It is very unfortunate that the culture of US bank is eroding, they are laying off 50-100 employees every month consistently and sometimes more to stay under the radar.This means existing employees are very insecure and just trying to survive vs. doing their best work. A lot of layoffs about 93% are lower level employees who do all the work, the upper management is very disconnected with what's going on at the ground level.I somewhat respect Gunjan's leadership and vision but she has no idea what the 1 and 2 level down are doing, the leaderhip needs a complete overhaul.
it is a good bank and the effect of how they are managing it today will show up in the next 1-2 year. Instead of doing the right thing and being ethical and focusing on the customer, they are only interested in reducing expenses and not in a pragmatic manner and at some point when innovation, customer service and obsession erodes completely, it will show in the results.
11 replies (most recent on top)
get ready for more layoffs in dec and march, thanks to recommendation from these big firms
When you have a stink as a CEO, it's time to GTFO.
Personally, pwc, mckinsey, deloitte and now microsoft, amazon, i.e. all the big companies are to blame. They make money by selling their services to companies like u.s. bank and convince their execs that the money they will save via their restructuring recommendations, migrating to cloud, using more ai, etc, will far outweigh their consulting, infrastructure fees and companies keep falling for this bs. so end of day these big companies make more money and sc--w over the companies they are providing the service to.
@d8 how long did the McKinsey period last?
@c4 I used to work for PNC and was there for the McKinsey period, until I was let go. If anything, I guess this should give the survivors at U.S. Bank hope that there is life on the other side. IF you can survive it.
@c4 PNC employees are equally unhappy as we are. Furthermore, they are required to be in the office 5 days a week. My nephew works for them.
@bz her and her McKinsey cronies have sunk their claws in and are extracting every last bit of money from this place while simultaneously running it into the ground by outsourcing jobs and anything else that increases their wealth. There is no favorable long term plan that's, it's all for their short term gain
Look at PNC, which is comparable to U.S. Bank is size, scale, footprint and regional classification, however, PNC (which is headquartered in GK's hometown), continues to grow exponentially, buying and integrating banks and carries the tag line "Brilliantly boring since 1865", with solid presences in all major U.S. financial centers. Stock price is traditionally three times what USB trades at and the quarterly dividend usually approximately $2.00 a share. That is a result of leadership, banking acumen and knowledge of the banking industry not wi--y nilly cost cutting at every opportunity or shipping critical functions across the globe.
Bank did just fine for 163 years and came out stronger after every recession. Why does she think it needs to change? Banks aren’t high growth so pretending like we’re one is silly. Our strength lies in stable slow growth and that’s exactly what we’re ki-ling.
She most definitely knows what she is doing. McKinsey is a one-trick pony and their employees and ex-employees (GK, Dilip etc) continue to apply that one damned trick (reduce costs) everywhere … with some lipstick on it.
I do not respect Gunan’s “leadership” at all. Her, the management committee, and the company’s board are doing everything to ki-l company morale to get more people to quit. She knows exactly what she is doing and is evil. She does not care about how we feel at all. We work harder for less while gives herself raises for making our lives he-l. Sc--w her!