My question is what’s the end game? Surely BNY can’t go on like this, lay-off after lay-off for at least 5 years where I am. India screwing up daily. Everyone overworked and stressed.... There has to be a plan for this company? Anyone venture to guess what it is? I can’t see anything good about this place.
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PB ratio - Price to Book Ratio
May I ask what a 'PB' ratio is?
To the poster saying Charlie is looking to sell off LOB’s that is EXACTLY my theory. All one needs to do is keep an eye on the PB ratio which is currently just over 1. The plan is Gordon Gecko-esque. Gut us and make us breakable. One our PB is below 1 look out. I could honestly see a scenario something like this...asset servicing gets sold to Goldman, Treasury Services gets sold to JPM, Corporate Trust gets sold to the highest bidder, Asset Management and Private Wealth will be spun off.
In short, this clown is not in it for the long haul. Him and the board just want to make us as lean as possible and cash out. Such a shame what Scharf and the board has turned two of our nations historic and finest financial institutions into. And it all started when Hassel and Kelly has that phone call back in 2006. Thanks a lot a$$hole$
Heard in a big meeting, they are waiting for more shoes to drop.
Some years ago they discussed merging groups to eliminate redundancy. It seems that they are doing that now, just winding down with repeated layoffs until no one is left.
A big issue has been mismanagement of the reduction. Layoffs have left gaps with no obvious solutions. That results in chaos, exactly what we are experiencing.
So end plan for some: gone. For others: clean up the mess.
As someone that works at State Street our India folks fck up just as bad if not worse. The poor service and standards have become the norm and client are okay with it, if it means their fees continue to decrease.
Not even the avengers can save this company lol
Reply to 1lcx
I for one am glad you decided to go elsewhere. I hate this company like most people posting here and hope to make the layoff list sooner rather than later.
That being said, you have to be a complete a-hole to think it is cool to post about your $250k offer that you had no intention to accept.
I suspect you got upvotes just because your post is anti BNYMELLON. I'm sure the people who were laid off and can't find a new job thinks you are a douche just like I do.
And we have enough douche bag managers here as it is.
Its a sinking ship. Get out while you can, I just declined a job offer there for over $250k in management. The interview process was a joke and the entire time I went through the process, I knew I was not going to take the job, no matter how much they offered me, I just wanted to see how far I'd get. You literally could not pay me enough to work there. I accepted an offer for a much better company with no layoffs in the works and no future plans to lay people off.
For some reason they are desperate to hire at certain levels of management, most likely because they cut too deep and now they are losing people as well from attrition.
This is not a company I would feel good about working for.
Charlie will sell each LOB off to other companies, and he will later become an executive board member of the company that got the most profitable LOBs.
Higher-ups are just preparing for THEIR next career moves.
I stand by the merger theory. CEO's wanting to sell companies get rid of employee's, it's the single easiest thing to do to help improve your bottom line. Closing offices (eliminate real estate costs and ancillary costs associated with multiple sites, off-shoring, etc...). I'd be shocked if CS had an actual plan.
Spot on. The lightless tunnel...
Last one out shut the servers down to save electricity