Charlie was brought in for one reason only, To shake things up and hold up the stock price. He made a name for himself at Visa doing the same stunt. How do you do that with a custodial bank? BNY Mellon is a banks bank. It processes transactions, settles accounts, loans out money, and is the bookkeeper of equities/wealth. The model just skims from the top in arbitrage. Quite a boring business model. But, when interest rates are high, which they are not, it can be quite profitable. With rates so low, and not going up to any significant levels anytime soon, (god forbid the S&P's take a hit) what do you do to keep shareholders and the board happy. You send in the Grim Reaper. He will operate @ BNYM for a couple of years, hold up the stock price, get a big payout, and then leave. In the process, lives will be destroyed, dreams killed, and disruption and mayhem will ensue on the unfortunate ones that were part of the mandatory 10% poor rating cut. Managers were forced to rate employees below expectations. No wonder head of HR left. She wants nothing to do with this unethical train wreck that is unfolding.
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I gave you back Work From Home. Do you love me now? Charlie
@XR79hgv- most cogent and concise argument and description I've seen posted in this thread. Regrettably, many CEOs on WS especially share the same malicious mission. Their allegiance is to themselves and the board and least to the people who make the places run. But we are all subject to the cruelty of the capitalistic system and until we as humans find a better way to get rewarded for our work to live a decent life we will have no choice but have to deal with systematically built psychopaths.
Shafty is under pressure from Buffet , he has told Shafty if share price comes down I will Woop your a-- !
CS has only one motto Shake and Bake baby!