Horizontal navigation with vertical sub-navigation

I have an application for institutions to buy and sell loans within an exchange which also combines a multiple set of features. So our user base are customers from financial institutions who have not been trained on the program.

We have a 3 tier horizontal navigation bar and a vertical sub-navigation bar is being suggested to assist the flow.

Thoughts? Is this considered bad UX? I have mixed feelings and I would like to hear some feedback.

Note: This is not a mobile application. It is not even considered in our environment.