I've already made my decision, started looking, and now this happens. Now I'm thinking things might actually improve and I should reconsider leaving. Because I really don't think whoever gets the position permanently can be as bad as the last CEO. No way to go but up...
11 replies (most recent on top)
Why does it matter who is the CEO?
And do you have any offers so you can decide?
When you get a real offer of a real job come back.
They said the same of Bob Kelly, couldn’t get any worse....then along came Charlie. You are dreaming if it can only get better. It can get worse, you can lose your job! Keep looking.....
Do yourself a favor and get out. But not just out of BNYM, get out of the industry altogether. It's the same BS at other banks too. Good luck.
Let’s be honest. The Bank had been severely mismanaged for decades before the last three failed CEOs arrived on the scene. Each merely contributed in their own unique way to the decades of disintegration which sadly had already become Bank tradition. Nothing happened overnight in this long sad slide.
The future of the Bank exists only in books of business which will be sold to Fintechs that can manage them competently. There is no other path. Relentless tech overspending will be curtailed to necessities and those projects which stabilize a business to be more easily sold. The best employees will be sold with the business or have defined contracts to stay through conversion.
It will take more than one person to change this mob mentality. Now it's time to clean house and get rid of all those that need to go and not due someone's personal belief with certain team members. They should switch all MD & Directors to other areas since they have all become complacent in their positions. Let them prove they can work and earn those bonuses. Not because of who they know but more important what they know. The more things change the more they'll remain the same.
Cuts will continue. Cut cut....
Don’t stay. Todd Gibbons is an interim CEO that’s going to keep the lights on, but not much else. Chuck‘s people are going to decide if they want to stay or go. If they decide to go, then that’s gonna kick off more rounds of reorganization. So it’s gonna get worse before it’s gets better. I wouldn’t stick around for any of that if I were you.
The acting CEO will continue on course. Streamline wherever possible, cut costs, etc. so expect layoffs to continue.
Hey, if you’re going to leave and go to a bank then you deserve more of the same. If you’re leaving then leave the industry. Don’t be a jacka$$
I think you to naive to thing all depends on one person. Are you truly believe it all what was done was done without board approval? I think in general bank business not in favor today. From one hand it a big competition and more and more difficult to create some good product, from other hand government create more and more regulations to close all possible ways for bank to hide money/profit. Look around how many big bank are suffering to stay afloat.
This is a good question but any positive changes will likely come slowly if at all. There are senior managers in place that will carry on with their own questionable initiatives, including further staff reductions and location changes–and will no doubt continue to bring in their own cronies at high costs, eliminating any savings. Unless Todd has the authority and will to take another look at everything now to do things logically with sound strategy, including sensible cost savings. But, as others have said, he probably won't (or can't) rock the current boat (sinking ship?) too much during his interim period. Makes sense to continue to look for a better opportunity while hoping for the best while still here.