If someone asked me this question a couple of years ago, I would find him eather stupid or uninformed, but the way things are panning out,it seems like a valid question to ask now. So, where do you see the company in 5 years time and will the company as we know it even exist?
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They are probably still considering selling and/or outsourceing the Technology Services Group again. They could not do it before, but they could force the issue to make it happen anyway.
BNY will pull out of EMEA locations. So if your office is suddenly receiving a revamp..watchout, because your headhas a "for sale" board over it.
This NYT article is over a year old but I found it interesting and probably accurate if we wait a few more months: https://www.nytimes.com/2018/02/14/business/dealbook/goldman-sachs-mellon.html
I heard JPM was looking to acquire the custody department.
It’s going to get smaller and smaller as they are forced to sell businesses that are not competitive. The questionable business mix is emerging as a theme.
BNY actually was “the acquirer of a smaller more technologically advanced company”. You bought it you break it.
How did you get a new 4 year young computer?!
Mine is going on 10 years easily. It's so old and clunky, it takes 2 Just people to lift and move it.
Try deleting all programs, data and clear cache daily. If that fails, unplug and restart. ; )
Having recently worked in a BNY dept. that actually does cutting-edge digital stuff, there was so much red tape and bureaucracy and “that’s the way that we’ve always done it” that any attempt to do something innovative and different was DOA.
It’s kind of frustrating to hear “we need innovation to keep up with the hip young folks” and then get a lecture that you’re going to have to wait another year to have your already-too-slow four year old computer upgraded because company policy.
I think it will shrink back to it's roots - as a US-centrist treasury service. The "global" side is extremely complex and becomes more risky given the current political climate. Cheap outsourcing in India and Poland will continue, but I foresee a downturn in revenue from outside the US.
If the bank survives, it will be a totally different company and I don’t believe cryptocurrency and outsourcing will help save them.
BONY is too technologically backwards to jump from 70’s-80’s to 2020 tech. Hiring endless Block Chai, er, Heads, who “speak digital” but have never done it hasn’t worked out very well at all.
BONY is out of time and can’t keep sustaining losses.
Relentless cost cutting will continue as the pieces are sold and will live on as parts of several acquiring FIs. Few banks are this dysfunctional and leaders in different sectors will acquire BONY businesses and they will be profitable..
The rumor is that Morgan Stanley is going to acquire some of BNY’s departments. It’s no coincidence that a lot of people from Stanley have recently join BNY
I would think bny would have to be the acquirer of a smaller more technologically advanced company. BNY has never been able to develop the right technology on their own and nobody needs to buy this dinosaur that's losing business.
I bet it will be bought out and acquired by another firm or a merger will happen with a bank that actually knows how to do things and isn’t afraid of taking on all the dead weight that is BNY Mellon.