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The Bank of New York Mellon Corporation Message Board

  • drywa drywa May 15, 2012 10:04 PM Flag

    Bank Lore

    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%.

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