News of BAC's $1.2B loss hit the wires two nights ago. Did this news rattle operations at BNY? BNY has a large operating presence when it comes to sanctions screening. Senior Management, along with Heads of Compliance and Sanctions Operations, must have taken note of what happened as this is the third largest penalty ever imposed on any business with sanctions/money laundering violations. Operations, particularly with sanctions-oriented processes involving FinCEN and OFAC, have continually experienced losses in personnel from various US sites. Many knowledgeable employees in departments associated with Compliance and Operations, have been let go. The replacements are coming from offshore sites, primarily India. Hiring is cheap but the overall work is, and always has been, below average. Management shouldn't shrug off this fine as nothing. They should focus on happened to BAC and ensure it doesn't happen to them.
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@a9 we can only pray cause hes got to go. We need someone with a brain who doesnt hate americans, doesnt sh-t on staff, doesnt force rto and isnt from GS
We will continue to force those with true institutional knowledge out the door for more smooth talking corporate types, just what the regulators love. Those types know all of the laws, rules, and regulations, but have little idea how things work here. Hoping it catches up with us.
Do the needful and Bring it on. RV and the Goldman board need to be ruined. BNY must fail.
A catastrophic failure is inevitable; it is only a matter of time before something like this brings an end to RVs tenure.