Was reading an article about the decline and almost complete disappearance of Sears and it occurred to me that BNYM and Sears share a lot in common. Once both great names, beat down by a series of incompetent management teams, utter hubris and denial abut the world changing around them. The world is indeed changing around BNYM and their answer is not to invest or innovate - it’s to cut everything to the bone, provide the bare minimum level of service and shrink in an already stagnant market.
BNYM (Sears) is one disruptive innovation away (Amazon) from irrelevance. At this stage, I don’t think anything can be done to change this arc.