Is RR finally on his way out? And what about the rest of his “innovative” team?
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The correct information is literally in the post righ ahead of yours, and it is sourced.
No, it was first called “Digital” and there were never any achievements or deliverables.
https://www.prnewswire.com/news-releases/roman-regelman-joins-bny-mellon-in-new-role-as-head-of-digital-300707016.html
Adding him into Asset Servicing was 4 years later.
https://www.prnewswire.com/news-releases/bny-mellon-names-roman-regelman-ceo-of-securities-services-and-digital-301532008.html
They've referred to his department as Asset Servicing and DIGITAL. Then it became Securities Services and Digital. While I would agree the lack of deliverables isn't fully on him for digital, the fact is, D&A, which is one of his pet products is frequently bid on for every new client. And the margins for Data and Analytics are poor overall. The digital piece is part of his image whether it reflects in his day to day currently or not.
It doesn't matter though because margins across the board are terrible. We can't onboard clients that well and there's a ton of hidden costs that come up later down the line. Add to the growing turnover in staffing and we're just a few degrees away from a handful of top clients firing us for service issues and not delivering a more enhanced service model.
Technology has failed us and while that is not RR's problem explicitly, he does get some of the blame for not calling that out sooner.
Would be funny to see him let go, though. Don't let his enthusiastic demeanor on LinkedIn fool you. Behind closed doors he will absolutely obliterate a poor sap if he or she uses a word or term he doesn't like.
Am I the only one who can't stand the guy's name?
It’s amazing how often people post about RR as if his deliverable is still Digital. Since January 2020 he has been the CEO of Asset Servicing, and since sometime mid-last year he is CEO of our combined Securities Services business, which includes Corporate Trust and Depositary Receipts, in addition to Asset Servicing. While not incredibly high margin from a fee perspective, these businesses bring in deposits that power our credit lending and drive nearly 60% of the firm’s revenue. Bring the CEO of a huge chunk of our business has been overwhelmingly his job since 2020. He has a few people that work for him who focus on digital initiatives with an enterprise lens, but he is judged by Robin and the board on his performance running those businesses, not on any sort of digital project.
Everyone on this forum is always talking about “ohh RR hasn’t digitized the bank yet!! He’s out any day now!!!” and are ignorant or otherwise unaware to the fact that it’s completely irrelevant to his role these days. He will be out if he can’t drive higher margins and increased deposits, not if he fails to automate faxes.
Emily?
Roman is safe. His next deliverable will be his first so clearly he is safe. After a six year nothing burger they’re gonna wake up and can him?
Don’t think so.
Not likely. Seems new EC positions are made up daily to keep certain people around…
What makes you think that?
Let’s hope Engle and Hirshhorn are next in line