Can anyone please explain this crck of sht about BNY getting involved with commercial banking… ?? 30 years ago, Mellon was a true leader in middle market finance and treasury management…. One of the best in the industry…. Those days are long gone and as far as I can tell there are maybe few legacy participation loans out there….they fly 600 folks in from all over to listen to this horse sht…!? As far as I can tell, the lead CW, really has no commercial experience per her LinkedIn…they don’t do commercial deals and these d-mb fcks eat it up…. Ge-z….
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@gq cr-p,we offer treasury management and other services to wealth services clients..we literally have only three businesses namely Securities services,Market and wealth services,Investment and wealth Management..go check the financial statements,don’t play with words to start sounding smart..
@gq
You can’t believe what you stated is being challenged? Well, believe it because you are wrong. Not only are you wrong, you are now
deliberately misinforming and creating excess verbiage to try to hide it. Someone needs to call you out and point to the truth.
We are a custody, clearance and investment bank. Period.
I’m sure I’m not going to sway you and I can’t believe you’re challenging all this, but I think a lot of what you’re describing commercial banking as can be distilled into two broad functions: treasury management (the deposit taking, the payment processing) and lending (the letters of credit, corporate revolvers, asset based lines of credit, etc.). We do all that for relatively large enterprises.
Custody is very narrowly the safekeeping of marketable securities. Not relevant to this thread at all, not sure why you described the above services as custody. Investment banking is M&A advisory and capital markets (debt and equity issuances) and sometimes trading desks are lumped in too. Also not relevant to this thread either. A commercial or corporate banking client might also need investment banking services but it’s a separate offering, not always done by the same bank. We do DCM but barely any ECM and no M&A so I agree not relevant generally.
You mentioned retail accounts, that’s retail banking. That is distinct from commercial banking.
I think you’re defining a commercial bank as something like a Dollar Bank or even a PNC (if you’re based in Pittsburgh) where you as an individual or maybe a small business like a restaurant might be able to get a line of credit to do a renovation or deposit their nightly earnings and process their employee paychecks. I guess you could call that commercial banking but it’s so far on the small end of the spectrum that I’d loop that into retail banking. Commercial to me and much of the industry is true middle market banking (at least a few $M in enterprise value). They generally have the same needs as a small enterprise but the scale is bigger (bigger deposits, bigger needs for credit, etc.)
All the services you mentioned, with the exception of CDs (though we would negotiate deposit rates for long term cash held on the balance sheet) we offer to clients today. We do commercial banking (the higher side of it) and corporate banking. We are ALSO a custody bank for our clients that are asset managers or asset owners and manage funds and need fund administration, a place to hold all their securities. We can be both.
This isn’t even the point of the thread. OP was complaining about our sales conference. The point is that the sales conference has nothing to do with commercial banking the way OP implied it was.
@c5
It is you who do not know how this company is structured.
Treasury management and services, bank accounts/payments (for investors, custody in this case), FX are NOT hallmarks of commercial banking. They are features of investment banking and custody banking.
That is what we are. An investment, custody and clearance bank. Full stop.
Commercial banks offer services like retail accounts, loans, and payment processing tailored for businesses. Commercial banks also have business-specific offerings like specialized client specific CD and deposit payment processing, lockbox services, international trading support, letters of credit, payroll support, asset-based loans, and working capital lines of credit.
What did Mark Twain say about a fool who opens his mouth removing all doubt rather than keeping quiet? Next time zip it Skippy.
I’m amazed at how many people work here and don’t know how our company is structured. An employee who knows how our company is structured should know Commercial Liftoff isn’t commercial banking.
The client facing, revenue generating part of this firm broadly is governed by the “Chief Commercial Office” with CW as the Chief Commercial Officer. It’s called “commercial” not as a reference to commercial banking but instead the broader definition of the word, which many companies use to reference the concept of generating business (“being commercial,” “commercial activity,” etc., not “Commercial Banking,” which is a proper noun). Some bankers report up into her directly but all the sales and relationship leads across all the businesses also have a dotted line into her.
Commercial Liftoff is just our annual sales conference for some of the senior client facing people (not everyone that faces clients goes, it’s only 500 or so people that attend). Also this isn’t new, we’ve had this conference annually over the past few years. Not sure how it’s such a surprise if you’ve been around since the Mellon days.
Also, I would say we no longer do local community banking (bank branches, ATMs, auto and mortgage loans, etc.). Commercial/corporate banking we absolutely are active in, but primarily with financial institutions and other large corporations as opposed to local businesses. We still do treasury management, bank accounts/payments, FX, lending, etc. which are all hallmarks of commercial banking.