BNY Mellon's Scharf aims to modernize the company

|By:, SA News Editor

via WSJ

The 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.

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