Thread regarding Bank of New York Mellon Corp. layoffs

I’ve been saying it all along. Charlie comes in:
Destroys the place. ☑️
Brings in Jamie’s people. ☑️
Charlie’s hires and mentors Jamie’s son in law. ☑️

Ok let’s merge bnym with jpmc. Jamie retires and Charlie takes over the combined firms and crushes it.

"Don't change a thing until I get back from my duel – except, maybe NEXEN..."

• A. Hamilton

Greenfield will fix it.

Any “great senior executives who spent their careers at BNYM” were gone long before Charlie’s arrival... unless they were undercover on super secret missions or something.

Eagle software is substandard with lack of it support.

1sir - perhaps even area 51

I think these legacy companies also helped orchestrate the assassination of JFK, the moon landing conspiracy, 9/11, and the deep state.

I agree with all of you but nothing is going to change. On Friday was mid year ratings and many good employees received the new “BE” ratings. Rumor has it massive layoffs are happening Monday Aug 19 & Dec 2. ETF dept is losing a massive client in November. With all the centralization going on I don’t know what the plan is for the service teams? They stripped all their job duties. Either way it’s really sad.

NEXEN. 😂. What a disaster. If most of you only knew what a waste of money....

ROTFL

Atg- your right, but once private equity or hedge fund managers buy up stock, they dictate the severe cost cutting for profits now. Putting jobs at risk, even the viability of the company.

Look at the destruction of KraftHeinz, massive staff reductions to the point they had understaffed accounting, which lead to incorrect statements and now the SEC is investigating.

I'm no socialist, but we here in America have to stop these funds from their greed, destroying American jobs and companies. Long term no pensions, no healthcare and no job.

Don't care if it is a banker in New York, a farmer in Iowa or a car worker in Ohio, let's put all people in America first and get rid of these short term profit taking rules that benefit the greedy few and hurt the rest of us.

That is a pretty far-fetched conspiracy theory, if you ask me. I mean, if substantiated that would be one of the biggest corporate scandals of all time and highly illegal to boot. Not a chance.

The problem is that despite the efforts to digitalize and automate, it’s being done very poorly. Most employees don’t even know how to navigate their way around NEXEN. Including client-facing people who are tasked with help clients with it. That, and the slash and burn cost cutting on the employee side is leaving a HUGE product and institutional knowledge gap which, if it continues much longer, we may never fully recover from. Much of what we do requires very deep technical expertise and knowledge, and these people just don’t grow on trees. They are built over the course of many years within an institution and we must take care of these people and show them the same loyalty that they’ve shown BNYM.

Lastly, we can’t try so hard to dumb down the processes into silos where people are tasked with one small piece of the puzzle, but lack the ability (by design) to see and learn about the bigger picture.

We need to hire and retain qualified people who can be trusted to make sound business decisions on their own, and organize ourselves in such a way so that we have some bench strength. It used to be that when we needed someone to fill a position, we already had them design up through the ranks. Not so much any longer.

"this could be a 200+ year plan in the making"

Probably.

Originally conceived around 1800, the plan was stored in secret vaults, moved multiple times in the dead of night by loyal lieutenants as headquarters relocated and banks merged. It was updated only once, around 1900, to add Andrew Mellon's Mellon bank to the plan. Passed down through dozens of CEO's for over 200 years, "The Double" was made possible when Bank of New York merged with Mellon Bank and CS arrived to weaken the combined entities to the point where it was finally possible.