Thread regarding Bank of New York Mellon Corp. layoffs

This tread is a day late and 5M dollars short.
@ciik+1u1Q9682
https://www.thelayoff.com/t/1u1Q9682#ciik

This is what happens when in house industry experts, regulatory SME’s, experienced business analysts and compliance leads who are long term versed in the Banks business and operational procedures are removed or chased off. From approximately 2018 through 2023, BNY repeatedly failed to correctly report at least five million swap transactions and failed to properly supervise its swap dealer business with respect to swap data reporting and monitoring of its associated persons. That period happens to run alongside the ‘go cheap and offshore replace’ efforts and making this some kind of financial burger king drive through window. When you go cheap, you get cheap and often with painful side effects. Good luck finding this in the ‘growth locations’.

@1ejd only a matter of time before the feds slap us hard. Our risk and compliance is on the same course as Citi’s was under the same leadership of Senthil and they’re up to $636 million as of July for years of failures identified back in 2020. Fed audit in 2022 already identified big problems with our controls.

Wonder when this will show up on Mysource lol

That’s chump change for BNY. They’re prob saving way more with the offshored positions that deal with swaps. It’ll prob cost them more to fix the issue. If they want to hurt BNY, it needs to be many millions more.

That’s 35 more people in salary and benefits that RV will need to send out the po-p chute.

An all too typical BONY bad bank bonehead move.

I still cannot believe that these id--ts bought Mellon Bank.