Hey, All over of you who are sitting around waiting to see what happens are going to get a dose of reality soon and it ain’t pretty. I just got off the phone with a recruiter from USAA and they are getting 2,000 resumes for 1 job opening because all of the banks are laying off or will be laying off. For now, you may want to pivot your job search outside of banking. Yikes!
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I got another banking job. I think I got pretty lucky though. It pays a lot more than Wells and much better benefits too.
Yes, but WF had the resources to stay on the right side of regulators. Unscrupulous leaders just thought they were so much smarter than everyone else, and would never get caught.
My understanding of USAA is the bank side grew super fast, and hit an asset level where they started getting scrutinized. They lacked the controls and risk management required for a bank of that size, which explains so many hires in risk, audit, compliance etc. I've heard, though, that there is/was a lot of internal resistance to change. Like someone said below, there's arrogance there. Like, we don't need your outside ideas. We have this HIGHER MISSION, our customers love us and everyone in San Antonio wants to work here forever. That last part is probably changing though. Plus there have been layoffs, which for a long time unheard of at USAA.
If you think WF is a Dumpster Fire, go to to USAA. Have you seen their consent orders?! It's a mess!
Agree with the poster who said “The current job market is robust in other sectors. I know folks getting multiple job offers an sign-on bonus'
I have friends finding jobs away from the finance industry. Recently, they found great jobs in medical sales, billing management, working with lawyers, and property and casualty insurance. Others have gotten offers but turned them down because they were lateral moves ( I don’t think I would have turned those jobs down, but I don’t know all the particulars.)
There are plenty of jobs out there. A mentor told me once that you have to “think creatively about your transferable skills.”
Looking for a new job is a lot of work. Uggh! But don’t let WFC decide when you stay and when you go.
I do not want any one to be in control of me, other than myself.
I recently landed another job in banking, but it took more than a year. Tons of interviews, plenty of rejections, and jobs being pulled half way through due to budget cuts. Regional banks are hiring a lot, in a number of disciplines, to try to catch up with online banking, goal-based saving etc. Of course, not all smaller banks are open to remote work, and may eventually require relocation.
USAA... I interviewed for several roles there. Great mission. It's very competitive for outside candidates because GENERALLY they like to hire from within. Everyone I interviewed with had been there for 20+ years. Many started with college internships! It made for a weird vibe IMO. Like, "Of course you want to work here. Everyone wants to work here, and it's so great no one ever leaves."
As the bank has grown, they've been forced to look outside for experience they didn't have in house – like risk management. But a recruiter told me that for years, they didn't even post more senior roles externally on LinkedIn etc. So you really had to have an internal advocate to even apply.
Some leaders are pushing for outside hiring for fresh ideas etc., but that doesn't always translate into action. One of the hiring managers was clearly just going through the motions, ticking the box to say, "Yes, we looked outside". He practically said as much.
The current job market is robust in other sectors. I know folks getting multiple job offers an sign-on bonus'
Job market is great if you have skills and a record of achievement. I had five offers for roles that pay total comp of $500-$700k.
just go on linkedin and and look at USAA job posts, they are lucky to get like 5 submissions for jobs. 2000, sure maybe for their whole bank in a year.
I wiork for another bank and can confirm numerous resumes per opening. Be far the most since the financial crisis. Many from WF due to closed branches
@vzn+19lE4TAj, come on criminals are still here; didnt they just steal SBA money for small business for covid relief? To name just one
@jil+19lE4TAj .. I know who you are talking about! It's quite common in the industry to have/pick folks that you are very confident of specially in roles like Risk
I have friends who took the voluntary packages from TIAA in January 2020, and they are all still unemployed. No bites at all. Now the severance is gone and they don’t know what is next.
I’m with reply # 6 on this. The 2009 experience post. “Got laid off in February, picked right up by our competitor and $30,000 signing bonus to boot”
Said no one in 2021
This is not your fathers layoff. I was unimaginably lucky my job was offshored in 2019 into a great job market at the time. Most of us impacted had new jobs lined up before we even touched any of our severance.
