BNY Mellon - the Sears of financial services - post regarding Bank of New York Mellon Corp. layoffs

BNY Mellon - the Sears of financial services

Was reading an article about the decline and almost complete disappearance of Sears and it occurred to me that BNYM and Sears share a lot in common. Once both great names, beat down by a series of incompetent management teams, utter hubris and denial abut the world changing around them. The world is indeed changing around BNYM and their answer is not to invest or innovate - it’s to cut everything to the bone, provide the bare minimum level of service and shrink in an already stagnant market.

BNYM (Sears) is one disruptive innovation away (Amazon) from irrelevance. At this stage, I don’t think anything can be done to change this arc.

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@llfx, yeah, the folks in Johnstown will never forget the Mellon name

BNYM was never a great name. But Mellon Bank certainly was.

How would a merger save us…very confused on this post. Upper management changes rarely changed the operation.

This place is a joke!

@3bsu, the original poster claims BK will be decline like sears did because they didn't evolve to compete with Amazon. So the question is, who is the so-called Amazon of FS that will supposedly replace BK and what are they going to do differently than what BK currently does.
BK does a lot of d-mb things such as trying to cut costs by offshoring like other companies tried a few decades ago or forcing employees to go into an office to collaborate like it's 1999 but that's totally different than what Amazon did to Sears.

Why do we need an “Amazon of Financial Services?”

So who is the new "Amazon" in financial services? ??
Bit coin? They be toast once the gov cracks down on their lack of OFAC and KYC policies.
X? Nobody has a twitter account except lazy journalists.
Zelle? At least all their outages slow down all the fraud.

Even a merger could not save us now

There is no Grue.

Maybe “Gru” and “Tractor Guy” can get a room and leave us alone?

@ism+1p0nGcMc that’s what Kmart said when Sears bought them. That wasn’t exactly a resounding success!

Only a merger can save us now.

Blockchain is the death knell of custody businesses. Gru can keep trying to put lipstick on the pig that is BNY Mellon's asset servicing business, but it's just a matter of time...

The bank is to big to fail, therefore nothing mentioned matters.

Bitcoin is the death knell of tradfi.

Thread regarding Bank of New York Mellon Corp. layoffs

BNY Mellon - the Sears of financial services

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