Once Chainsaw Charkie took possession of the board he told his directs one down west Palm beach next year or you are gone. CRO Derek will do anything as he's close to firing he's yes. hR is a no CFO has other offers he's a no. COO mostly uses the jet to do personal self fulfillment he's a yes. CLO is a no Compliance is a no. IA is a No. And they want to move technology out of anywhere but Iselin NJ bc Bridgette wants it and she won't be forced to go. The CxOs were shocked and really none but Charlie want to go they will shut HY which they just moved into the entirety is poorly thought. So even if you are saf now next year is worse. My hope is to find any Job where I'm not treated like a baby given more work and leave. It's the first bank in 20 years where I've asked for more work and they won't give it. So I attend the meetings I have ideas for work one took and I'm dragging it out in case they lay me off in October they don't get the work product.
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Both Scharf & Sommers have multi million dollar residences in west palm beach area already. Just google. They commute HY or Charlotte. It benefits them having a new executive office there.
@df Is this the reason they are all so tan?
@e8 yep, pure tax play. However, this is a Barry S. move so he can pay less taxes and he's convinced WIM OC to move down with him.
It's an automatic 10% pay raise and when you make seven figures, that's a huge sum of money. However, the rest of us need to go to a core market and a certain building. These guys just change the rules for themselves. The rich ger richer
Can I get some ranch dressing for this word salad?
I don't know S about this situation. No inside info, no friends on Sharts inner circle. However, I imagine a dude making $30M+ per year is getting real tired of writing the state/city of New York $4M checks every year. No income tax in FL, so he'd save a lot of green if he worked in FL. He is also almost he-l bent on tanking morale, and creating yet another fake hub for his own personal use would be a great way to twist the kn--e on all of those impacted by the attrition scheme called 'location strategy' that is slowly eliminating a large number of people in the SE.
These two reasons alone make it likely that this is a legitimate theory. Extreme selfishness and further harming employee morale? It's the Hudson Yards version of a win-win.
Are they getting there to be closer to the current administration? 🤪
Scharf has had an office there for a while now. Now they are getting a new building & all the WIM executives will have offices there to work from. Not leaving HY but a second work location. West palm beach is “the new financial hotspot” per a senior executive. Plus there is a lot of HNW clients there.
Palm Beach is NYC CEO (and CEO wannabe) second home/weekend getaway territory. If you google his name and “Palm Beach” you can see the spec on the property.
Is there an English version to this?
WTF? Why in the world would they move to West Palm Beach? HQ is in San Francisco and unofficially in HY. An exec with an ounce of brains (vs. vanity) would have never put so much money into such high priced real estate and salaries (SF has been around for ages, HY not)-- but here we are.
@bg , what is the other half of the truth about Palm Beach?
@bn Considering the source of this information is from Bei and I do not use AI for anything I write some people will be caught out by this and in disgusted and want to prevent that. Sometimes it's knowing information you have may not be believed. I quit Lehman in 2008 when I was asked to do simulations of 49/50/60% layoffs I never want to see that happen again. Every person doesn't have bad intentions. I thought incorrectly coming on here I could share information like this or that I had recently interviewed at a company that will lay off 4k US employees in banking in the next 18-24 months to be useful I guess either everyone is going through it or nobody believes a human would care to warn other humans of impending layoff.
@OP
Nice communication skills.
Please quit relying on your device to do the work for you, ok?
The recipients of your spew will thank you.
Sort of true, but a little off. Exiting HY is a complete lie and the West Palm Beach thing is half true.
Didn’t they just bought some additional space in HY?
Huh?
@a4 Charlie told his one downs he will
Move the Opco to west Palm
Beach. This means they want to exit HY they want mostly out of NY and SF in 2026
It's difficult to understand what you are trying to state with the incomplete sentences, misspelled words and incorrect grammar. Could you try to re-write that?