That organization went wider and deeper with layoffs and outsourcing this year and those people are scared and not getting any bites. Some I know personally are started to offload belongings.
Do the people who are criticizing USAA think WFC is NOT an armpit?
You’re working for a bank who can’t get out from under a federal asset cap due to years of fraud and negligent oversight. A bank who’s management can’t get it right, so they are laying off 25% of employees who have done nothing wrong. It’s pretty difficult to be lower than Wells Fargo.
I've had two interviews with USAA and they were great. But you don't need to look at banks – look at fintechs – it's such a hot market right now.
then how come none of the wells leadership that is gone take employees where they went?
USAA just hired a new Chief Risk Officer from Citibank and he is bringing over all of his people to USAA. They are purging USAA people N replacing them with Citibank hires.
We fired the criminals like 10-5 years ago, they work at joints like USAA and BofA now. USAA is a complete and total joke. USAA is like a like a dirty pimple, they would be lucky to get one applicant.
USAA is a great bank; not like wells, as all the criminals work in Wells Fargo
Some of USAA job postings are for permanent remote, that partly explain why they are getting so many applications.
Any companies with competent leadership should at least consider 100% remote option for employees under the SVP level, and adjust salary accordingly based on employee location. Companies that started offering permanent remote option are now getting tons of resume and get to pick the best candidate.
USAA, who would want to work at that arm pit. I bet it was more like 0 applied, and USAA is trying to hunt for heads on here.
Amazon hired 300k people last year; they are hiring another 100k now
Its more complex then that. Things like age, education level, race, city, type of work your doing all have a impact on supply/demand. You can get a gauge on number of applicants on places like linkedin where they tell you how many have applied through their platform. Often times for a banking role in a niche they only get 9 applicants shown, where as if its a google, it could be 500. Banking is about the least desired industry right now. People who are Hispanic or Black have been hit hard. Also the less formal education the greater the impact. If your doing anything tech related you likely could careless if your laid off, in fact you likely want to get a fat package. All depends.
Yes I cringe when I read “the housing market is BOOOOOOMING” said the CEO of lending tree
“People are buying 4000square footers in Denver wow” “everyone is remote now” said Zillow
“Amazon’s hiring 10,000!!!!!!!!”.......Delivery drivers”
“Never been a better time to trade in for that 80k Tesla” said the billionaire
“You’d have to be as dumb as a box of rocks not to upgrade to that dream home right now with rates like this” said the man who doesn’t have a %50 chance of being out of work in 2 months.
What happens when all these people get laid of in 2021 or all this mortgage forbearance and evictions and other protections run out?
People wishing for layoffs are clueless. But keep hoping. Maybe it will happen. As I have said, I don't care how bad it is here, you don't want to be out there if you can help it.
I managed to hang onto my banking job in 2009. I was a VP in risk back then. I saw what two of my coworkers who were laid off in January 2009 from a Big Bank went through. They were like mentors to me - both were SVPs, making more money than me because I was younger. Both were in their late 40s, very accomplished, polished and looked younger. I saw them blow through their 401ks and lose their houses. One went through a divorce and had to apply for food stamps. It took one of them 2.5 years to find another banking job and the other landed after a 3 year exhausting job search. Their experiences scared and scarred me, and forced me to save and invest. The job market feels very much like early 2009 to me - unfortunately and I do not wish this on anyone, but people who are saying they welcome a lay-off right now, very well could blow through their severance and find themselves out of work for years. It can happen,- I saw it happen to really competent and good people. They were called the 99ers, because they used up 99 weeks of unemployment and still didn’t have jobs.
I have been sending resumes, not a lot but a few and I hear nothing back.
I believe you. Some are in denial.
OP- the majority are qualified. It is bad out there.
Lol of those 2,000 how many are actually qualified or worked in banking?
It’s not that bad out there, unless you’re in some ops role and refuse to adapt.
I know. I have said this but was rebuked or accused of discouraging people from looking. It's dismal out there. May even have to (clutch the pearls) take a pay cut and a drastic one for income.