It is a misconception that changes in WFH have anything to do with employee behaviors. It is part of Charlie’s playbook when he comes into a company. He doesn’t like WFH and it’s a significant way he can exert powerful and tangible control over the entire workforce very quickly. This is Charlie letting everyone know that he is in control now, and if you don’t like it, you can leave. All of this bickering back and forth between people about whose fault it is just plays further into his “disruptor” method. It’s what he does. It’s what the board knew they were getting.
9 replies (most recent on top)
Charlie should go work in McDonald's that's where he belongs !
Company culture can only change from the top. To think that BNY is a 21st century company like JPM is a huge overstatement. Charlie aimed to take away one if not the only thing that makes it 21st century. Indeed, headcount will be drastically reduced as no new financial products have been created in the past 10 years other than ETFs and CLOs and technology will make many manual tasks disappear. Culture will change it all depends on whether Charlie will be patient enough or take his millions and make way for a 4th CEO since the merger. And since shorttermism is abundantly prevalent on the Street my money is NOT on Charlie's patience. And so it goes...
Look at all the headlines I've generated now! Work From Home is back. And my goose is cooked. Love, Charlie
Getting rid of work from home is a legit joke. We never ever have meetings and if I ask a question I get ignored and get no assistance. There is no collaboration going on.
Agreed with the last reply. When we moved to the new 'collaboration' floor, supposedly there were 20% more people than desks. Then get rid of WFH. Do the math.
Eliminating WFH was a set-up to funnel employees back into the office for the lay-off
KYC ? These folks couldn't even run a KFC.
No sale...regulators would not allow..tbtf...custody business is changed technology over manual tasks...
BNY Mellon is all over the place with too many people, too many offices, too many departments doing the same thing..........My guess is Charlie is trying to streamline the organization so that it looks organized for a sale to another entity. The organization today is in such sloppy shape that its difficult to give potential buyers comfort in what exactly they are purchasing. Gutting this bureaucracy will take time and make it easier to sell........BNY Mellon is well beyond trying to repair..........Basic bank functions like KYC, opening of accounts and closing transactions are impossible..........conference calls with clients have been embarrassing for years.....put this organization in the hands of folks who know how to run a bank please.