I was looking at a role in the Digital Assets group in the Bank. Based on some feelers I have been told to stay away as far as I can.
Any thoughts and insights? How’s the group viewed by top management? Have they truly delivered anything or anything exciting in the pipeline? Any insights on the future of the group?
Cheers
Please rewrite cogently. You’re trying to share something but it’s gibberish.
Maybe rehire some boomers who know how to develop a product?
No one on the team have knowledge of digital assets. No client asked for the product. But of course, we need to look like we are changing the market, with using key words of digital, crypto, AI, trends, and synergy
As someone who has had the misfortune of dealing with this group.
Existing Clients: O (hear-say talks of maybe few coming in for the non fancy offering IF that damn thing works)
Top person Clueless: True. Also has no clue how to run an organization and thinks they are the CEO of the Bank vs a sick unit. Gibberish updates for the last 2 years. My guess they will be shown the door when their “tenure” is complete.
Facts about her direct minions: Also true. The group that’s come from JPM know how to abuse rules, work the system to their advantage (some have been grandfathered into remote work for god knows what excuses while the rest of the bank is proctored like school kids). Most male minions somehow treat this place as a boys club. The women in their eyes have been hired for lip service DEi purposes (so not sure if references were to one or all the male senior folks in the team).
If you’re desperate for a job and come from JPM welcome to the club. You’ll work this place Cuse you know the tricks. You’ll know joining silly extra initiatives to stay in the limelight works more than doing your actual job. You’ll know which employee benefit to pull from employee resources and max it so you’re not in trouble.
Exciting Launches: random stuff has been built over the last few years again with zero clients which begs to ask, who’s approving the burn of this money.
If you’re passionate about your career: Stay away.
To the questions how this group is viewed: dead weight
I am confident that those who can, are looking out from this group since few of them have spoken to me. I’m a senior level in the enterprise
The initial reply by @soy said it all, I was in an entry level regulatory compliance role and saw appointments and promotions during implementation given to incompetent, poor performers with zero knowledge of digital assets based on personal relationships with their managers. When those individuals couldn’t pass the most basic certifications mandated and purchased by the bank, in an emergency, management filled the void with other team members in order to be compliant Then at EOY, once again, management selected new favorites, promoted them, and made the bank pay for additional certifications while those team members who stepped up when needed and achieved certification were shunned. None of the people currently in this role have any interest in growing this space. It was a letter move and more $$,
Pls stay away. This group is terribly mismanaged and the culture (except for those on the unexplained fast track) is horrible. Bullying, straight out misbehavior and s-xism is rampant. At the top the head wishes she rather run an Irish pub than this business (her lack of knowledge in crypto is evident, also a reason why she was kicked out of their prior bigger profile role). Her minions are mostly nepotist kids from another Wall St behemoth where they have become experts on how to talk big and market themselves and shun/delegate work (the ones who are typically milking the BNY mint machine) Also belonging to this coterie is a dude who blatantly lifts up other favs (mostly) men and everyone else (women) is an outcast. If HR were to start asking around this group would be the start child of terrible corporate culture
I forgot to mention below that the team is digital overall is well paid but I’d agree the talent is dubious. They tried to digitize our main process but couldn’t handle replicating even the most basic type of modeling case. No one on my team asked for this but we sure wasted so much time trying to show them the details only for the digital team to produce nothing in the end.
Don’t do it. As someone who had a view into their profitability 2 years ago, it would take them 5 years just to break even and that’s assuming some very aggressive onboarding in quantity of clients. When they promoted it in late 2022, it was very jarring on the disconnect between the efficacy of the product and how much they pumped it up.
Run. Far and fast. That group was created by a now-departed exec who did nothing but talk a big game. Their digital assets capabilities and ambitions are the laughing stock of their competitors.
Steer clear of the company all together. There is a bunch of good for nothin loosers running this firm.
Having worked on projects with the digital assets team, its not the hive of innovation you'd expect.
Leadership team on the product side contains a few people on a fast track for reasons other than just professional capability (DEI being one).
I'd steer clear as it's a hive of self promotion and nepotism.