I at least knew I was being cut since my department was eliminated, got the official letter yesterday. From what I heard it was around 225 corporate-wide who were getting shown the door. I’m sure that they’re cutting headcount in advance of a sale.
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To the person suggesting they are shopping the custody department. bnym is generally ranked #1 in assets under custody, why would you sell off something you are actually good at and is probably your core business function?
They need to go in hard. 200 heads will not improve the next quarter EPS.
Also, for a company of 50.000+ is 225 a lot? Especially with all the locations we have. If we were being sold off why would our CEO be stocking up the heads of departments or exec positions with all of his friends?
I heard they were shopping Custody department. Heard awhile ago that JPM was of interest.
The sale of the entire company theory is mo–nic. However, asset mgmt or wealth mgmt, those segments are ripe to be sold off. Get back to the nuts and bolts of finance and ops. Bnym wanted to become a one stop shop for everything and it’s just stretched resources too thin.
The problem with the theory of a sale is, who would want to buy BNY?