Thread regarding Bank of New York Mellon Corp. layoffs

JPMorgan to Pay $135 Million for Improper Handling of ADRs... story from Bloomberg in December 2018. Moral of the story. Banks will always be fined. It's the cost of doing business.It's like a golfer who hits the ball in the water. He takes the penalty and moves on. Part of the game. Everyone's in on it. The banksters the regularators and the politicians. Nothing new.

So - $54M is only .3% of the $15.54B in revenue last year. Less than half a drop in the bucket to the corporation as a whole. This fine didn't hurt anyone at the top - but they certainly aren't going to be taking any pay cuts.

Politicians demonize these companies since more often than not these companies are culpable. I think most will agree the vast majority of line workers who don't make much money get 'hurt' at the hands of the company's own management as opposed to the SEC. A few years ago when Dodd-Frank was being debated, we had an informal discussion about the pros and cons of some of the specifics. Back then our old friend Bob Kelly was CEO, and we all know his story. Us in technology weren't quite that knowledgeable about all the fine points about these regulatory matters, but I put it to my colleagues this way: "who has more credibility, Barack Obama or Bob Kelly?".

If they'd start fining the executives personally things might change...

There are a lot of innocent people working there who will be hurt by this witch hunt. Thousands of line workers who don't make tons of money. Why must politicians demonize companies that provide livelihoods for no other reason than to promote their own careers?

Wait till the Fed sees the systems BNY Mellon utilizes to track these wrong doings!!!!!

All too often people are willing to take shortcuts because it is expedient, and people look the other way. That nonsense needs to stop yesterday.

Lack of transparency, lack of documentation, too much tribal knowledge, exactly why the company needs to clean house.