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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
A BNY Mellon Internal Struggle Pits DB Vets v. BNY Vets
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.