After years of power struggles between Roman and Global Client Management, its good to see that GCM has hired some real talent over the past year that will finally asset services. Roman and the sales mgmt in asset services continue to be very territorial and want all things to flow through them. It time the firm acknowledge CGM are the seniors with asset services sales focusing on asset services, they are not true bankers....
Anyone agree
I'm pretty sure both groups are equally ineffective.
Er, our primary expenses ARE our employees as they are at every bank.
I don’t have insight on pricing but I do agree that Alan Flanagan is solid and hopefully Emily successor.
I’ve been chronicling Roman’s failures here for seven years ever since he tackled Faxes and multiplied volume 100 fold.
This post would only be nonsensical to a University of Phoenix Grad, a recent hire of a WGU grad or a really out of the loop slacker.
Pricing to meet target margins will not result in any new wins as it is entirely out of market. If sales is “underpricing” and eroding margins as you say - yet we are still consistently higher on price than our competitors (which we are) - then the problem isn’t on the revenue side of the equation. Either our expenses are higher than our competitors or they are making up revenue elsewhere and we haven’t figured out how to do that properly.
The problem is that the goal posts have changed so much. We went from win clients at all costs regardless of margin to pushing back on all fee concessions, until we lose the next big client because we can’t price in a way that is congruent with the value of our services. We’ve gotten feedback from GCM that a 500k fee cut was “insulting” for a premium client, implying we should’ve cut more. The global head of Pricing has been a disaster too. Nobody wanted her which explains why so many on that team have left.
The one thing I do agree with is AS sales does not seem to be driving as much as they like to make it seem-they just focus on underpricing to win a deal which leaves the business with lower margin, which in turn results in more layoffs. One thing that keeps me feeling positive about AS, at least on the client side, is Alan Flanagan's appointment as global segment head. Alan is a good leader, levelheaded and doesn't run around like "the sky is falling" that many of his peers do. Maybe he will be the future head of AS since the turnover is about every 2/3 years.
Well is this new "talent" in lines with DEI? Bc thats what matters. Are they based in Poland or India? Bc that is important to carry on the legacy of Alexander Hamilton.
Roman and GCM certainly belong to one another.
Let us know when Roman finishes the 4 year Fax automation that he’s now been working on for seven years.
I’ve taught the Global Client Management team what to say so many times that I gave up and wouldn’t do it again. They’re presenting the Bank to our best customers and making commissions. But these folks are disengaged and totally unprepared to speak with customers.
I’m infamous for my anti-Roman posts here, but let’s not give GCM any credit they have no business of earning. They are a bloated and costly team that adds nothing. In 2019, many GCM took over relationship management duties for AS and it was a disaster. They knew nothing about the underlying services and it was obvious.
Huh?? Nonsensical post