Any insight to the email released this afternoon? It was typical State Farm “we cant tell you anything right now”’. It did mention a new bank ‘executive team’ will be announced starting this week. Are they cleaning house? Shuffling the usual players around for more of the same?
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Please see the writing on the wall for you and your families' sake. State Farm is working to divest the bank.
St. Bank leadership boast of their transparency but information surrounding the reorg has been scarce. They are only slightly better at communicating than the old clueless regime. I hope to be ready to job hunt soon.
There has been little to no communication regarding the Bank structure study. Employees were told it is better to sit at your desk and do nothing rather than find things to keep yourself busy, once most initiatives were paused. They announce new AVP structure with no context for those that weren’t on the list. Would they even be there the next day? Would we have an opportunity to meet with our direct leadership again? Were they still going to be at SF? It was handled in a very abrupt manner leaving everyone to piece things together on their own. Following that, we hear nothing. There is absolutely no work getting done. Everyone is speculating and trying to understand why leadership can’t step forward and provide basic information on timing and the process that will be utilized. We are hearing that Directors will learn of the new structure and their role on Thursday. Will that be done in a group setting? And then Managers will find out next week. Who is giving input on these decisions? I fully agree that this is the right strategy for the Bank but it’s disheartening to see how it’s being executed.
Too many Bank Directors that deflect the sh't rolling down to the managers and associates that they consider beneath them
I can't predict what will happen to Baxter's, but owners of BloNo restaurants that are on the edge will likely be pushed over with all the cuts.
Directors are the next to be reorganized. Bank has way too many overpaid, dead weight directors. Then it's on to managers, then non-management.
Will Baxters and others go out of biz w losses of execs and management?
I am in the dark and haven't heard anything credible since the AVP shuffle.
Calm before the storm?
Does anyone know how they are picking people? Heard it’s all supposed to be finished by end of April but no form or info on severance or numbers....
So because you got a charge that I'm sure you agreed to when signing up for said product you're mad? Then when you ask for a better rate and they don't because the underwriters gave you a certain rate you are mad you didn't get an exception?
1st your post has nothing to do with this thread. 2nd that seems like some pretty weak reasons. I mean your accounts your choice but i don't get it.
Treating like customers or accounts differently is also a regulatory violation which some seem to not understand. You don't just get "gimmes" for being loyal unfortunately.
To the poster who said they’ve been with the Bank over 20 years, I assume you are a time traveler since the Bank hasn’t been open that long.
100% honesty? I hate to admit this, but I'm leaving the bank. I'm tired of the nickel and dime horse manure they pull to try and screw me over. Seriously, we have a Fortune 50 company and they want to charge me five cents because I bought something over eBay (and paid via Paypal) and the seller (who is on a US company site, being paid via another US company site) so the bank thinks it's okay to charge and additional nickel because the seller is in another country? It's only a nickel but it's the principle of the thing.
Try getting a mortgage refi. I tried begging SF Bank to match because I'd rather pay interest to them than another company but they refused to come down 1/4 of a percent. That adds up. Hate it for you SF Bank but you lost a customer of over 20 years because you either expect loyalty without giving any or are just too stupid to understand business principles.
I've finally left SF for my home and auto now as well. I can get HO policy $1100 cheaper from a military "based" company and auto is $1800 per year cheaper. $2900 a year is more than the pitiful excuse for a raise I received this year.
When I told my agent, I just explained to him, "In order to meet the business requirements of my family and to ensure our financial future, we have had to make difficult choices." Paraphrasing what the Dicc Tipp said when he was telling us claims personnel why he is cutting 38% of us. It wasn't that difficult of a choice after all.....
So many people jumping to huge conclusions jeez. The bank needs this restructure. Regulatory environment will help profitability. There are a few in the executive group with banking backgrounds. Think there could be more but its a start. The bank is got a lot of work to do but to another comment p&c is not the future. The bank also got someone from life company at avp and life runs its product operations well. If bank can gain efficiencies like life has in the next few years that will be huge.
Overall i think the recent and coming changes at director and manager levels and the obvious restructure of a number of teams will help immensley. I'm optimistic but its hard to truly know the full direction the bank will go over the next few years.
You are all wrong. Bankers need to run the bank w/out the worry on Agency oversight! You have no Bankers running the Bank, nor did you have Bankers prior to the shakeup. The face to face Agent will be dead in 10yrs too. Doomed!
I agree with the last poster, but how can the company focus on Auto when the writing is on the wall those revenues will be halved in 10 years?
