Bank of New York Mellon touched an all-time intraday high of $64.93 on Friday after second-quarter earnings topped Wall Street estimates, above the prior record set in February 2022
This is why RV is here to stay. Again, he is neither your friend nor your enemy. He is achieving what the board and investors want. People in UK and US are being replaced in other areas. It’s not personal, it’s not mean, it’s business.
@ufyx, what does 1990 have to do with anything? That's more than a decade before Bob Kelly was around and any options certainly would have expired.
Either way, someone should specify WHEN BK stock was anywhere near 60 when stock options were we available to be cashed in. You can't because it never happened except now and a few years ago. IF Bob gave any stock options they were MEL shares that would have converted 1:1 to BK shares around the mid $40 range. And 15 years later those shares hit 60.
Can you count? 2024 - 1990 was 34 years ago. Of course you didn’t get them.
Just checked and I was slightly wrong.
There were in fact three Shared Success option distributions, not four, as I had thought.
I fully cashed in all three distributions on May xx, 2007.
The Dow is relatively unimportant, being only 30 stocks which are changed every year when rebalanced. The REAL MEASURE of the Market return is the S&P 500.
A second good measure is the Vanguard Total Market ETF.
One would think that Bankers understand this, but evidently not ours.
Not true.
In 1999, our new C.E.O. Marty McGuinn granted four Shared Success Distributions to every single employee. I came home from work and told my wife that I think that I’m going to retire from here. She said “You’ve never said that before.” I told her about the four options distributions and the huge raise that I received based upon a major technology deliverable which I had led.
Sadly, in 2000 the offshoring ramped up and I became shy about job hopping after folding my own startup company, which had always my safety valve. I had simply run out of gas working two full time jobs and was no longer driven to work around the clock. For me working only one full time job was freedom itself.
No, there were four Shared Success option distributions. All four were in the black (ie, exercisable) for our non financial services workers when Mel briefly broke 62 under Bob Kelly, coupled with the change in control clause. I was telling everyone to act but maddeningly my coworkers had lost paperwork, didn’t understand why they were exercisable, etc. after about a year the common complaint was that they never vested.
As an ambassador of the program for my division, I cannot express how frustrating it was to watch coworkers ignore free money. These were infinitely more valuable than Robin’s R.S.Us.
Untrue, Mellon stock was converted to BK stock according to a negotiated ratio.
And all four Shared Success options were in the black. Su-ks to leave money on the table, doesn’t it?
Please tell us all what color people you recognize as being human. I’m continually stunned at the racism from my coworkers here.
Totally untrue. Unfortunately you missed cashing in. Historical charts don’t show single days beyond record highs and record lows. Sorry that you didn’t sell when all four were in the black. It made a huge difference to our struggling family.
https://www.thelayoff.com/p/@4kkb+1tCBkBjp
All four Shared Success options were in the black when Bob Kelly talked the stock up to 63. This, coupled with the change of control clause which placed all four Shared Success options fully in the black and exercisable. I was responsible for rolling out and communicating how the options worked.
Those were very good times.
@9bfb, MEL stock didn't come anywhere near $60 either and hasn't existed for DECADES.
@6yrz+
Mellon had 3 sets of stock options given to everyone back in the late 90's.
As far as I recall only 1 became actionable and those who did got maybe $100 or so.
The other 2 never hit their target point or whatever you want to call it despite what 42 says.
@9mrv, BK was barely got out of the 20's in all of 2004. We got up in the 60's in 2000 and 2022 but never 64 until recently.
It only took 20 yrs to get back to 64
: @6ayl+1tCBkBjp - good because questions have been pre selected for years and its BS. People ahouls be able to ask anything they want and senior mgmt should be able to answer surprise or not . The issue is none of them have a damn clue about whats happening below them and they dont care either
@4kkb, I've been with the bank 25 years and there have NEVER been stock options granted to regular employees. And if they did, I'm sure you wouldn't be able to exercise them decades later.
That Squawk Box interview was embarrassing. I suppose Robin is used to pre-approved town hall questions and wasn't expecting to be challenged.
Say what you will about Robin… he is getting people to actually come to work and (shudder), actually work. He just may save the bank from these entitled mo--ns.
Just the facts, ma’am…
@3uig, you mean the last 25 years.
Big deal. The price finally barely surpassed the price in early February 2022. My 401k and my personal stock account much, much better than that. I don’t think you’d be celebrating if your 401k mirrored the BK price trend over the past 2 years.
Who cares. I don’t own a single share
2foa+1tCBkBjp 100% correct. The woke board and investment community that hold BK approve of this message. Thank you, drive through please.
Economics 101. Stock prices go up when you print $1 trillion every 90 days.That money has to go somewhere. Its called inflation. The reality is BNY Mellon is bleeding clients and revenue. Reducing cost is Robin's (and Mckinsey's) only plan. Prepare yourself for more layoffs and benefit reductions. The worthless HR and Control Teams can expect the biggest cuts.
So you missed cashing in your options because you lost your paperwork and now want to convince us that they never were in the black. What a foolish tool you are.
And yet I have a folder to this day in my home office which contains the documentation of all four Shared Success stock option distributions, including the fact that I exercised all four due to the brief over 62 coupled with the change of control.
How much would you like to wager on this?
Su-ks for you that you gave away money by being disengaged…
Many other bank stocks are outperforming ours. The entire Dow is up nearly 7% this year. This isn’t necessarily anything to do with RV. https://fortune.com/2024/07/11/bank-stocks-goldman-sachs-sector-outlook-performance-rally/
It needed repeated:
RV is a clown. Squawk Box host hammered him for his BS. He lied through his teeth about people wanting to be in office and how culture is bigger than pay. That’s why you’re we-ponizing RTO right? I think culture would be improved if you paid us more and kept workers home but nope, you have to we-ponize the RTO and flaunt free coffee. He’s d-mbbbb
Id--t post
Regarding the market...a high tide lifts all boats. Before breaking out the champagne, lets see if it holds when the market corrects. BNY isn't doing anything different today compared to earlier when the stock was under $60.
Highest close since Bob Kelley closed at 63 and all four Shared Success options were in the black and exercisable due to meeting the strike price and the change in control clause. I was involved in messaging to the employees and I’m d-mbfounded to this day why all employees didn’t exercise all of these options.
This was a huge windfall… nothing like the RSU crapolla…
RV is a clown. Squawk Box host hammered him for his BS. He lied through his teeth about people wanting to be in office and how culture is bigger than pay. That’s why you’re we-ponizing RTO right? I think culture would be improved if you paid us more and kept workers home but nope, you have to we-ponize the RTO and flaunt free coffee. He’s d-mbbbb
@msf Let me fix that for you.
RV is good for shareholders. And in the very short term.
Yeah we'll see if the upward trend continues once all the regulatory issues come to light. Cheaper isn't always better.
I think you're delirious. Good business doesn’t mean replace your good U.S. based teams and replace them with terrible offshore folks. So no its not about business! its about greed and the fact they’ll do anything to save money to put it in their own pocket without a care for the customer or their employees
no MELLON
RV is good for BNY