If this joke of an organization somehow survives this whole pandemic, it would be a miracle. It's been a dinosaur of a company for so long with fat cats stuffing their wallets with whatever revenue was generated. The actual heart and soul of the company (your everyday hard working individuals) were given crumbs over the years or shown the door. I hope everyday that poetic justice is served and this pitiful company disappears.
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The organisation is a joke. All those senior leads heading elsewhere tells us that. It's far too big, too disorganised to work effectively. The company will survive but certain aspects will be sold. Where's the money made - Asset Management or Asset Servicing - as long as the company can't pick which is the more profitable it will continue to tear itself apart.
I am agreement with post I hope for poet justice for fat cats management
BNYM definitely has an uphill battle, especially when you consider the near 6% drop the day they had both revenue and EPS beats. Generally, a company stock gets a boost equal to the drop or more when this happens. Not what this company experienced. Sadly, Covid just accelerated the push for AI and automation at BNYM. For those remaining, learn Python or some other code. Around the time of my layoff, they were already pushing the rank and file to do so in parts of Operations. Either way, you must re-skill and or up-skill to survive. I foresee this company surviving with far fewer employees as a result or being acquired by the likes of JPM Chase or possibly Citibank. Wells Fargo is under asset cap restraints or this would be logical considering Scharf is there.
Obviously shown the door yourself hence the post. Got to say, BNY: 1, you: 0. Good riddance
Gee. The 48,000 employees still working here appreciate you wishing for our demise. Considering my spouse already lost his job thanks to COVID-19, I'd like to keep mine.