One after another, all members of Pershing’s technology leadership team were either let go or resigned. Leadership positions have since been taken over by individuals from BNY Wealth and Albridge, many of whom lack a solid understanding of the business. Their actions are causing significant issues, and I hope they recognize the problems before the situation becomes too big to recover from.
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Sharing some predictions about potential changes we might expect to see in the near future regarding Pershing leadership and staffing. Spoiler alert: it isn't looking pretty.
Firstly, with Ali's planned departure, it seems likely that the current leadership will be phased out by Q1. This could potentially lead to other significant shifts within the company. Pershing leadership may either disband, leave voluntarily, retire, or be phased out, particularly if they do not have significant connections with Goldman or BNY's unholy triumvirate. This could result in a further reshuffling of senior technical and product staff, who might be shown the door, with the remaining resources being redistributed.
Additionally, we may see other non-critical Pershing resources being treated as fungible. This means resources could be leveraged across various teams that are short-staffed or supported by analysts or contractors. Certain platform teams might be labeled as non-performing, and their functional responsibilities may be targeted and moved offshore, following current trends. This is a critical point to be aware of, as it will impact how our teams are structured and managed in the lean model.
Furthermore, it is possible that new job requisitions will remain frozen or be moved to India. This could significantly affect our hiring plans and resource allocation. It will be interesting to see how resources forced to respond to constant changes in organizational structure and process will handle unreasonable, contrived job performance pressures when the only HR metrics that seem to matter lately are cost leverage and the 25% displacement targets.
Buckle up. I predict it's going to be a bumpy ride over the foreseeable future.
to @156+1k2qgvgsp Excellent post. The exact same demise was inflicted on Eagle by the BNY braintrust. Series of arrogant business and tech leaders cycling through to bring their mediocrity to the division only to move on after a ~2 year failed stint, leaving the place worse than they found it.
Pershing isn't dying, it's dead. It was actually a decent place to work 10 years ago until the Bank started driving it into the ground. Leadership, if you can call it that, is a total joke and has been for awhile. Every single executive or manager doesn't care about their people they only care about trying to hang on as long they can to keep getting paid. It's every person for themselves. It's too bad because years ago it was an ok place to work. The Bank and their mentality is like a disease, it quietly starts infiltrating what was once and healthy and thriving organism. Once it gets in, it slowly starts infecting the larger body. It takes some time but eventually what was once a healthy body is left struggling to breath and becomes a mere shell of itself. Soon enough, it's all over..............
PAS is a disaster. They are grossly understaffed and up to the neck with work. Management shifts too much to get anything real done.
It’s just one more acquired company that BNY ran into the ground. They have been pretty consistent in doing this to acquired companies.
@dg BNY treated Pershing like a commuter car for 20 years. They beat the cr-p out of the staff, invested as little as possible to continue revenue, and continued to hit the gas until the wheels started to fall off. Blaming Pershing tech leadership for not modernizing without funding is misguided.
Suggesting Ali, Suresh, and Ram didn’t know brokerage is flat out wrong. For all their faults, those three were responsible for many big differentiating deliverables over the years.
Good riddance! They’re a drain on the rest of Engineering and everyone knows it
Who cares about Pershing - an ageing, 1980s technology, with tons of lipstick. Everything is so slow, incredibly slow in Pershing. It is time they are dismantled and assimilated into the bank.
They survived this long because of Suresh. Their poor architecture is not for this century. Time to clean house and bring in the new generation. The leadership just wants to keep status quo until they can reach FRA
Crashing and burning! Poor leadership that refused to listen to experienced professionals and instead cancelled those with a dissenting opinion. Too bad those folks will never be held accountable and those of us that need to do more to make up for the poor decisions of management will be let go or receive 1% raises as thanks for keeping the lights on.
The wealth platform leadership is wrecking the business!!!
@OP credit services is causing same issues and nobody seems to care. Never seen anything like this
This company doesn't seem to give a rats a-s about who they pi-s off or who they lose. 🤨
I started w the company during the Mellon legacy days and I haven't seen worse leadership than now.