The buzz around the NYC office is that Charles is in trouble. The recent 1st Quarter results have shareowners very unhappy and frankly the feel around the Company is just about everyone wants him gone. The feeling is that ever since he came along, the Company and working environment has steadily declined. The only possible way to save whatever is left and possibly rebuild the Company and morale is to force him out. I for one every day hope this will be the case. With him gone, maybe this can become the Company I grew to love working at. Right now, I hate coming in every day.
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Layoffs just started. They will continue to happen until the stock rises due to layoffs. Then he jumps with his golden parachute.
Layoffs in syracuse today
Where did u see this rumor? On the dirty men’s room walls on the 14th floor ?
Charlie's not going anywhere. Any CEO would be doing the same. Maybe faster or maybe slower but would be doing the same. Hop around this site a little. There are no CEO saviors.
Of course the board would be talking about it. Not formally on any agenda but in small one off conversations. These are politically connected astute people who assess everything from multiple angles and bounce thoughts off confidants. Global negative headlines for a bank that should never be in the news would have raised eyebrows months ago. The more serious large miss on earnings guidance rattled the street and raises questions on internal controls. They’re talking.
The work from home saga was a smash hit as far as the.media was concerned... they will be more intrested in juicy stories going forward..
Folks... The board is not going to get rid of Charlie.
There will be more layoffs as cost cutting will continue.
Also, don’t be surprised when Asset Management, Wealth, and Pershing are divested.
This will make the company a much more attractive acquisition target despite others who have claimed Charlie is a “growth CEO”. There is zero organic growth in asset servicing and the company will struggle as a stand alone custody bank.
Think about those other large Financial institutions that would love to get their hands on that 33+ trillion in AUC to diversify their business models.
At this point the sum of the parts may be greater than the whole.
Remember, Ed Garden from Trian (Activist Investor) is still on the board. They’re going to want the maximum return from their investment.
I hope this rumor finds its way to the media world, like the WSJ. Nothing was better than seeing the media outlets pick up the news regarding working from home being taken away. That was bad press for BNY Mellon and look what happened, it was reversed. Maybe some of the negative news concerning this rumor may help in getting rid of this clown once and for all. One can only hope.
It's more than obvious at this point that Charlie was the wrong choice for this role. He's done nothing but deflate the morale of the organization, drive away talent, create a back-stabbing, dog-eat-dog environment, and literally scare the wits out of long-term employees. Oh, and for those who care about nothing but shareholder value... oops. Add the P.R. debacle over something as simple as working from home (Oh, the headlines!), and we're about to hit the 2-year mark of an ongoing embarrassment. Not sure Chuck is long for this world. good.
change to survive ? every employee would like to suffer in the same sense
Net revenue by year in billions:
Year 2016 2017 2018
Goldman S. 30.61 32,07 35.94
JP Morgan 106.38 114.98 131.41
BNYM 3.14 3.30 3.61
Citigroup 70.8 72.44 72.85
Agree with rcd- management, at least those in Pittsburgh, have not acted with integrity through this environment. They have shown their true selves and cannot be trusted. They protect their "friends" at all costs who cannot successfully perform their roles and responsibilities by giving them easy tasks while offloading extra work to others on the team causing them to burnout. Upsetting to see some people chatting throughout the day and away from their desk or idly sitting there when you are coming in early, not taking lunch, still unable to get everything done in the normal work day and hear your manager deceiving upper management saying you have capacity and will be taking on the next project. All because "their friend" on the team would never be able to handle it and there's no way they can let that person fail. Not in today's environment of RIFs.
Unfortunately the layoffs and willing departures are continuing daily. Charlie has done more damage than good and has unfortunately done damage that cannot be undone. All levels of management are to blame for not acting with the morals that are just basic skills. You cannot obtain the knowledge and experience that has left this institution. Very sad situation for a once great place to work. I hope to be a part of something positive and we can turn this around soon.
So since “Charlie knows it”, perhaps he should lay himself off.
BNY is not the only company dealing with market forces beyond their control. Laid off workers are finding out the hard way when their skillsets aren’t quite what are needed by the companies where they apply. CEO takes the heat, mostly for the way things are done, even if they cannot be avoided.
(There are other tone-deaf senior executives, like the id--t that opened an employee engagement town hall with a comment that their organization could be better run with half of the people.)
Goldman Sachs recently had an interesting article that suggested workers would be better prepared for the inevitible by understanding what is happening in virtually all of the major financial institutions. The shrinking market has reduced income which means these companies must change to survive at all.
It’s a painful reality. Charlie knows it, and so does the board. Time will tell if he is forced out, and if a replacement CEO would do any better.
Not sure this company can get to a good place. The robot executives are in place.