Whatever he was hired to accomplish, such as cleaning up his predecessor’s messes and moving the company forward, seems to be backfiring (despite his efforts to drastically cut expenses through layoffs). What’s the prognosis? Will he be replaced anytime soon? The Board must be feeling heat at this point, especially since he’s a terrible leader.
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Exactly.
Why didn’t the ‘yield curve ‘ , the British pound valuation , losing customers etc affect other banks? This speaks volumes to the general mismanagement of BNYMELLON
I do not understand everyone's comments about morals and such. This is a business and whoever replaces Charlie will likely make just as many cuts. I hope those with actual layoff knowledge will actually post here for the rest of us to know...
The investors will run away soon !
1) Charlie was brought in as a growth CEO, not a ceo to blow out the firm and sell it. Parts could be sold in short term, but an outright sale is not the objective right now.
2) real question, irrespective of the stock price, is that Charlie spent s lot of money on growth and promised growth, like Visa. Now there is no growth and he is hiding behind the yield curve as the reason why. The board will give him 18 months but if there is no growth after that then he will be put on notice and things will really get bad.
3). While he has been ceo for a year, the first part of that is on his predecessor, so the clock is just starting on Charlie.
It is a quandary, but I don’t think Mr. Scharf will he asked to go anytime soon.
These are painful times for sure, but what will change with his departure?
Stay tuned for future divestitures and outright sale of what is leftover.
I don't know how he can survive or why he should survive. He's been a colossal disaster and tried to hide behind layoffs to show profits to the shareholders. That didn't work and the company has no concrete plan on how to generate revenue. What's next, more layoffs because of his failure. It seems so obvious to me and hopefully others out there that he must be fired or forced out somehow.