Could BNYM be heading for a massive divestiture / merger with another asset servicing institution? Often these feverishly frantic layoffs, agitation and shaving off of headcount precedes a magical sell-out. The buyer is predetermined, stock price declines to fit the budget, and excess staff is shed. Funny that so many of the top positions are ex JPM...
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No. Only other competitor of this scale is State street so there is plenty of money available to be made alone. The problem is the place needs to be modernized aka get rid of costly manual processes, dead wood and replace with technology. It could be pulled off but it takes patience. Will Buffet convince Charlie to stick it out too the end.?
Situation is indeed current. Not an old post. Correction: BNY melon 2019 layoffs continue
Spend five minutes looking at posts on this board. It’s an old and ongoing conversation.