What is this group??? I came across some old pay bands where some of the directors are making anywhere from 500k up to 7 figures. How does one get into this group??? What do they do? Is this sales?? Are they hiring in Pittsburgh?
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So did any lay offs happen yesterday in gcm? Or just like everything in the forum and in that group was all bs
As do people who push back on him.
Really uninspiring reading through the comments here. As a client service (operations) manager, I’ve worked with quite a few of them. Some of them are good, some are not good. Generally not good ones leave or get fired. A bigger issue could be the executive who barely speaks communicative English, or the majority of the organization that takes days to respond to basic client requests .
Only a handful of people deal with the sovereign funds, actually, those guys are really good at what they do. 95% of gcm doesn’t touch them; and outside of a couple of the corporate coverage guys, and 1 investment manager coverage guy; there’s a lot of bullsh-t in the whole department.
GCM deals with the cream, sovereign wealth funds etc.
Unlikely they would be impacted with mass layoffs.
Posts about Akash tend to disappear...
To the guy who gave a detailed description(thank you), what’s it like dealing with Akash? He looks like he has an unpleasant demeanor behind closed doors and smugly loooks down on people.
Sorry my post was too long, I just thought it might be helpful for people to get some insight into what I do. I really like my job and if I can help others get a better understanding of career paths and ways to move within our org, I will. Best of luck to everyone.
Let's see, droning on, buzzwords (white glove, C-Suite), name dropping (Larry Fink, BlackRock), taking 20 minutes to say nothing. Yup you work in GCM.
To be fair, who would want Roman on any client meetings? The guy has no filter. Post from TheLayoff.com
Well… no surprise there that Roman doesn’t want them to represent asset servicing. But have you noticed that Roman also doesn’t want to represent his own 4 year Digital Initiative non-delivery.
Wow, about time someone openly talked about this group. I agree, there’s a handful of good people but the majority of them suck. The comment where someone mentioned no one ever said they’re glad to see gcm on a deal really spoke to me. I don’t wish anyone would lose their jobs, but I wouldn’t lose any sleep if a few people there got vvv’d
I hope to never again be required to baby sit a Sr. GCM Leader “deliver the bank”, holding his hand, coaching him & generally trying to educate and babysit him as he makes an @rse out of himself. And yes, HIM… all elderly HIMS, and incompetent at that.
I was in both GCM and in Asset Services heading up a team of RMs. No matter their relationships, GCM is DEFINITELY not worth the money they’re paid. Some are quality people and some are exactly what’s been stated in some of the comments below. Many simply add little to no value and if/when they leave the client is completely unaffected by their departure. At their best they understand multiple LOBs and complement what the service organization conveys at a more strategic level. At their worst they take credit for the service organizations with almost embarrassingly little understanding of what the operations people do. Too many are the latter or close to it. Way, way overpaid
Anyone know when these layoffs are expected in GCM?
I heard most of this grp will be fired. Roman doesn’t want them to represent asset servicing
This grp is suppose to be disbanded with upcoming layoffs. Roman doesn’t want to lay for this group that overlaps with other Client coverage teams
You are exactly right. They clearly have to know someone to walk into these cushy positions. Always amazed to see how well connected fools can get these cushy gravy train jobs.
I'm super happy seeing an ops manager coming down to a meeting and explaining the workflow to our clients or an engineer explaining our roadmap. But no one that's ever worked on a deal has even been like, "oh my gosh, thank god the GCM guys are involved; we're going to get this for sure". It wouldn't be so bad If they weren't such pricks. I know they're probably safe from any layoffs because they are good at taking credit for the good and blaming someone else for the bad (and it helps that they sit on the same floor as the executives), but man, wouldn't it be a beautiful day in the neighborhood if they brought in business as opposed to just tagging their names and getting paid NYC salaries on things they had nothing to do.
@1guz I worked with them off and on regularly over 8 years. Count me as super unimpressed. I essentially had to wind them up, start them up organize their meetings and tell them what to say. Just one more example of colossally over promoted people… way past the Peter Principle….
I couldn’t agree more. Global Client Management are bozos who are entirely unaware of what they’re doing when they’re “Delivering the Bank”. More like making the bank look bad. Life is easy when teams of dozens help you every time that you stumble and fail.
