Why does it feel like I'm in the hunger games when I look at my coworkers now with these recent cuts and the whole new "rank and yank" system? May the odds forever be in MY favor!
5 replies (most recent on top)
CRO knows nothing about balance sheets, hell he doesn't even know credit!
Can't wait for this exercise to blow up in their face, just in time for the stock price to crater, all of their customers to hightail it out of there and the lawsuits to come. BONY is no JPM, and never will be. Even JP Morgan knew better than to get involved with them when he was alive.
Good luck to the new CRO they are trying to recruit, a rich pandora's box awaits you. Make sure they pay you 5x the going rate in cash upfront, you won't be there too long.
(Original Poster)
That's reality we live in now. Charlie wants to make BNY Mellon like JP Morgan soooo bad!!!. I don't think that's how Bank of New York was meant to run (from the beginning until Gerald Hassell left). Its focus has always on been on stability and consistency, which is why BNYM was not one of the GSIBs (big banks) affected by the financial crisis/downturn of 2008 like the other GSIBs were. Charlie is trying so hard to be like JP Morgan its sickening. This is a different type of financial institution. I attended a town hall last year where Charlie and Mike spoke where Charlie was so adamant about this "go-go-go" type of culture. I'll never forget this.. Mike S (CFO). said this "well our Chief Risk Officer, Jim Wiener, is currently developing a model and approach to analyze and assess how fast we can grow and push results.." Charlie immediately interrupted him and said, "no there is no limit and we must push and drive results." Guess what? An email goes out from Charlie saying, "Jim Wiener will now be reporting to Michael Santomassimo and be head of a group to improve the company's balance sheet."
The fact that NOW you feel the urgency to remark yourself from your coworkers to keep your job is the exact feeling these changes are meant to invoke. If your still in doubt go watch Charlies town halls
Someone will fall below the line, those who think they are in the “club” and immune are going to be chum come mid-year reviews. Once you go on the list, your goose is cooked.
Because you are. The merit system is now graded on a curve and if you fall below the line it's sayonara.