another GS boss pulled into BNY. will these people coming in actually help the bank in making the brand more prestigious and bring in better talent or are these folks the misfits of GS?
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There’s still a LOT of fat at the bank. Cuts are badly needed. Todd’s only failure was in signing the deal of zero layoffs in the COVID era. He really should have displaced slackers for cause and no package.
There are no JPM leaders taking over Treasury. People are goofy here.
Just because Robin is from Goldman Sachs doesn’t mean that G.S. is “injecting into”, now taking over BONY or running BONY.
Haven’t you folks worked here long enough to know that when Senior people leave a bank in a career move, they normally hire trusted advisors and experts.
It’s absolutely normal.
Sounds like typical BONY to me. How is this any different from BONY as usual?
Why do people think that JPM or G S. are involved?
They’re certainly going hard into expense control. A little too hard. Feels like a private equity takeover. Quality of client service will suffer, employees will be asked to do more with less, and operational risk events will increase. You can bet senior executives short term goals will be met and they’ll get their bonus. Meanwhile, employees doing the work will suffer and clients will not benefit. Remember when the Business Roundtable made that statement a few years back about a renewed commitment to consider all stakeholders? Lol.
Good or bad? Why not wait until we get a few transplants from JPM and GS first?
Not one single leader came from JPM. You’re simply making things up.
It’s more like those that could not make it at GS end up here. It’s all on the google, just do a search. P.S. no one retires in their 40’s and then makes a return to banking.
Respectfully disagree. A lot of finance leaders came from JPM between 2018 and 2020. The AS CFO in 2019 (who came from JPM) added layers of JPM alumni to his management. We also can’t forget the other senior leaders handpicked by CS. I guess it depends on your department though as I personally didn’t see much for BoA alumni.
Maybe we can wait until this actually occurs before addressing it.
Doesn’t that sound more rational?
@lpv There was never a JPM migration to BONY. .maybe one random person years ago
Since when? Never seen one JPM transplant to Treasury Services. Don’t make stuff up.
Treasury Services is the catch all for all JPM carpet baggers. Still is. Although we just picked up one from WF.
Who in their right mind goes from GS to BNYM, a loser that's who.
Are people recycling their posts about JP and just inserting GS?
Actually the last wave of swarmers came from Bank of America.
We never had a wave from JPM. Certainly that will come in good time.
These are the politically connected people who swarm together from bank to bank, always with a huge raise.
It's good...for GS to get rid of these losers.
They are either there to build a foundation for the company’s sustainable growth and prosperity…
…or to sufficiently enrich themselves so they don’t have to stay long.
I’m sure it has to be the former, right?
It is no Brainer. Today it is Goldman tomorrow Citi and day after Blackrock. Thinking commercial did not really go well in GS, so it is better to experiment here since we are all lab rats for these failed initiatives. Be a CEO of your career so that the management takes no responsibility of all the Goof ups they make due or the poor decisions that results in Bank failure.
It's Goldman's turn right now. A few years ago, it was JPM's turn. I wouldn't say the new joiners are rejects from their original firm, but they do have an opportunity to make more at BNYM and squeeze more pennies for themselves at the cost of the firm. Give it a few years and it will be BOA, Citi, or someone else's alumni taking the reigns here.