I had a feeling he’d be named permanent bank president, dude is 100% about the finances. With the bank operating at a loss, he’s going to slash departments down to the bare bones, most contract work will be canceled, and yes, massive layoffs. The bank isn’t making money so the only way to limit the losses is to cut expense, and that is people in non member contact roles.
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Dad and son
Yes, all Hernandez’s and Smiths are also related. Please put away your tin hats.
Did y’all forget?!?!? Michael was part of the problem as to how we got here! Yes, he is related to a board member. (Nepotism at its finest! THE Audacity!) And yes, layoff will be announced in April/May timeframe. #saveyourbonus
I have never in my life worked with people as grotesquely mean and arrogant as the executives at USAA. I wanted to tell them that my taxes pay their military pensions.
The bank is literally in a stop order from the OCC they cant even make additional profit if they wanted to. Not good anyone still hanging on should look elsewhere unless hoping for the severence.
not 1%, but 10%. TWC will break that 10% down to bi-weekly payouts until that 10% runs out.
also if you lay off people from Texas, USAA owes a maximum of 1% of eligible salary to the laid-off employees in an event that they file for unemployment benefits. Let that sink in. It takes few years for USAA FSB to recoup the loss from lay offs.
Along with that, he just announced changes to the bank severance, saying “we need to get in line with our competitors.”
That means one thing and one thing only, with reduction to 26 weeks (unless you’re one of the ones with over 20 years), mass layoffs in bank will be happening so they can’t afford to be paying out 52 weeks to everyone.
Just announced severance packages moving from 52 weeks to 26, or 2 weeks for every year you’ve been there, if it’s more then 26 weeks, maxing out at 52.
Big layoffs coming for sure in the Bank and they can’t afford 52 weeks for everyone
Well, they completely butchered the bank severance package so that’s pleasant. That’s a huge red flag that something stupid is about to happen.
So happy for this. Just hoping that they don’t turn the interim CRO permanent. That would su-k. Dude is a power hungry bully.
Michael is the best leader- glad he was selected. He cares about people even if he has to make tough calls.