I've been in this department for 6 years and we've lost many good people due to poor management. Lots of poor middle managers & the Managing Director is a terrible leader. We continually put people in positions of management who simply don't know how to manage people. Things have only gotten worse since Scharf took over. They've forced managers to hand out poor performance reviews even to those who previously had outstanding reviews. Its pathetic how poorly we've treated people here. Morale is at an all-time low here. It's only a matter of time until I leave as well.
8 replies (most recent on top)
It's like Warren Buffet says, the name 'hedge fund' is someone's idea to convince someone rich that they know what they're talking about and can make them even richer. However he did bet someone in 2008 that the S&P 500 would outperform a weighted average of a bunch of hedge funds over the course of 10 years. He won and proved his point.
Sounds like the usual BONY thing. Yet another hire of an overpaid hero personality, this time for a three year deal to bring the RIA tablets down the mountain. Nothing new under the sun in Financial Services, so they’ll likely just be passing on the same wisdom that the best of the numerous mid 50’s investment advisors have been preaching internally to deaf ears for years. Those folks will be interviewed, displaced and replaced by fresh faced millennials who look just great when they actually come into the office. They’ll advise knowledgeable wealthy individuals 40 years their senior, most of whom will view them as glorified clerks and quietly move their accounts elsewhere.
What do you make of this article ?
https://riabiz.com/a/2019/3/12/bny-mellons-new-ceo-is-an-ria-fan-and-pershing-advisor-solutions-made-a-big-personnel-move-to-reflect-it
Most folks are commenting on the CIO who is not well respected. The original post was about he managing director of the technology product management group who is inept and a company yes man. The managing director of the PMO group is also ineffectual too.
Good people don't complain. They just leave. Vote with your feet.
May Be the MD should work for a travel company and fulfill his true inner dreams.. just saying !
The MD is however quite adept at getting plenty of attention for his artwork, poetry, short stories, world travel, and insisting on publicity for his personal gain. Focusing on tech?... not so much.
Get in line... It took 13 years to fully bring down Mellon, the unrivaled star of the sector at time of acquisition. Very hard to destroy industry leading quality and corresponding pricing premiums, but low cost BONY proved to be up to the challenge. Pershing is far simpler and should be correspondingly easier so 2 years tops now that they are the last to starve
Sadly none of this at all appears to be intentional. It’s simply relentless cost cutting with a lack of comprehension and experience to comprehend what they’re breaking.