With so many quitting these past couple years, so many saying they are going to leave, and the bizarre inability—-or even desire—-to fill reqs, is BNY primed to go under and/or become part of a takeover? This goes way beyond the WFH issue. The mass exodus in our department makes me think some people knew something we didn’t.
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@kcan, You better call the NYSE and let them know because their history shows BK never got out of the $40's in 2008 and much of that year it was in the $30's.
No, it was $62 after AFTER the merger. BK was over $60 for much of 2008 and briefly went over $63. There was a clause in the BONY takeover which eliminated our vesting period for exercising 4 lots of 10 year Shared Success options issued by heritage Mellon to all employees in 2000. For a brief 2 weeks in 2008 even the highest valued $62 Shared Success options were in the money. When Bob Kelley talked up the share price of BK at Investor Conferences he was putting lipstick on the BONY pig, but shares went up. Of course BONY went on to destroy all of the value.
Bet your scrambling to find the paperwork now. Bad news is that they’re all long expired.
You want to get real then you claim BK was $62 bucks at merger??? BK did not even break $50 for the decade centered around when they bought Mellon.
But BK IS back to where $52 which is where in May of 2000.
Can we get real for a moment? BK was $62 bucks at merger. After merger BK continued to destroy the superior Mellon organization and BK now trades at $52.75. That is a negative return of 15% since merger. Not only did BK destroy all of the value of Mellon, they also squandered the free Trump bailout.
Remember… BONY authored a Harvard Business case study where they called this one of the most spectacularly successful “merger” (LOL) ever. Sure set the tone for the utter incompetence which follows to this very day. Without Trump and Mellon businesses to drain BONY would have been insolvent decades ago.
@jdxt, BK stock is up??? It's down AT LEAST 13% YTD! So I trust your opinion on mergers about as much as I trust our administration's response to Ukraine.
Inisight is the crown jewel of asset management yet they are clueless. US doesn't have LDI issues like Europe (different laws). BK stock is up because they will be bought/merged.
There is no major acquisition going on…. there can’t be. BONY acquired Mellon, the crown jewel of custody and dragged it backwards 25 years in a case study of how to destroy value. The brains left, the boutiques are destroyed and the remaining NY dolts in management have no idea what they broke let alone how to rebuild it…
We may be able to sell some LOBs to Fintechs but we’re the armpit of Custody now.
It’s difficult to see a future for the Bank. 15 straight years of falling stock price. No credible CFO for twice as long. No apparent ability to move to digital beyond 4 years of speeches about how great it’s gonna be. Two straight short termer CEOs. We perform important but low level processing that no other institutions want to do. Too many low value business lines to be a desirable acquisition. Just don’t see where we go from here.
It’s not going under. That’s preposterous. Could be M&A happening though.
Yes, there's a major acquisition underway. Buckle your seat belts.
They won't go under,but something fishy is going on with losing clients, the abundance of management and staff resignations, and a bevy of lawsuits/fines combined with with the inability to remain competitive with SS.
This may mean BNY is ripe for a merger. Shedding staff now and letting unprofitable clients go without a fight would lower the number of layoffs and costs generally associated with mergers and make the company more attractive financially.
Naa it’s only the d-mb/bad workers that are leaving anyway so they finally get to replace them with better people.
I thought the same in early 2019, when it was really bad under Charlie. Lots of layoffs, removal of work from home, and generally a bad vibe all around. This board really went up in activity. 2020 comes around and people feel relieved because of no commuting despite a lot more work. At the same time, people were more productive and we actually won some new clients. Needless to say, the last two years felt like a blur and now we’re at a point where we are picking up where we left off in 2019.