Thoughts?
9 replies (most recent on top)
You all need to become familiar with our state of the art wholesale lockbox. Minimal staffing, incredible paperless technology and it mints money for us.
Who cares what they have to say! They're both useless, overpaid, and incompetent!
Saw it and I think we’re fu---d. We need some younger blood in senior positions. Get these dinosaurs out, everything takes 10 time longer than it should and we just slip ever further behind. JPM move much quicker, I know because we keep getting their b-players who leave and find out how much worse it is here.
@1zal I disagree with your assessment that you can’t say our operations group is good while selling off/outsourcing our lockbox ops. Lockbox is maybe the most antiquated service we offer clients, and it’s expensive to run and carries high processing error risk relative to the value it provides. If we can find another company to take the manual work off our hands while still keeping those deposits on balance sheet, I’d say that’s a pretty good trade. The only people who would argue it’s bad are those who work in the mailroom in Pittsburgh whose job security is now thrown into flux, but I also can’t help but feel that if you work in a lockbox operation at a bank, the writing has been on the wall for decades that your job is ripe for elimination. The physical check volume just isn’t what it was 40 years ago, and we actively tell our clients to stop their paper check operations at all cost. If you’re surprised by this move, I’m sorry, but it’s an objectively good business decision.
I just can’t understand why someone would automatically feel that us shedding such a behemoth of an operation and keeping the only revenue generating part of it (the deposits) would be considered bad unless you work in the lockbox mailroom. Several of our products at the bank are effectively us taking over our clients’ back office, which no one argues is a bad decision for our clients. BNY can do it at scale, and the client can eliminate their back office staff and costs associated. Good trade for them. Why would it be a bad trade for us to do the same if it offloads cost, complexity, and processing risk. Sounds like a well-run operation to me.
Totally tone deaf. Gee, let's put out a video bragging about how great ops is the day after announcing that we sold off our lockbox operations.
I just don't understand how these people get to where they are in life.
RG reminded me of Bond, James Bond.
Total fluff piece. No substance, commitment given, or measurable goals. Ops is a function shedding employees to cut expenses.
Boiling the ocean — ain’t going to happen anytime soon. Another reason why RV should leave.
My only real thought was that Richard sounds Scottish.