Thread regarding U.S. Bank layoffs

The bank needs to be purchased by another bank with modern technology. The bank's 80s technology held together with sp-t, airplane glue, patches, and bandaids needs to be sunset. 40+ years of projects that never did anything correctly. Always the cheapest, most half-assed way possible at the bank. Never an investment in design, standards, or people.

"Considering your employees are now only going to do enough work to not raise any red flags."

This..

With GK and the other leaders creating such an environment of hostility it really seems like it doesn't matter whether the work is any good....just good enough to dump the bank.

@bc why does it matter what the stock price is if the market cap of both companies is around the same? Why does it matter how many shares there are?

PNC currently trades at four times the per share price of USB and has completed acquisitions which have materially grown their business. PNC acquiring USB, spinning or joint venturing the Elavon disaster for capital to meet CAT II requirements and satisfy any remaining obligations to MUFG for the Union Bank fiasco makes a lot of sense and would meet minimal resistence with the regulators.

PNC is culturally similar to Richard Davis' boring bank mantra champuoned at USB, with PNC currently traveling under the "Brilliantly Boring Since 1865" marketing tag lines.

Not sure how making it miserable for your existing employees is going to help grow the business.

Considering your employees are now only going to do enough work to not raise any red flags.

They are trying to grow the bank though.

Truist just was a recent merger between Suntrust and BBT. USB should not be allowed to acquire Truist. This sh---y company is not in a position to acquire another major bank, let alone be acquired by one. GK is going run the company further into the ground, then run off with her golden parachute.

It will be a long time before we see a competent woman and/or person of color be given the chance to serve as CEO. GK has likely poisoned the well for all non-white, non-males candidates. USB loves engaging in nepotism, cronyism, and McKinseyian antics. USB and competent leadership is diametrically opposed. We're driving away both good employees and long time customers with this bullsh-t.

@aj So right on the need to spend money to compete. RD refused to upgrade so many systems - HR, general ledger, the app, employee technology, etc. AC had to spend so much money to modernize our business infrastructures. But, he was a terrible judge of people. He let SK drive payments into the Stone Age. Other senior leaders were left in place because of who they knew and were friends with.

No other bank is going to buy us. We will try to buy another bank.

@ak agreed ^

Truist. They will buy Truist. Not sell themselves.

Highly doubtful! GK has very openly shared about the plans to move to a Cat 2 bank. She WANTS to play with the big boys - not get bought by one.

Look, investors are frustrated with nearly 10 years of promises and then flatlining. USB hasn’t kept up with its competitors and now we pay the price. Expenses are climbing because we have a long way to compete, especially in tech. She can’t afford to skimp there, so you have to look at your largest expense - salaries. You have a company who’s let every business line basically do what they want, and as such you have business lines not holding people accountable. Including their own leadership. GK is cleaning up.

I’m not defending her, I’m pointing to the facts. Jury is out on if this casting of a wide net approach will backfire in the long run. But GK has very minimal time to impress investors.

Bingo! We have a winner!

I’m tracking PNC, BMO, and Capital One specifically.