WM has always been a good spot to be out of all the hot garbage departments. But the current CEO has continued to run it into the ground. Our competitors are thriving, we are losing. Someone must have faith in her!? WM is littered with leadership by fear. Liftouts of teams by other firms are happening. Now she moves the minimum accounts to $10mm and we haven’t closed one In 3 weeks. Never before has that happened In 25 years.
Curious if there are any other WM folks out there?
Glad I never met her. Lol
Yep… sounds like the utterly useless class of leaders who call constantly to ask “Is it done yet?”, “What is he current status?”, “What’s the hold up?”, “I need an update leadership in 5 minutes” keeping the underlings from getting it done.
The $10mm minimum started January 1 of this year. The $5mm minimum started January 1 of 2019. In 2009 WM managed $290 billion. Today it manages $260 billion. Who is supporting her working hard to sink the ship? She leads with fear. It’s getting old. 5/3 Bank is lifting WM people out aggressively. The ranks are filling up With egomaniacs and half a$$ wannabes. It’s bad.
Anyone who “loved their blackberry so much because it let her work from home after work hours” should be a prime layoff target. If a job doesn’t require an actual computer with applications then it is useless layers of middle management.
Don’t really care that BNY Wealth Management would take any of us on as a charity case. Much more comfortable with retail wealth management options. Their employees worked their way up through Finance in B schools and had to learn and compete bottom up. They weren’t simply born into their jobs. Our net worth isn’t even a rounding error in BNYM accounts. There’s simply no way that connected people can compete against doers.
Our target client has always been 10MM, but that was just a target. We dealt with poorer families (do you like that?) but have targeted 10MM in investable assets for at least 10 years now. Now we only deal with folks at that level of wealth.
I believe it changed to $10 million shortly after Catherine joined. I remember her speaking about it.
It’s fine. We just need more D&i programs & to be more commercial.
Place is a complete dumpster fire and the idea of promoting a capable person has been replaced with virtue signaling….the concept of a meritocracy is dead.
I haven’t heard anyone say anything good about the uppermost management in WM. Maybe Robin has plans for her?
The account minimum has NOT always been $10 million. It was $2 (or I will give you maybe $3), when she joined it was moved to $5. When did it change to $10?
And who the world would give this blue-collar firm $10 million?
Our minimum account has always been $10M.
SP has been referred to as "the devil" by multiple co-workers. Asset management has always been a great profitable group with terrible management.
Am I the only one who cannot imagine ever considering entrusting any member of the Keating family with my wealth after the Keating Five scandals? Catherine Keating was not involved or at fault but it said a lot about her family when desperate.
It’s kind of like Bernie Madoff. I’m sorry, but I simply can’t wrap my mind around entrusting my assets to any of the Madoff family.
There’s simply not enough time in he world to satisfactorily research either family.
Did we know this when she moved up to head Private Wealth?
https://www.afr.com/world/north-america/inside-the-high-altitude-world-of-katherine-keating-20190821-p52jcl
None of this gives me the warm and fuzzies…
I work here but I think like an owner when it comes to my money.
Http://keatingfive.org
Agree with you! No one person has done more to destroy the work environment. ! Has us on pins and needles - organic growth everyone! Thinks she's got incredible ideas and insights and is somehow respected. Clueless on how to run the place - a great elevator speech never is the ticket to increasing new business revenues -- just ask?! What is joke!
Would you recommend BNY to a friend? Hmmm - why would I?
CEO is useless and completely uncharismatic with employees and clients alike — no idea how she got or manages to keep her job. Can’t stop telling us all about how she loved her blackberry so much because it let her work from home after work hours. I’ve never seen someone so adept at ki-ling employee morale with a short speech. From her down to the regional presidents it’s all noses at the ceiling to underlings and noses in as--s to superiors. They deal with repeated lift outs and never stop to wonder if it’s due to their own incompetence and BNYM’s serial and notorious underpayment — friends in the industry either laugh or are aghast that one might work for such a low-paying company. But never fear, Laptops in drawers, everybody!