Thread regarding Bank of New York Mellon Corp. layoffs

Ed Garden Steps Down from BNY Mellon Board of Directors

Folks,

https://www.twst.com/update/the-bank-of-new-york-mellon-corporation-ed-garden-steps-down-from-bny-mellon-board-of-directors/

This is big news.

Ed Garden is part of Trian Fund Management (Activist Investor).

Seems as though he and Nelson Peltz (also Trian) are headed back to Legg Mason.

While some may say this is good news since the activist investors are moving out of BNY Mellon, this is actually a negative.

They’ve essentially given up and moved on since there is obviously no upside to staying involved in BNY Mellon as it’s likely stuck in a steady decline with very few levers available to improve performance.

Cost containment and reduction in force layoffs is not a long term growth strategy.

by Anonymous
| 2301 views | | 6 replies (last May 21, 2019) | Reply
Post ID: @OP+ZahtJQa
Comment! It's anonymous!

6 replies (most recent on top)

Bob c, bnym has about 52k employees give or take, you are suggesting that he will do away with about 68% of the global workforce. I can see the elimination of 17k to get down to 35k, although that seems like a stretch. To do that, you are talking about eliminating entire lines of business not just an employee here and there, or a department or two.

by Anonymous
| | Reply
Post ID: @lka+ZahtJQa

How accurate is it that Scharf wants to eliminate 35,000 positions?

by Bob C
| | Reply
Post ID: @pvs+ZahtJQa

Trian has been selling shares of BK stock for quite some time now.

by Anonymous
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Post ID: @uky+ZahtJQa

Perhaps their 5 year tenure at BNYM was some kind of experiment to prove how easy it is to trash a company. Plunder and pillage in the 21st century.

by Anonymous
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Post ID: @dzc+ZahtJQa

I do recall that our troubles escalated when Trian Fund joined the BNY. They have done their thing. Now they can go have their fun somewhere else. Maybe LM missed them.

by Anonymous
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Post ID: @nsg+ZahtJQa

This IS interesting, especially in light of the fact that during his tenure at BNYM, he has served as Chair of the Human Resources and Compensation Committee and as a member of the Risk Committee, the Finance Committee and the Corporate Governance, Nominating and Social Responsibility Committee. He also chaired the search committee for the company's new Chief Executive Officer. So, we can ask, WHY is he leaving??

by Anonymous
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Post ID: @ezr+ZahtJQa

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