I am hearing more layoffs coming in ECIO after recent architects layoffs in Sep/Oct. Budget cuts ...employees cuts.. but no cuts to Millions $ salaries and bonuses.
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Fire the AML phoenix leader, top down. The incompetence is too much. A leader that reeks of the Peter principle and their leadership that read the book snakes in suits. All in one place for a clown show
@2d1 yep expect 75-100 cut in AmL
Makes sense, aligns with last years strategy.
Something is definitely brewing for September/early October. I know a few seniors in the bank were given layoff notices last week.
Aml is ready to implode. There is minimal work for detections and investigations.
Its harder to meet production targets, and they even reduced daily pace…
@29y I’m not 29x, but speaking from direct experience, yes, OCC is inside USAA and we’ve set emails to team members to not say a word and to direct them to EMG if any questions are asked. Funny in a way, because BCG (Boston consulting group) is also on campus.
@29x Do we still have OCC/feds sitting in the bank?
@272 USAA hired me specifically because I worked at a “big bank” who was under a consent order and played a huge role in getting that CO closed in 2.5 years. And the way USAA has been going about it, OCC is going for the jugular if more deadlines are missed. So yes, there is tension not only in BSB but also FSB.
@274 you can't blame current leadership (all relatively new) for prior leaders overhiring throughout the organization (which may have made sense at one time because of our crazy manual processes). I've worked at other banks and we have wayyy too many people doing the same things. At the end of the day, it’s still a business. Hate it or love it, you can't deny we have too many people for a bank of our size. Any basic research on efficiency ratio can tell you that. Is the alternative that we go out of business? Genuinely what should they do?
We are almost there by cutting headcount & people. Yesterday, large cuts happened in BCM, HR, and Tech, just in the name of making the bank profitable.
@25c I walk through BSB everyday and don't feel the tension you are referring to. The work is definitely hard and nonstop but my team have a lot of fun together. Michael did a round table with us and I thought he was super transparent and encouraging which is what we all need. If you never have been through a consent order I get it, but until where through it you have to just keep going. I genuinely believe we are almost on the other side. Hang in there!
@24s it’s the same in San Antonio (BSB), you can just feel the tension when walking in the building. Everyone is worried and majority aren’t happy, bank president Michael Moran just seems to make things worse each and every time he opens his mouth to talk. Just a very very toxic culture USAA has built and unfortunately it started with Wayne and it doesn’t look like as of now that Juan will be the one to fix the culture and morale amongst the employees.
@20s Start in Phoenix...
There is a quiet Tension: Everyone senses there's unspoken drama or secrets, but its never addressed directly.
Unusual Leniency: A manager tolerates behavior they normally would not possibly because the employee knows too much
Strategic Silence: Employees and leaders avoid calling out misconduct due to fear of retaliation or exposure:
Toxic Loyalty:
But they get half a years salary as severance, so it coukd be a good thing…
Minimal work in aml.
If you are in detections, look now…
@1yb
Where's it at? What happened?
An announcement is expected today, an ECIO layoff is on the cards.
@ng yep i heard the same maybe 75-100 or so. The thing they need to do is get rid of some of these directors and other “leaders” also
I hope they let go of Phil! It would be such an improvement.
The hypocracy of SHIL… A company can’t be loyal, that is a human trait. They are not loyal to you, but how dare you not be loyal to them. Get your resume out there as soon as possible—it is hard to find a job these days. ECIO’s only move left in the playbook is layoffs. If they really cared, they would publicly announce that they will not take any bonus this year and pump that back into the ECIO team salaries.
I'm not surprised at all. I've been hearing that there hasn't been enough work in AML's detection/investigation units for months. All the SLOs have been met since the CO closed. Fraud has also started using AI (Workfusion) to do 50% of the review work. It's a shame that ppl will lose their jobs - good luck everyone.
@ct "Find a job outside" is basically BOD intellectual material at USAA these days. Are you comfortable with destroying over 100 years of culture?
If so, please apply within.
Its coming for AML Detections and Investigations
Sam Altman straight up said yesterday that chat gpt 5 could replace every office employee today. It’s about to hit the fan.
@ct All the best people are saying it. They come to me with tears in their eyes and say "Sir, ECIO has the best leaders anywhere. Thank you for making USAA great again."
Why don’t you find a job outside? We have the best leaders in ECIO.
Yep, hearing the same thing from my sources. Now that ATL and Classic is done.
Probably some time in Sept with major impact in ECIO/DDT
@a8 loyal... what you're talking... Get out of la-la land.... only loyalty for greedy is $$$ which they are milking... check the pay differences and bonuses payouts
I’m hearing about more every couple days. It’s crazy and no longer the loyal place it used to be.