Net Loss $462 million. Folks, this cannot continue.
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@6ctl+1vWc9BdO a few folks moved to Frisco a dozen or so more may move there. The rest are likely waiting on severance. Long tenured folks want that benefit of working here so long. Job market in Denver and elsewhere su-ks at least until springtime.
“ Amazing this place still drifts along”
When you have an investment account that generates +$25bn a year in income, it’s pretty easy to hide behind it as long as you continue to credit your participants above the guaranteed rate. The minute TIAA gets downgraded and/or they have to reduce the payment to participants the house of cards will start ti fold fast.
When we lose the Denver folks/knowledge, it’s going to get much worse around here.
Amazing this place still drifts along. Hopefully Denver folks are looking now vs waiting until the last minute.
For anyone doubting the veracity of the OP, go to: tiaa.org/public/pdf/t/tiaa_quarterly_statement_september_2024.pdf
Pg 5, Line 35.
Yet with all these losses instead of firing them, most of the EC got promoted.
"Wealth COO TownHall last month with Rashmi showed all the metrics were green. I assume that means for that area/group."
The Net Income is a cumulative metric, meaning that through three quarters the net income is a loss of $462 million. So....if, for example, the Net Income at the end of the second quarter was a cumulative loss of $463 million, the company could celebrate that everything is headed north when the truth is they made $1 million in the most recent quarter but are still sitting on a cumulative loss of $462 million through three quarters. We'll see what happens in the fourth quarter. If they recognized the sale to Accenture in the third quarter, that would not be good. I don't know if that's the case because TIAA is not really an open book. They never discuss their finances with analysts or investors. They never discuss strategic initiatives and how they turned out financially. They only do data dumps because they know 99.9% of people will never read it and/or take the time to figure out what it all means. For example:
Was the bank sold for a profit or a loss?
What is the plan for the surplus notes?
Why weren't the surplus notes discussed with participants before being floated?
Why were they not OFFERED to participants first?
How much of participant equity in the business was sold out with the float of these notes, because unless TIAA plans on defaulting on them, that is 6 billion in principal and interest that has been sitting on the books for years now. At a company where capital and surplus are at 41 Billion, that is not insignificant.
"Ok... Ok... I'll bite... where'd you see $462M in net loss? The last Q3 update showed everything up (revenue and margin)."
I found it on their website in their official financial disclosures. The last Q3 update from 2023 showed a similar loss.
And why'd it take you a month to post?
- Because TIAA takes awhile to post it. They don't post it the day after the quarter closes and:
- I don't pay as close attention to it as I used to since I left.
Don't shoot the messenger, I just communicate what's on their website, nothing more or less. It is what it is...
Wealth COO TownHall last month with Rashmi showed all the metrics were green. I assume that means for that area/group.
There seems to be layoffs every week. A few people at a time.
Layoffs are already planned. The EC has already made all the “operational efficiencies” they can do. Last step is gutting the company of its largest expense - people. When you have to cut $250mm, it has to come from somewhere.
HR has already started looking at the entire company to find overlap. Buckle up!
Sad that the company has been run into the ground. How many billions have we lost since the current regime took over?
The only way the Board will act is once TIAA collapses.
Ok... Ok... I'll bite... where'd you see $462M in net loss? The last Q3 update showed everything up (revenue and margin).
And why'd it take you a month to post?
Can we expect more layoffs in 2025?
You’re telling the wrong group. Tell the board, tell the CEO, tell the participants… this is a failure of leadership.