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BNY Mellon's Scharf aims to modernize the company [Seeking Alpha]

BANK of NEW YORK MELLON (BK)  More Company Research Source: Seeking Alpha
Last bank of new york mellon earnings: 7/19 06:30 am Check Earnings Report
PDF BNY Mellon's Scharf aims to modernize the companyThe good: Of BNY Mellon's (NYSE:BK) 53K employees, 20K work in operations. In the digital age, that number should be a fraction of what it is, says newish CEO Charles Scharf (he joined last July). The bank, he incredulously notes, still receives 22K faxes per day.Also good: "Meetings should have as few people as possible, but all the right people."The questionable: Scharf likes to come to work in black jeans.In any case, Scharf has already made progress on some of his overhaul, laying off staff, consolidating office space, and rejiggering executive pay. Next up will be kick-starting growth at the lender.Investor Day begins tomorrow at 8 ET.Click to subscribe to real-time analytics on BKNow read:Tracking Nelson Peltz's Trian Fund Management Portfolio - Q4 2017 Update » [Read more]

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