That "bank" is an absolute joke run by a bunch of clowns. It was treated as misfit island by the Enterprise for years and now it's finally being wound down / spun off. New CFO Lewand oversaw MetLife's bank sale and new AVPs brought over from inside SF all had a hand in the mutual fund wind down. SF is refocusing on P&C and the bank spinoff is overdue.
I disagree @SiOjSfy-2pml. I believe the Bank can be a success without completely eliminating Agents from the stream - but there has to be a balance and true leadership. Not what we have seen since StanO's retirement. He had a good rapport with Agents and got their buy-in; unlike the Smitler. And while JM has the agency and SF experience, he lacks the banking finesse needed.
I agree with @SiOjSfy-2xfp that Agency needs to own products. Maybe the banking products folks should be carved out and moved there.
I cannot say much about JT. Seems nice enough and got bogged down in SF politicking and the weak KM. Not sure what a 'huckster' is, but if it is bad it describes that charlatan RK
Unless they get a full digital platform, the bank is gone. Can't be competitive if we expect all customers to go to agents for products. Have to give distribution channel options and cut out the ignorant middle man. If the enterprise isn't willing to invest in an integrated system for all bank and a digital footprint for all products for customers, they might as well shut it all down right now because they're only delaying the inevitable.
They need to bring in someone from Agency to run products. The Bank will never work if the Agents don’t make it a priority. Any expectation of a digital platform is gone.
JT needs to retire and RK is a huckster. Supposedly they will offer something to RK but I'd doubt it would be a sweet enough deal for him to stick around.
Ha ha Leisure Suit Larry. How is that guy still employed?
RK is a sleaze bucket. He and the cards crew were caught with their pants down (possibly literally) with multiple CoC violations, on the take from vendors (trips, golfing, luxury suites at ball games etc). But he played the game and was shielded when Leisure Suit Larry took the fall.
The wildcard in the shake up is what happens to JT and RK, both are equally capable of running products however RK gets my vote. (You head that Joe?!). :)
This is correct. Product and credit can't be in the same shop per occ. Looks like a retread avp from another failed enterprise department will be handed product so KM can say "yes sir" to everything for credit. I've seen first hand how this played out during the last real estate market correction...
The new credit officer may not retain products too, that’d be a conflict of interest and given the occ issues already it’s likely JM and DP would be cautious.
Likely you could align the directors under the new COO so product and Ops would be together and have one vision vs the bologna that had been going on where product couldn’t expand because Ops “never had capacity”.
KM is a lifelong banker and likely to be ceo if Joe moves on.
The CTO, Operations Head, and Chief Risk Officer are not mentioned in the new lineup of AVPs. Whether they will be reassigned at SF or terminated was undisclosed, maybe yet to be determined. Those were three of the four AVPs who reported to Mike Smith before he was asked to retire. The fourth somehow convinced Joe Monk and D--k Paul to not only allow him to retain Products, but to give him control of credit as well. I have no idea how he pulled that off as he was as clueless as Smith and his other direct reports. I agree with the post about operational efficiencies that could result. My concern is in keeping the same guy in charge of the product end and then giving him more responsibilities. Where will the revenue come from?
Please tell me that doofus CTO (KF) was let go and not simply reassigned or worse yet, promoted.
I have been gone a while and don't know who was sitting in as COO.
I think the changes will lead to some operational efficiencies with the new COO knowing how to run an SF financial services OP, and there should be fewer compliance issues and IT related gaffs. The prior COO and CTO had no business in those roles.
As for the new CCREDITO, that’s all about who had the better connections and played the blame game better. As I see it in a year or two you’ll have the same players in director roles struggling to grow products because the bank isn’t really a bank...so for some reason you can skate into a director role without knowing even the basics of finance, economics, or accounting.
Is this just another shuffle them around or will there be substantial changes to improve the business?
Massive bank avp shakeup. Looks intriguing.
Has anyone heard more on this dinner extravaganza?
Rome is burning and these bozos go to a dinner party. I wonder if Tipsy played his fiddle.
Bank Exec team to be announced tomorrow or Friday at latest. Directors bankwide meeting tonight. That should start to clear a path for how it will move forward.
That would make sense if he was actually named chairperson of a banking association.
He was, and then State Farm was removed from said association.. So..........
Yes. Tipsturd got named to be chairperson of a banking association...in return he is putting some of his new banking buddies in bank position. Quid pro quo..you wash my back I will wash yours. Greed.