I've heard from various colleagues that Wove is on the way out. A failure. I guess that Ainslie didn't send enough brilliantly quirky emails every week.
But seriously, they hired a LOT of people for that. What's gonna happen? I would wager this is probably a 100+million loss if true. Not to mention reputational.
the pathetically lousy israeli, canadian and british 'leaders' that were hired in Per got away with way too many failures. These low lives and their monday morning fake BS, and AI nonsense destroyed many careers and lives. Their product and technical ideas are epic failures on wall st. These fraud leaders should be blacklisted so their failures are well publicized. The sneaker guy now at gartner was a sewerage leader. Per needs to claw back their bonuses.
Left Pershing / Wove months ago and glad I did. It was nowhere near ready to be rolled out when initially announced. Both Wove and Wove Investor ran on the terribly outdated infrastructure of NetX. Some back-end Wove architecture and development teams were arrogant, always knew best, and couldn’t be controlled. I cringed every time I met with clients to sell and demo that pile of dung.
Jim C——- ly sold his soul to the devil a long time ago. He only cares about a title and $$$. The only reason he ever became CEO is due to his childlike behavior and was the last man standing.
Anyone that believes a single word he says deserves what he gets.
And anyone that believes any announcement at Insite is drunk.
@bf & @bn Agreed. BNY’s “transformation” has turned into one of the most wasteful, beyond arrogant dismantlings Pershing has ever seen. AS and ML were sold as silver bullets, but they’ve burned through money, time, and engineering talent with almost nothing to show for it except their own g-nshot residue, hipster jeans and white tennis shoes, and an endless string of nonsensical emails. Instead of fixing core systems, leadership gutted the very people who built and maintained them — the long‑tenured Pershing engineers, client‑focused ops staff, and domain experts who actually knew how the business worked.
Then came the Platform Operating Model, rolled out concurrently like a bad science experiment. It’s fatally flawed, rushed, and already cracking under its own weight. Entire job families were purged to make room for a model that isn’t ready, doesn’t scale, and doesn’t match client needs. Sanctuary walking away is just the first visible leak in a hull that’s already taking on water.
And through all of this, JC — the “Deputy Assistant Secretary Executive Vice Chair” with the fancy title — has been silent. His job was to calm Pershing’s long‑time clients. Instead, the waters got choppy, and he vanished below deck.
Wove, P-O-M, the offshore rebuild — all of it is heading for deep water. The only suspense left is how RV and Dermie will spin the sinking when it finally goes under.
@bf Excellent piece,ML is the real hitman hired to do this job..check his history,he is a destroyer shakes things up and leaves,builds nothing of significance..his arrogance and the way he treated legacy Pershing staff was pathetic,glad he has been shown the door,all fan talk and no substance..the only thing holding up is the strength and tenure of client relationship,the stickiness and the headache of migrating to a new custodian, wove was nothing but a fancy UI wrapper and its architecture laughable,people knew it,nothing to hide but AS and the egoistic EC destroyed Pershing…Good luck folks,start packing your bags because the firing won’t stop..
The strategic agenda of the EC - AS & AS along with ML the hired g-n for this - was clear from the start: dismantle the established leadership structure and strip the organization of its operational independence. The legacy business had operated as a finely tuned machine—boasting a deeply dedicated, client-first relationship team, a competent (though historically resource-constrained) technology division, and a fiercely loyal employee base that endured a lean budget and second-class treatment from bank.
Instead of building on that foundation, the leadership systematically decimated the infrastructure and purged SMEs in what appeared to be a well-orchestrated dismantling. When the incoming leadership team arrived with major fanfare to reinvent the core digital platforms, the initiative relied almost entirely on smoke and mirrors, leaning heavily on legacy technology for fundamental functions. And they sold their vaporware in the Insite events and failed to deliver.
The overhaul was largely driven by inexperienced overpaid expensive personnel who severely underestimated the sheer scale and complexity of the ecosystem. Compounding this, massive capital has been burned on high-priced new recruits and top-heavy leadership appointments across various platforms, leaving behind a wake of ineptitude and diminished capability among the remaining management. And despite this disaster, now they are on top level positions in the organization across various platforms. Incompetence was rewarded but Pershing SMEs are paying the price.
Today, the leadership functions primarily as an echo chamber of empty promises. Meanwhile, veteran institutional knowledge holders remain quiet, simply running out the clock or waiting for more favorable market conditions. Even if current strategic pivots yield temporary efforts, the enterprise risks prolonged stagnation under its current direction. Now this is public knowledge and Persing has not delivered anything of significant value to the clients in the last few years one wonders whether Pershing will be able to attact new business let alone retain the existing ones. Many are not happy and that is public knowledge. On top of that P-M has further complicated delivery.
Ultimately, high interest rates and broader market tailwinds are currently masking structural inefficiencies and painting an illusion of strong return on investment. The overarching agenda was realized: the legacy institution was fundamentally dismantled, a reality underscored by the very rebranding of the organization itself as BNY Pershing.
One wonders whether Pershing, with its new leadership will be ever able to get it back on track. They seem to once again reinventing with bigger spend and promises. Another five years and another piece like this is the most likely outcome. But one wishes them to succeed.
One has to applaud their achievements
Where do I start? With AS’s arrogance and the dimwit ML who was all in despite experience folks yelling it won’t work..sad part is Pershing folks knew it but Pershing X pushed it (AS) and moved all their people in ,got many of them promoted and pushed out the seasoned veterans ..it’s all on AS and glad she is out now.. millions in loss and BH running around to calm client and put down the fire, you can’t make this sh*t up, expect massive culling in few months …it is time for folks to get out ASAP..a book can be published on this mishap..what a f**king shame!! Look at linkedin,they started promoting AI and integration,while systematically cleansing wove out from feeds,glad atleast that works..lol..
What new innovation will Robin pitch next now that Wove has been dubbed another Cornback Cobra!
NetX360+? Sure, that will move the needle!
Funny how some SME’s were pushed out of the organization because they disagreed with the implementation of this vision. Such a shame!
And then there was this….
“The Wove platform is unique because it has the power, scale and security of BNY Mellon behind it," said Jim C——-y CEO of BNY Mellon Pershing. "By leveraging the breadth of innovation from across the firm to create Wove, we are able to provide advisors with seamless technology and best-in-class investment tools to help revolutionize how they serve their clients."
LOL…. That only took 3 years on the dot to turn into another steaming pile in the world of BNY Wealth Mismanagement.
And any time you see the word ‘breadth’ in any BNY related article, you know it’s a Roman R level of failure and DOA.
Robin’s priorities are very misguided LOL.