They’re running this place into the ground while we break our backs cleaning up their mess. Enough. Tear it all down and start fresh before there’s nothing left to save. Either they go, or this whole thing crashes. No more half-measures. No more excuses. Get them out.
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@ap+1jtqhcmk2 bingo to that. I honestly do not see how we are attractive to anyone but
Uncle Sam due to our major business activity specialty of custody holding and clearance. We are basically a big utility bank now. A non se-y hot water heater in the basement of the financial banking industry doing its job. The overwhelming majority of the bank’s operating income comes from fiduciary activities and custody processing with client data safekeeping. All this B. S. About us being some elite investment and split second wealth management firm complete with digital assets is utter nonsense and the business world knows it. Not only are we a bad fit merging with most traditional banks like Goldman, the Fed and all regulators would never permit it. About the best fit for us would be the DTCC simply to cut costs and have a reliable ‘one stop’ clearance firm several backup systems and safeguards. And guess who would likely be the little wimpy brother / sister in that relationship? Hint - probably not Eliza or her mentally challenged parents. We sold off retail banking, credit cards, private banking etc years ago to gain ahold of data safeguarding business lines no one wants anymore. Compare JPM to us now. Who got the better end of that deal? JPM has its ‘all in one’ easy portal and we still struggle with NEXEN which many clients hate and want custom data feeds or APIs. And now, our high paid geniuses here are realizing that we are gradually becoming endangered due to the inexorable march of technology and data custodian processes that we are seeing others pick up on. We do not have good leadership. We do not have smart leadership. We do not have growth minded leadership. We chase gimmicks and fads and pick up the tab for other IM firms.
‘Zeees plaze ees in beeg troooble mon ami.
Focus is short term stock price gain. To do that they have improved the leverage ration significantly via cost cuts. That’s only one side of the ratio. They have to have business growth. I have seen nothing here that is growing. Every initiative is failing. Nothing works at all. I don’t see how we make money going forward. The wrong people at EC-1 and EC-2 are in place. Yes, they tell a good story and can sell the dream, but at some point the rubber hits the road and the EC will see that we have zero built that works. It’s lay off after layoff and they have let all the really good knowledgeable people go and kept all the fluff. The current leadership have cut the Firm to bare minimum now. Jobs have gone to India where there is zero market and commercial awareness, not because they aren’t capable, but because they aren’t in the theater where the market exists. The real talent has gone. What’s left now are the Conference dwellers who spend all their time posting fluff on LinkedIn. We are mandated for 4 days in September. Have you ever heard of a company that doesn’t have enough seats for its employees? And is actively still cutting office space globally just to try and save money? Am hearing that they will need to reassess Ross St now here because we can’t all fit in…yet good Managers were yelling this years ago…good managers who have now been let go. It’s absolute madness. We can’t go on like this and at some point we are merged or bought for our Custody business. Nothing else works.