Thread regarding State Farm Insurance layoffs

Gh and eb are finally screwed. Never should've been put in roles that they are but the played the Ms games others weren't willing to play

He’s hanging out with the other Shingo people just waiting out QTD because they don’t care, unfortunately. They figure they don’t have to do anything but sit silent now. They moved the people they wanted in their little death cult.

They announced the employee assistance program the same year they cut several hundred people. That tells you how out of touch the company is.

@2wmq
Mama Mutual made investments, but then tethered to Bank and prevented it from growing like it should have. Auto lending should have been a huge cash cow, but poor leadership from small town hacks stifled it. Cards, which is normally a major income producer was prevented from growing by Mutual. Deposits was horrendous and never executed for success, especially for a virtual Bank. The beginning of the end for Bank came when SO retired and CFO MS was promoted to President. Mutual should have ponied up for real talent for a national bank presence at that point. But, they didn't because they leaders in the tower had no real vision.

Before SO retired, I suggested to him that Bank be sold, because the writing was clearly on the wall. I'm just glad I got out before the was crumbled.

@2wmq - State Farm certainly gave Bank an investment, though I'd argue SF gave Bank little of its time and energy. If Executive had paid closer attention to Bank maybe they could have implemented leadership to fix the atrocious compliance issues, ensured people who understood banking were in control, and reined in the bloated headcount. Instead they let the incompetent Bank president and his goofball AVPs go their own way with little control. They formed a little "Yes" circle that completely ignored warnings from those who understood banking.

If Bank had been done right from the beginning it could have worked. For being a virtual Bank the technology was poor, a k–ler from the start. Then too many insurance people gained positions of prominence and predictably screwed up. Banking is tough and State Farm is just one of several insurance organizations who bailed out of the business. However one can only wonder if it could have worked with the right leadership.

The windfall for lower claims ($2 billion), I’m sure you heard, is being given back to policyholders, so sorry it’s not their for the Bank.

The truth is SF gave the Bank 20 years of time, energy and investment (which it could have put into other things) to get its c-ap together and it never could. It made a fraction of what a Bank its size should have and pulled lot of Enterprise Technology resources and then never implanted much due to dithering. Now those resources are being freed up to work on much more important initiatives like P&C mod for the Org.

You can be mad that the Bank and Bank leadership failed to become even remotely competitive or provide much value at all to SF. But you can’t question the decision, it’s the right one.

Yeah, dp is likely done. There is definitely a refocus on p&c underway. For the love of God do not let meek and his minions (am, as, gh, eb) continue to work here. They're terrible people too stupid to realize they aren't smart.

DP is going to turn off the lights and then retire. Why in the world would you expect bank employees to be treated better than the thousands of claim and underwriting employees that have been jettisoned?

I'm sure meek and his minions will be taken care of despite being the entire reason the bank failed.