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Terminations/Cost Cutting

A BNY Mellon Internal Struggle Pits DB Vets v. BNY Vets

June 6, 2019

by Howard Haykin


A 14-year veteran, who was just days from his Bahamas wedding, along with 4 other members of BNY Mellon’s bond sales team were quietly terminated, according to a report in the NYPost. The five salesmen were let go just one day before it was announced that their boss, E.G. Fischer, a BNY Mellon managing director, had left for a hedge fund.


The recent wave of layoffs at the bank reportedly is intensifying tensions between traders who have been there for years and a relatively new group of executives in the markets group hired from Deutsche Bank. Among the ex-DB hires in recent years are Forex Head Adam Vos; Ops MD Piers Murray; CAO Rebecca Crowe; and, CTO Teddy Cho. All joined in 2016, while Forex CFO Jason Vitale joined in 2017, also from Deutsche.


The layoffs are part of a cost-cutting initiative introduced by CEO Charles Scharf, who came to the bank from Visa, Inc., where he was recognized for transforming the firm into a technology-driven digital commerce company. Mr. Scharf was appointed CEO of BNY Mellon in July 2017, and became Chairman of the Board effective January 2018.