Soon there won't be anyone left to provide the cr---y service offering. I smell a Goldman sale.
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Actually Suresh started and ran his own outsourcing company, iNautix. BONY had used it, liked it and BNYM later bought it. Then BNYM made him the CIO of iNautix to continue to run it. This was all totally Code RAP compliant and in fact totally normal. I can also think of many other small shops that BNYM purchased and integrated and in most all of them the founders came with them and became CIOs of their new acquisitions. That’s actually good management. I don’t know why so many people misunderstand this.
I’ll believe the Goldman acquisition of Pershing when I see it, but pretty much any modern Bank, Brokerage, Asset Manager or Fintech could run Pershing much better than BONY. It wouldn’t be a hard conversion as Pershing froze in time a few decades ago.
Older, simpler and limited functionality is much easier to convert to a modern system.
More layoffs coming, some mid level managers in advisor services business consulting area leaving also of their own accord, they see writing on the wall.
Pershing will be bought by and converted to a healthy bank with modern technology. The Bank has been unable to bring Pershing out of the early 1990s but at least GF bought them shiny new servers.
The best thing that could happen to Pershing is it get's out from under the thumb of BNY
Suresh invented an outsourcing company and then used BNY to grow that by forcing us to use them. Not exactly code rap compliant. Then again, you gotta grease wheels to get anything done in India and other "diverse" countries.
More popcorn please…
@1av
Yes… I was always amazed that Suresh the genus (according to Karen Peetz) invented the Smart Phone and stock trading three years after I was already trading that way.
Suresh… a legend in his own mind, the ultimate follower, the master of both disaster and self marketing.
Hopefully Goldman can bring in some competent management to turn around and make Pershing functional again.
Hopefully BONY will have the sense to use the proceeds to stop the endless benefits cuts and layoffs.
Ahhh we all have our dreams…
Pershing to be acquired by Goldman
It's not a bad offering if you are looking for a 1980s stockbroking account. Yes, many people have been let go, but look at who they are and what they did. Mostly bloated MD's that someone (mostly Sh-a) loved, promoted, and overpaid. There a still a few left that no one would miss and would free up $$ for people actually working and new hires with fresh ideas.
MD's sitting in an office doing cross word puzzles shouldn't be a real job.
I’ve never understood how Pershing survives. Who in their right mind would hold their assets with Pershing?
Happened already or about to?