Thread regarding State Farm Insurance layoffs

??

Where is this big announcement?

Meek is a loser. Everyone knows it.

I think it’s pretty obvious “the sharks” comment was a joke to highlight that all of those people are Teflon and no matter how bad they s--- theyll never pay the actual price or losing their job.

Where is this big announcement? Another fake news water cooler story.

"the shark" must be one of a handful of cronies. Odds are it's one the ambiguous duo in BCC.

The announcement will read: they’ve all been promoted to better jobs on the enterprise side!

@2gssk

I don't believe it and won't until I see the announcement.

The ring leader and cronies are out. Announcement next week.

@2cluz

The exodus of real banking professionals started long before. It was apparent coming out of the "banking crisis" in 2008/2009 that SF was not committed to true success in the Bank. There was also the whole MOU with the OTS/OCCand the lack of personal accountability for the issues that led up to it that shined a light on problems on a much deeper level, which could not be overcome without radical turnover.

SF just wasn't committed in the long run

The bank is misfit island. Those who aren't good enough to find jobs in the Enterprise or externally are stuck there until it's spun off. I saw multiple true professionals exit the bank beginning over a year ago. They knew the mess it is and got out.

Exactly. SF does not care about the bank. They just want to ensure it stops putting the brand at risk long enough for them to decide what to do with it.

With so many of us knowing who the root of immoral leadership in the bank is, why aren't we doing anything about it?

Pretty sure the jm and dp know how ridiculous the ring leader and cronies are. Just hoping they do something about it...

I agree. The ringleader and his cronies have no business being there. Problem is they were given control of the restructuring committee and botched it terribly, as was expected. Now they sit pretty as do nothing incompetent directors and managers (and a certain AVP) in the new world. It pays to know powerful people, even if they are clueless.

How are the chronies and the ring leader still here?!

Anyone else hearing wind down?

People bypass these controls all of the time. Bank will be held responsible because they incent the behavior through the commission structure. Just look at Wells Fargo and some other large players that got burned by employee practices.

They can't do that anymore. There's a consent system in place now that requires customer interaction before their credit is run. If agency is completing that fraudulently (they're pretending to be the customer, which is actually not the easiest thing to do with the system), that is now on them and SFB won't be held accountable. All of that with the CFPB was about things that were done, not things that are currently happening. That's a whole other list of things...

Yes, agents will illegally submit bank applications without getting consent.

Yeah! They have a bank and they'll illegally pull your creidt report with out your consent!!! 🙂 http://www.wglt.org/post/state-farm-bank-sanctioned-over-handling-credit-reports#stream/0

Wait! What?

State Farm has a Bank?

How many times have you heard that?

Also hearing spin off. About time. The bank is a giant turd. A joke within the banking industry and an embarrassment for our brand.

"spin off" is the term I'm hearing.

They cannot simply wind it down. They have obligations under banking laws based on deposits and loans on the books. They can eliminate new loan growth, they can sell loans and loan servicing, they can sell cards portfolio and they can sell deposit accounts - but they cannot just wind it down. There is a ton of work to close it out and it will not happen quickly.

Hurt the wind down well become more obvious in the next two quarters. Anyone else hear this?

@1Mfei

It is not a horrible department. It is a horribly run department, in large part due to the inbred Bloomingtonians who live sheltered lives - much like the Stepford wives.

Cheers to 2019 being the year we finally get rid of this horrible department.

Time to let this one go. The original post is so old that the poster has already been hired, poorly trained, and let go by now.

@1Dxld - While metaphorically true that's disgusting. Please stop.

They've got to realize their mistake by now.

Get the chronies out of here.

1wukc is right on about the two mistakes. Should've been a clean sweep of the avps excluding the finance now risk one. It's a huge mistake that they didn't as the one who remains drives the chronysim everyone knows kills any hope for this bank. They need to root out this cancer now. Pricing, BCC, everywhere with these bad people needs to be cleansed.

@V7RgfHl-1wvzf Sure you are.

@1wkdm

You are right. Thank you for clarifying.

Why isn't this in the news? I'm pulling all my insurance business.

1vatm

The “pitiful” bank management of the past hit all of the targets set by the board and led the bank out the recession and grew the customer base. What did you do. Probably nothing since you probably didn’t work for the bank. All you do is insult all the hard working people spent the last 6 years cleaning up the mess KM, ST and TM created

1whuo

You have no idea what you are talking boy. Everyone responding here are poor pathetic mo--ns who feel they were wor fed somehow . No. Of you have any idea what you are takings not. Tbeoperating loves this sh-- because they can continue to sell ads. Best of luck to all of you. Please continue to live I. Your fantasy work of the past so it makes you fell soooo good.

It wasn't even the agents, it was their independently hired and (un)trained staff members. They could see an SSN for the customer in the agent's book of business and then run an app to solicit business for the agency. Also, the application system is designed COMPLETELY backwards and allows someone to add an applicant via a name search and that is NOT restricted to that agent's book of business, unlike EVERY other application system at SF. Any guesses on how many John Smiths there are in the SF system with a SSN already attached? It should have only ever allowed adding an applicant by SSN, which prevents the name mismatch issue. The SSNs are masked in the primary agency systems now. So, less chance that apps are going to be done by id--t staff members. I've heard a new app system is in the works, but I have no idea if it'll fix the name vs ssn problem.

Then the old, pitiful Bank leadership should have educated their agents as to what was allowed and what was disallowed.

You all know the hard credit pulls were the agents and not the bank. This has nothing to do with STL or any of the old bank leadership.