How many is this now?
Paid $714MM in March 2015
Paid $180MM in May 2015
Paid $12.5MM in December 2018
Plus millions of dollars more in other cases, now the below. Heads should roll at the top, whose watches these occurred under. Then maybe people who actually work wouldn’t get laid off… oh, excuse me, “separated from the company”.
https://www.pymnts.com/legal/2024/ssc-disputes-data-misuse-damages-and-asks-889-million-from-bny-mellon/
12 replies (most recent on top)
@2ttf, We would lose money would lose money if we give customers the rate we got. They knew/know that and expect that.
Deep pockets...except when paying employees in Merit and Bonuses
Wrong. The Bank consistently received the best price for currencies while clients received the worst. When selling the Bank consistently paid the lowest price of the day while clients paid the highest. It was a major scandal and a huge hit to our earnings.
The crying shame is that this OPs id--t doesn’t have a clue of how bad it was. So much for putting uneducated line one operations people in financial positions.
Grant Wilson is a true American Hero.
@1asg, Mellon had it's share of scandals and fines.
Just go get another job. No one owes you anything.
@1sae, that was a fraudulent lawsuit brought by ambulance chasing layers. Nobody expected us to be doing fx transactions for free and even after the "whistle blower" stated the obvious, everyone still used us.
There is always a “Bad Bank” of choice and BONY, and now BNYMellon (after acquisition) has been the world’s Bad Bank I always avoided telling people where I worked when I was here.
It’s such an embarrassing admission to work for these corrupt clowns.
All of the BNYM scandals stem from Senior Management trying to goose revenues beyond what the products themselves can ever possibly throw off. Unbelievable pressure on underlings to participate.
Grant Wilson is a personal hero of mine.
https://www.wsj.com/articles/whistleblower-who-revealed-currency-abuses-at-bny-mellon-gets-50-million-11591303871
Ahhh, they are disputing the AMOUNT. So the headline makes sense even though it's not clear. But the rest of the article is still pretty wonky.
What a poorly written article. The headline contradicts what is said in the article and the last 4 paragraphs seem totally unrelated.
Hmmm. And every year we do all that ethics training. Do the right thing is what we are all supposed to be doing. I guess that doesn’t apply to all of us.
RCSAs just storage place for data. Risks not defined or managed by the business processes where the risk exists. Little to no gaps reported, weak controls etc. but reporting up as Green, Green, Green. No one asks what risks are defined, who owns them and what controls are in place. Check the box exercise.