4.0
Jun 14, 2008
Recommend
CEO approval
Business Outlook
Pros
The company is moving from the dark ages into a progressive place to work. The focus on securities servicing and moves away from other traditional bank products should provide a more predictable earnings stream, so long as the time horizon on investments is beyond the quarterly earnings report.
Cons
Merging of BNY and Mellon is going to take another couple of years. Houston business has been downsizing through an agressive, but questionable, transfer of jobs to Pittsburgh. This is going to take years to recover from. BNY bought the dominant JPMorgan Corporate Trust CDO business and got more than it could handle.