I dealt with GCM. All they do is book meetings and brag about the deals they had nothing to do with. There’s a handful of good people in gcm that really know what they’re talking about, but the bulk are just there “just in case” Todd (now Robin) needs a handler. The meetings are coordinated by the admins and the “brief” is just who met with who and the business we’re bidding on. Get yourself a tech intern and he can automate that. We are out here in the business worrying about who gets laid off meanwhile we are paying someone the salary of 5-6 good people in Pittsburgh to shake hands and babies. Sure relationships matter but people go with bny because we’re the cheapest, not because so and so had a steak dinner and talked about their kids.
Next to the innovation centres, this is the biggest waste of resources Im aware of.
Don’t join, who knows if management will wake up in the next year and cut them all lose.
These jobs are very redundant.
@ j6OOA 7 figures to set up meetings and go to conferences and not know products? Where do I sign up?
I work in GCM. The group is small, and we cover generally the largest client relationships at the bank, most of which have business with multiple LOBs and are complex clients who benefit from or demand a more white glove relationship model rather than the alternative of liaising with multiple RMs and client service reps from different LOBs. The function of the client executive is slightly different from an RM in that beyond selling new business and managing the relationship, we’re tasked with fostering connection between our clients’ C-suite and our own. There’s definitely less focus on knowing the deep intricacies of the products or services as much as there is on relationship building and knowing the right Product or Ops experts to bring to the client at the right time. Our contacts at these firms are typically their senior executives, rather than daily operating teams, and we routinely bring in Robin and other EC members to meet with the clients. Most typical client relationships at the bank don’t have that senior attention. For ex., if Larry Fink (Blackrock CEO) wanted to meet with Robin, Akash, etc. or vice versa, the GCM client exec that owns the bank’s relationship with Blackrock would be briefing Robin ahead of time and typically going to the meeting as well. Lots of travel involved to see your clients, attend conferences, events, etc. In addition to the relationship building aspect of the role, GCM segment heads are looked at as authorities within the bank on their respective industry segments, as BNYM doesn’t have enterprise-wide product teams. Since GCM and Corp. Strategy both sit under Akash, these functions are closely linked and the GCM client execs are expected to offer advice on how to strategically push the bank within the industry.
Compensation is mostly based largely on how much new business you bring in. If you can evidence that you brought in business, you’re rewarded, and if you can’t, you’re shown the door. Given that these relationships are driven by the senior management relationships, the most successful client execs in GCM have many years of building relationships with the heads of our client firms and that personal relationship is very valuable when bringing in new business. GCM clients are often large and extremely well banked, and so the personal aspect of the relationship between the client exec and the client is often the differentiator in winning new business or taking business away from a competitor. I’d say these industry contacts and relationships are a main value differentiator for an individual who joins GCM. The same can be said about RMs in the various LOBs, but the difference there is remit - LOB RMs focus on that LOB alone and so don’t sell the entire firm to the client. RMs are also typically read in a little more on the specifics of the daily service happenings, but not to the extent that a client service rep would be. As with any front office, revenue generating role, the pay is considerably higher than the support functions at the bank. Certainly not a BNY specific difference.
GCM doesn’t typically hire in Pittsburgh; the roles are mostly based in market centers where our clients are located or are expanding, so mostly NYC, London, Paris, Dubai, Hong Kong. I think we do have a couple associates based in Pittsburgh who travel between there and NYC on a consistent basis. For similar roles that do hire in Pittsburgh, there are LOB RM positions for TS and some Asset Servicing. Those roles would be similar and have a little less focus on you bringing significant industry contacts with you when you join, and knowledge of every LOB isn’t required since they only sell/manage relationships in one LOB. People move between LOB RM and GCM Client Exec positions all the time.
Hope this helps.
Overpaid, undertasked client facing functionaries. Not sales. Not leaders. Just well dressed outward facing functionaries. They know less about our offerings than do our clients, particularly in the U.K. Rather than asking questions they are arrogant and demanding when they don’t know the basics of offerings that they should have mastered decades ago. This group would be an awesome layoff candidate.
I don’t think anyone is left in Pittsburgh? Too many middle managers in GCM.
Given who they report to, it would be the hardest money you ever earned. Unless you love being screamed at and eviscerated.
They oversee relationships that span multiple LOBs, but agreed they are extremely expensive and I’m not sure how redundant their jobs are