Got less than a week to decide to go with the new company or term. Anyone getting severance packages if u don't sigh? It's due Tuesday 13th.
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All of BNY Lockbox operations across the USA were outsourced to SPS. From what I hear, it was a 2-year contact.
SPS is considering taking other pieces of Global Payments & Treasury Services from BNY.
So this is why we were asked to “volunteer” to work over Easter weekend in Pittsburgh? We were told it’s a “hush hush” scenario as to why all of the sudden Lockbox is “starting” 34+ existing employees who are to be treated as new hires; it all makes sense now.
SPS North America for those that didn't get the email announcement.
I think it only went to those in Treasury Services and was never put on MySource.
Minimal details in the announcement but it sounds like they are using our floor space and equipment at least for the time being. So the processors just get their pay from a different company...haven't heard how badly they get sc--wed on benefits.
Did BNY Mellon sell lockbox or find a firm to outsource the service to, like we have done in the past with mail and real estate management? I don’t see anything in the news about this.
So, who acquired Pittsburgh Lockbox and what about the other Lockbox locations?
"@xsp+"
I started in lockbox over 40 years ago and even back then it was considered a loss leader that got customers into other, more lucrative lines of business.
I would think that is still true today.
No idea how Robin thinks this is going to reduce costs if we're paying another company to do the grunt work and give the final product back to us.
We’ve been losing money with lockboxes, but now I’m sure clients will go away even faster within treasury services
This is a bad move. We are dominant in both Retail and wholesale Lockbox and it has always been a great business for at least 20 years. They both throw off a lot of fee revenue. And also, without Lockbox this doesn’t bode well for our Enterprise Banks (Private Label) which generally have come to us as Lockbox customers and then buy other services.
I believe that Robin is in the process of breaking something special without any understanding of the ramifications.
We don’t exactly hire the sharpest tools in the shed, and it’s picksburg dude.
So you work in Pittsburgh Lockbox but don’t know how to spell Pittsburgh?