Don’t get me wrong, the last thing I want to do is defend him, but I tend to think that nothing will change now that he’s gone, which will ultimately prove that all of this was part of a larger policy to drive the company into the ground, and not just the will of one greedy man. Think that many of us are yet to be truly disappointed when we come to the conclusion that he wasn’t the main source of the problem, just the face of it.
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My personal opinion that the marketplace and BNY's profits due to the overall economic situation is much more important than who the CEO is. The reason Charlie was cutting was because the profits and the revenues were soft in this financial segment. And the same will be true for the new CEO.
With the possible recession coming up next year and a lot of competition and soft revenue, expect more belt tightening at BNY.
Well, BONY is heaven for L1(Yes, Yes, Yes, Sure, Sure, Sure - men) from Pune and Chennai who took 3 months course and become a software engineer. I saw some of the L1 reports L1 manager and they sleep in the office, no respect but they are good at kissing the rear of white leaders who has no idea about how modern technology works.
No doubt that Charlie put the nail in the coffin. It could have been salvaged but Scharf was the wrong choice in every respect. He had a complete lack of understanding of the complexity of the organization and so had no concept of how and where to target cuts. Working in authoritarian style with hired “yes men” precluded any learning. All of this coupled with a sociopathic lack of empathy was a recipe for failure.
From what I understand, it took time post CS at Visa but things are getting better for employees there. We have things to work on for sure as a company, but it seems to me the TG realizes treating employees as a valued resource is one of those things we need to work on.