 companies that I have worked for wqithin my career. There is almost no concern for quality of any product or service produced. Management does not engage with line employees and does its best to ignore problems which affect quality and output of work. There is no meaningful incentive for employees to work hard or be effective. Most employees are therefore not motivated and take as many opportunities as possible to move the problem "off their desk" without fixing it.