I don’t want to get into the debate whether there’s more to come, and this round has been more brutal than anyone could have imagined, but the main question that remains after all this is: What now? I don’t see the leadership laying out any “brilliant” plan or strategy to restructure the company in a manner that will make it efficient and profitable. I don’t see any action being taken to implement a new direction with a reduced workforce to get us on the right track. Was the only problem at BNYM too much overpaid workers? I don’t think so.
7 replies (most recent on top)
Yeah more automation so when something breaks nobody knows what went wrong as nodoby is left to troubleshoot!
I agree with you. In tech speak garbage in garbage out. The bank definitely needs to do a better job at recruiting which will happen next. As it shrinks technology will dominate and with that bigger salaries which means ideally better people. It's a process but it will happen. If the cycle runs correctly next to go will be the skeptics in middle and low mgmgt. The upper ones were already given the boot.
In response to the last reply, you state no bias but use the phrase "dead wood."
The problem with your obvious bias is you also send knowledge packing along with those salaries.
Not suggesting it doesn't make sense in some areas, but I know of MANY scenarios where it has been a disaster dating back a year or so. The Millennials Charlie has a boner for can't answer questions. They are too busy checking Twitter to learn anything. I see it EVERY single day. Emails being flipped to someone with 20+ years of experience because the person who should be able to answer the question can not do it.
Just telling it how it is.
Plan is simple to me. Cut costs by getting rid of over 50 dead wood in all places -then of the 40s and so on- no bias but the older you are the more expensive you are and everyone is replaceable look what happened to Bob and Gerald. Get rid of manual tasks that cost more than revenue by selling those businessea or outsource it. Next invest in robotic process automation. Win business by leveraging an integrated suite of services. Drive competition out of business with low bids to increase market share. Make everything fee based if not already. Consolidate boutique business further but careful not to alienate Boston old money. Buy back shares - shoutout to the shareholders. Work really hard to stay relevant in the face of block chain technology which will remove the trusted 3rd party responsibility which is the cornerstone of BNY business.
Punt? Hail Mary?
Yes, the plan is for the remaining workforce to become more nimble and accomplish all the same goals (to modernize tech, improve efficiency, and reduce manual processing) with no additional investment or the appropriate skill sets. Simply by planting a$$es in office seats instead of home offices, everyone will work together to make things happen quickly and painlessly through sheer willpower.
there is no plan, they continue to stumble from one issue to the next with no end state in sight, all about firefighting - the problem is there is still too many managers who are not capable or allowed to make a decision, too many teams and cost centres, too many meetings, too much general nonsense, too many manual inefficient processes
the working environment is best described as toxic right now, changing the spans while to be welcomed in some instances has only generated more issues - managers basically demoted and on the same footing now as admins - that will really do something for morale