Not a post about layoffs but Pershing is losing staff left and right by the associate’s choice. That is because there are real management issues. Cronyism with favorites being promoted. Many leaders who are not talented or effective. There is a manager in the account management group managing licensed people that was just promoted to director and they can’t even pass the series 7. Not sure how that’s allowed. Associates have no trust or confidence in leadership with those kind of decisions. Some Account mangers get $5000 bonus and others $30,000 without being given clear attainable goals. When you ask them what you need to do to get an “exceeds” rating they can’t tell you. I’m sure they will blame the people leaving on “the great resignation” but they need to take a close look inward at leadership on mid and senator level.
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I would have asked the director some pointed questions to showcase he was being an a$$...feeling as in goosebumps on the skin type of feeling or hair standing up on the back of your neck kind of feeling?
Pershing works in a self referential silo. There is nothing special about their products, which are equivalent or less than most all competitors. There is nothing special about their technology, as a second wave late 1990s Internet brokerage. They do have a wide customer base as they were among the second wave of Internet brokerages. But now they offer nothing special and far less than competitors. BONY mistakes a large Pershing customer base for a modern processing offering. Not so.
I agree with the post and comments here. I left Pershing / Advisor Solutions because of all of the favoritism and hard work going unnoticed but those associates who were “friends with the boss” got Everything! . Managers forced to give below ratings to high performing people by department ‘ directors’ who have no spine and then when leaders pushed back those same directors gave those leaders a below. With zero feedback. My director in Advisor Solutions tried to give me a below I asked him why, he legit said. “It’s a feeling”. When I asked him to expand on that he gave me nothing. When i asked for specific things I could improve on, nothing. Who runs a business and treats people like this? I have to thank them for treating me so terribly because I wouldn’t have left and found a better paying and more satisfying job where my efforts are actually appreciated.
This is so true, spent many years working for Pershing and the last few years were the worst. Incredible how some raised through the ranks because of who they knew and not what they knew. I witnessed lots of backstabbing those last few years. The forced rankings was the straw that broke the camels back in my eyes. Associates who deserved nothing got everything. People who you thought were friends were just acquaintances. Glad I'm out of that he-l ho-e. Good luck to those left to pick up the pieces for those wrongfully let go.
Pershing is a legend in their own mind. Mediocre technology, substandard servicing and overpaid execs. Should have converted all Pershing systems to Mellon in 3rd year instead of mass displacing the brains.
They threw it all away.