Is in serious trouble. Currently being run by senior managers in EMEA who don’t know the business at all and they just got rid of a bunch of the US folks who did. These people think that all of corporate trust is the same and run it just by metrics. This will be a complete and utter disaster. God help us all!
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Revision to my @3eth post. Not all of the knowledgeable managers are fine, there are are still a few smart ones left, but they’ve been beaten down so hard they can’t last. Most of the TLs and CSMs left are really wet behind the ears. And morale su-ks. It takes years to really understand CDOs so that you don’t sc--w up a payment or deliverable to investors.
US Corporate Trust (especially CLO's) is fooked. Led by clueless squeeky voices in Dublin and Manchester!
Loans is a total mess because they’ve let go - or let leave - all of the TL’s in Houston who knew ANYTHING about CDOs. Most of the people left behind are absolutely clueless. It takes years of experience to really understand a CDO, and that knowledge is gone.
Tony P in Jax
Who has been the president of the trust company that has been let go?
Of course the topper of it all is that the President of the Trust Company is being let go, in the middle of an OCC audit no less!
They don’t run it by metrics because they just laid off the head of CT metrics reporting and most of that team has been dismantled in recent months. No KPIs, no one in CT cares.
US Corporate Trust just taking the hit because of a bunch of spoofers in CT Engineering.
The $'s wasted by "Engineering"?
You can't have "Engineers" in India and a few spoofers in NYC solution anything good.
Can someone please sell this Bank off as a parts bank to real FinTechs?
Or at least drop any and all references to “Mellon”. Nobody who worked at Mellon wants to be associated with BONY.
They're pulling same cr-p with on balance loans. They have mouths from corp trust involved who know nothing but are trying to change everything when on balance does not work the same. And of course sr mgmt wont listen to anyone on this side
Ah Corporate Trust. What a Sh-tshow!
It’s ok let them run it into the ground. Other groups have been having so many issues that they’re hiring back a few people that were laid off from past rounds. But I’m sure it’s just a temporary fix until they feel offshore has learned enough and will lay them off again. Company is a-s backwards and greedy.
Which piece of CT? loans, debt, non loans ? I haven't seen senior managers in US let go
They tried that in 2014 and there were no buyers. They also found that Corporate Trust was the engine that drove the company. Without the referrals and ancillary business generated by Corporate Trust, the remainder of the company would be exponentially less valuable!
Perhaps Locutus RV and his Goldman Borg collective buddies have found buyers for it?