Are we finally ridding ourselves of the Bank?
30 replies (most recent on top)
Finally the holdover avp and minions are getting what they deserve. It's been a long time coming. They're mo–ns with no morals.
The only reason this didn't happen sooner is because a buyer was in place before now. The bank is an absolute joke. The holdover AVP and his minions are some of the stupidest people I've ever encountered. All legitimate talent left years ago. Some even tried pointing out the problems pre departure and this holdover AVP / minions tried shutting them down. They're not just stupid they're awful human beings. Stay away from all of these douches.
Hopefully the Ad Services team has a big plunger....going to need it to flush the big Bank t@rd down.....
I started in the bank and hightailed it out ASAP. I could see the writing on the wall 10 years ago, when they told us that real effort was never going to be put into the bank, it was just there to prop up Auto.
Also, I just got exhausted telling Agents that they couldn't do illegal things like accessing their NI's accounts.
This is honestly the right move done in a sh– way. So Business as usual.
I truly feel for the people impacted by this. But I am dumbfounded by hearing some seasoned employees/leadership truly believing the bank was in good standing and now in disbelief that this was announced.
Wave 1 layoffs in 2018. Mortgage then goes to Quicken. New bank CFO is well-versed in winding down and selling bank operations. To say the red flags weren’t apparent years ago is shocking.
Bank leadership has been a disaster since I stared in 2007, from the department manager level all the way up the chain. Auto lending was filled will retirees from Boatmen's Bank that probably balanced the financials with a pencil and graph paper. Technology was an utter joke. Reporting and data was never accurate. Operations through the agent sales channel were a huge compliance risk. It was just bad upon bad.
There are many better companies to work for out there! Move on and don’t look back.
Will finance analysts in bank be getting let go?
This allows us to focus on core strategy. Leadership is making the right moves.
Bank cfo has now shutdown 2 banks...so not really a surprise here
Employees at the Bank told leadership about the compliance issues for years but they weren’t addressed. Everyone knew the execs were a joke, but only the yes men and yes women got promoted so it continued to get worse.
The ultimate responsibility for the failure of Bank lies with Tipsord, Rust, and other executives. For much of Bank's existence its President reported directly to the CEO. The CEOs didn't really care about Bank and took its President at his word that everything was great. Meanwhile Bank became larded up with leaders who came over from Insurance as they were "due a promotion". These people knew nothing about banking, and ignored those who knew understood what they were talking about.
Bank finally surfaced on the executives' radar when the Compliance issues hit. They sent an AVP from Finance down to be CFO. He reported back what many of us knew, that Bank had a bloated workforce and severe leadership problems. Then Executive took action to gradually pull out of the Banking business.
If Tipsord, Rust, et al put effort into overseeing the Bank they created perhaps it would have worked. Perhaps not as banking is brutally competitive. But at least we would have had a chance.
@1run:. Both. The tiny amount of NI the Bank produced wasn't worth the Compliance risk that could have potentially damaged the entire SF brand.
Well most good employees in the bank that could leave have left over the last year or so...this shouldn’t be a surprise to anyone
The bank was A JOKE especially being run by CH. Glad to see it's over
Was it due to compliance or financial results?
What are the details for current Bank employees? I left a few years ago when they offered the voluntary sev. I noticed the last few weeks that a lot of Bloomington Bank people were leaving for other jobs in Peoria, Champaign, Country Ins. and figured something was up.
I can’t believe this site actually got one right with the bank prediction.
Worst job I ever had but I feel for my coworkers who won’t be able to find other jobs in the company.
Unionize
Meek and his minions are the worst.
Stay classy SF and MT. Announcing they are laying off 1000 people the day before national Employee Appreciation Day!
Wow...I feel bad for the property owners in and around Bloomington....not good for home values for sure.
How much are the golden parachutes for exec on this sale?
I believe the number in the 2019 federal filing was 1651 bank employees, plus a couple hundred Systems employees in support
Dismantling the company one brick at a time.
About 1,000 (non IT)
How many people work at State Farm Bank? They're all being axed by end of 2020.
They are shutting the bank down. Employees being told today.
Sold to US bank
Just moving to Dallas instead.
If writing off my loans will help them shed themselves of the bank faster, by all means they should feel free to do so ;)