Is it true that there was a President of BONY in the '90's, who came out of Long Island and preached the gospel of the Efficiency Ratio. He got the ratio down to near 40% and was aiming for 35%, when the suits retired him. But during this era of cost cutting, the bank stock split and doubled three times, and the serfs received Christmas bonuses of 15 to 18% for nearly ten years. Is this a fact or just the myth of old-timers who say the 1% of BONY ate, partied and shared the wealth with the other 99%.
Not from Long Island but the other facts are correct. Profit Sharing ran at 15% for many years and the average employee felt that they were part of the effort to do things better, cheaper and only once.The annual staff meetings focused on being efficient and it was often said that efficiency was putting money in the pockets on the employees. The stock went up and split and repeated that again. The workers felt an allegiance to the company based on the profit sharing, pension and other benefits which have all disappeared.
If it was in the 90's it would have to be peter herrick. he was the funny guy at the annual staff meetings who came out with a 6 foot pencil and told everyone to use it down to a nub. he also started an incentive program for employees who suggested cost saving ideas. winners got up to $10,000. it's true that profit sharing was anywhere from 15 to 18%. let's not forget that carter bacot made the bank what is was. those three splits at close to $60 a share and then quickly back to the high 50's were all carter. what a great time that was to be part of the bank of new york. since then it has all been downhill.