There you go:
The client is no longer the focal point of the business.
Everything is about putting money in the CEO and other execs pockets.
The client has become a mere afterthought.
Client satisfaction and employee moral continues to drop while the executive fatten their pockets.
Roger Ferguson has said it many times in his town halls- The goal is to operate at the lowest cost possible to pass on the savings to the clients in order to remain competitive. I’m not saying they are going about it in the best way but the layoffs are no different than any other financial services company. We may have had more “fat” to trim than others because for a long time, we had no competition. I think TIAA needs to take a closer look at the huge disparities in salaries including Mr.Ferguson.
Because they are amoral. I wonder how many TIAA policyholders would want to keep their business with a company that gets rid of US jobs and move them to a country where TIAA has zero business? I hope these questions are asked by institutions like universities who use TIAA.
I work with several TIAA alumni, and to a person they are so glad to be out of there. It used to be a better place to work and invest, but they lost their way.
How true it is. Why does a company have “Insurance” in it’s name but wipes out the whole Insurance dept? But there’s more to come, my departments been told we will be training the new “TIAA India” wing of the company this year