Anyone else heard these rumours?
17 replies (most recent on top)
No, you wouldn't. U.S. Bank CT is a hot mess.
Perhaps this is the rumor you heard.
https://www.businesswire.com/news/home/20240425124476/en/Computershare-to-buy-BNY-Trust-Company-of-Canada
BNY acquire a book of CT business from US Trust about 25 years ago.
@5csn That would be quite funny considering Jamie Dimon sold CT from Bank One to JPMC, then he joined JPMC and sold it again to BONY. He’s ditched CT twice already. If he ended up with it again that would be funny. I’ll be honest, though, having worked in CT for both JPMC and BONY, I far preferred the tech, procedures, etc. at JPMC - although Dimon is every bit as evil as Robin (though with a million times more power and clout), so it could stink either way.
Heard JPM are the interested party. Since we bought most of the CT business from them in exchange for retail back in the day.
They are interested in taking it back.
I would much rather work for US Bank than BNYM with all the changes we’ve had to benefits and this ridiculous big brother RTO scheme and shoddy management, but there’s no way of knowing if there would be layoffs/redundancies or changes to pay or benefits. Look at Lock Box - they were sold and offered jobs but the benefits and pay were even worse than ours - hard to even believe.
Us bank is interested but at a deep discount
They've tried to sell this business a number of times in the past. No institution with any leadership in its right mind would buy it! Our incompetent management has destroyed CT so badly that at this point no one wants it. It's a bag of cow dung! If they do manage to find a buyer (and that would be saying something!), it will be at a deep discount!
Hard to think about how that would work for the purchaser. Soon a majority of CT staff will be in India. Unless a purchaser has a large presence in Pune it would be an issue & a disincentive to buy.
It’s been sold twice before and has been shopped around again, so wouldn’t surprise me.
I heard only this
https://www.bnymellon.com/us/en/about-us/newsroom/press-release/bny-mellon-collaborates-with-accenture-to-drive-accelerated-growth-for-clients-130384.html
From my past experiences, my prv company, bny will cut some, and transfer some dept to Accenture.
Corporate Trust is a big deal. It’s our main product by far.
CT means cirporate trust
Who did you hear this from?
Ha! Ha! They tried to sell Corporate Trust in 2014. Didn’t go so well!
Do they mean corporate trust?
There is no such thing as a Connecticut LOB. this doesn’t mean that there isn’t an LOB or two which are located in Connecticut, only that you have no idea what you mean.
Rumors: Please don’t spread them.