All 3 CEO, CFO and CAO in EC committee are now from Goldman Sachs to form a Trinity in the Bank. Now is the time to strike a deal with GS as all the Stars and planetary position are in place. Now is the time to auction and sell the Bank. Let the Bidding start....
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No, not at all Mr. Solomon. We aren’t running out of people layoff. We haven’t had a significant layoff since departed CEO Charlie Scharf’s August 2018 massacre, now coming up on 5 years ago.
The only layoff since then was a small 1% layoff in January which HR struggled to manage. Apparently layoffs are difficult and now a lost skillset.
In what world would Goldman Sachs be “our real Puppet Masters? simply because they’re across the street?
A more logical view is that Goldman wouldn’t touch us with a 10 foot pole. They certainly wouldn’t want our low margin Custody business. I could easily see them wanting Pershing now that Pershing has degenerated into a dysfunctional business line. They could buy it as assets only and convert the business to their systems.
That’s a win win. Goldman picks up a lot of new customers, all new customers that are very happy to suddenly be with a well run investment management firm.
Your link doesn’t work and your message is incoherent.
@ 1hlq
Said by Josh brown. Don’t make assumptions and watch the whole show before responding.
@2gwy, yeah, but they do the needful cheaper than we do.
I believe in forced rankings for layoffs and salary changes. They do have a way of driving out the bad performers. I’m always amazed how most of the teams that I’ve been on kind of agree with the decisions and saw them coming, even if friends are displaced. Of course there are mistakes, but that’s usually in a workgroup with longtime friends and pets and so the outsider is gone.
Let’s be honest, we still tolerate a lot of mediocrity. Really wish that management was engaged enough to cut the fat and keep the muscle. Sadly the days of managers who understand and could even do their subordinates jobs are long gone at the Bank.
That squak box thing was prob Solomon gloating how they toss their burnt out leftovers across West Street to BNYMELLON 🚜🚜
@1hlq
“GS buying BK was suggested on Squawk Box today!”
No it wasn’t. Don’t make things up
https://www.cnbc.com/2023/02/28/first-on-cnbc-cnbc-transcript-goldman-sachs-chairman-ceo-david-solomon-speaks-with-cnbcs-andrew-ross-sorkin-on-squawk-box-today.html
The thing is, for a long time the company was bad at differentiating performance. They tolerated a lot of mediocrity. It was bad for the company and lousy for good employees, who were often paid the same as the bad performers.
But the solution isn’t a rigid quota system. It’s just good leadership/management, where every manager is expected to show they recognize the strengths and weaknesses of their teams and are actively doing the things needed to exploit and celebrate the strengths while coaching out the weaknesses or, as a last resort, managing them out.
Instead, they chose a path that was easier on management but stinks for employees and is often ineffective and counterproductive.
Forced rankings wreck teams, the smaller the team the greater the damage. It goes against human nature to expect cooperation, collaboration, knowledge sharing between people who are in direct competition with teammates for remuneration and employment. At best you will get individual performance at the expense of team efforts. At worst - outright undermining of teammates. People will think commercially and act like a CEO alright - CEO of Me, Myself and I, Inc.
Forced rankings destroy culture and lead to the departure of good talent.
As a BNYM manager, I can tell you that I inherited many underperforming people. I exited them them.
But when I ran out of underperformers (and had a high-performing team), management kept forcing me to come up with a new 10% to let go.
Forced rankings make it so employees don’t want to work alongside other strong performers. It wreaked havoc on Microsoft for years when they did it.
Not running out of people to layoff but they’re taking their time and making good choices. There are always people who simply aren’t cutting it just as there are always quality people to hire. Force rankings actually do help a lot with that. In general most teams quietly understand the displacement decisions during a layoff. I’m always amazed at how little work some people actually do.
Go man Snacks.
GS buying BK was suggested on Squawk Box today!
Not going to happen regulators would never let it happen
I was surprised to see so many open positions on the BNYM website. Are they running out of employees to layoff?
Short walk to GS headquarters across West street. Our real puppet masters
John Pierpont Morgan, the founder of the bank J.P. Morgan, once said that “millionaires don't need astrologers, but billionaires do”.
Ain’t no “M” in BONY an they’re ain’t no “We” either.
Sorry, but there hasn't been a company named BONY since 2006. Perhaps you mean BNYM?
Mo, Larry and Curley