I read the 2023 annual report, and it doesn’t look good. This is back-to-back years with a significant loss from operations. What in the world is happening over there as I left TIAA during VSP? There was no commentary listed that explained what happened. I am stunned as I can’t remember any losses from operations even during the Herb Allison days.
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Person who said "Lay offs began today." There have layoffs here and there, for months. Can you be more specific on site and job area(s)?
Lay offs began today.
Way too many people at the top making a lot of money doing little or nothing. Every process overcomplicated and largely unnecessary. Disrespectul middle managers. The ultimate corporate environment, everyone clawing their way up on the backs of the people who do the actual work. T is just doing publicity, not running the company. Really bad. Regret not have taken the voluntary severance package.
Winner winner!!!
Is there any chance this is decline is being done intentionally? Only certain parts of our business are being built up and everything else is being destroyed. Any chance T goes back to Chase and buys this company’s Wealth and Tech businesses? Her friendship with Dimon seems a lot like corporate espionage.
Quit when you are ahead. At the very least document the skills you picked up and look for job postings of your desired next career and try to learn additional skills posted if ever you get even as much as 1 hour a day. Stop being emotionally invested in the company even if you served 30 years coz well it may get gobbled up or spun off and gobbled up by someone bigger. The new owners may just see another line in Accounts Payable.
Engagement Survey is out — be honest— all senior leaders need to hear the TRUTH
I stopped caring and silently quit years ago. Just waiting for my package.
Well when you hire an entire EC that has no industry experience and is more interested in PR stunts than understanding the industry you get massive losses. Roger made some unfortunate moves but this regime has created huge losses and hired every lackey they ever worked with. Hope all those trophies they are winning can be melted down for scrap to pay some of the bills they have run up in the private jet, fleet of luxury cars, hair, makeup and wardrobe departments.
Oh how I wish I would’ve taken VSP. It didn’t dawn on me what a mistake I was making until about the time my vsp would have been expiring (# of weeks paid) the company was threatening to fire me for not taking an experimental and now we know worthless vaccine. Ever had the realization that you just worked for over a year at a job you hate for free? I made a lot of mistakes in life but that ranks near the top.
TIAA is so fundamentally broken at its core that I am convinced it cannot be fixed. It’s systems, people, and way of doing business are so bad that the cost and time to fix it would bankrupt it. If it’s even fixable. If you think it’s bad now wait until the market tanks.
If you’re not in client facing role (NCC, Advisory) there’s a chance your area could be offshore to India
This is long term and not necessarily in May
TIAA has always laid off people on a regular basis to offset losses. Seems their losses are steeper than usual such that TIAA was not able to lay off people fast enough anymore. It's always been a poorly managed firm. Their clientele are not business minded enough to question TIAA's strategies.
Let’s look objectively at the end of Roger Ferguson’s “wonderfully successful leadership tenure” which included buying Everbank, ending remote work arrangements right before COVID and offering an overly generous severance plan at the depths of the pandemic that ended up hollowing out the company after the economy recovered. In addition, there was the $97 million fine due to fraudulent Wealth Management practices.
If you read anything on here that is an easy answer… 2 full years of T after a wonderfully successful leadership tenure under Roger. Brought in her people and basically running the company into the ground.
It’s like having an all star team of talented football players but the head coach and assistant coaches coached “football” aka soccer, overseas… most “players” being cut or transferring off the “team”.