With Charles Schwab & Co.'s plan to ax just about 600 good American (wink wink) jobs and State Street's plans to almost 2.5K, it's stabler in custody on the lower rungs than at the higher echelons.
This inversion of the norm may be an anomaly, but if so, it's spreading.
Now, BNYM is a hot spot with Schwab and TD Ameritrade sizzling, too–with change.
It takes big problems to unseat big shots. Interest rates, fee compression and the fury of automation are among the biggest.
The big dogs are tired of saying they have no answer – except ones their calcified boards can't stomach.
It may be cold comfort folks at the bottom of the pyramid.
ENJOY IT WHILE YOU CAN!