They borrowed another 1.3 Billion just in the last quarter and their YTD net income isn't even 400 million. They keep shuffling assets around and cutting headcounts in order to hide the fact that they'd be losing money if they didn't. They only owned the bank for six years and it's only been called TIAA bank for 4 years!!!. They paid 2.5 billion cash and had to float surplus notes to do it. They are going to hide the terms of the deal so people won't find out what a pig of a deal it was for TIAA participants. The spokesman said:
“As we refocus on retirement, we have decided now is the appropriate time for TIAA Bank to begin a new chapter under new ownership,” TIAA Chief Operating Officer David Nason said in a news release. "TIAA is making this move from a position of strength, and we are confident the bank is well-positioned for future growth and success.”
Let me tell you....when they have to tell people they are selling from a position of strength.....they aren't selling from a position of strength. If they sold from a position of strength, they would disclose the terms of the deal....which they won't.
It sure seems more like a move of feckless incompetence.