Got the annual report , p statements and associated propaganda all packed in it’s pretty plastic BNY bluey container. Net revenue only up 5% over last year and net interest is flat. Fees and other revenue (more on ‘other revenue’ in a second) are the main propeller. Other revenue as a % of net revenue is also really flat 73% in both ‘24 and ‘23. Down 5% from ‘22. So reductions and expenses are included as total into revenue. Staff is getting cut and only increased cost there 1/2 of 1 percent! whereas from ‘22 into ‘23 it was 5 percent increased. Thats a 90% cut which sounds great but we know what the truth of the quality is. So, what’s really driving growth is added fees and good heads getting lopped off. No wonder this stock is rated a downward hold and not a buy…. Wonder too, how many sacrificed operations staff paid for this nice set of books which people will toss in a few days?
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Shareholder valuation is up but why can’t I sell my RSU’s now Robin? I needz mah crispy KFC bucket and Colt .45 forty ounce jobber now!
LOL.. and all the hype over wealth management…. If your a WM client, you need to run like a scalded dog from this place. Running the company better? Does that mean getting rid of bad WM and CS management and replacing it with something capable? And pinning hopes on AI and AI hub … has that really wheelie dealer pealey unlocked anything yet?