I would be interested in hearing from everyone about this. Let's say they sell the bank - still not everyone who works in bank risk management (i.e. AML) is automatically fired. For example JP Morgan who just bought a bank fired 1000 but kept 7000. What does everyone think that would look like? Any clear redundancies like testing functions where you could expect to be axed if purchaser already has staff to do that?
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The bank makes USAA money by “lumping” financial and insurance services into one app. This simplifies everything for your general individual. Additionally, the bank has a steady stream of military payroll/retirement each month to charge fees on. It’s probably the only thing they can guarantee each month. The veterans enjoy their “special bank” that only veterans are allowed. It’s highly unlikely a public bank would purchase USAA bank with the fear the “members” will jump ship to Navy Fed to maintain their exclusivity.
The bank is not going to be sold. Driven into the ground? Probably. Sold? Naw, not happening.
Selling off the bank would solve a ton of the regulatory issues the company is facing. But, I don’t see that happening, like 1 comment stated, they’ll thin out the bank as much as possible, then outsource the jobs for penny’s on the dollar. Then years later when that fails, the next CEO will try to bring those jobs back that Wayne pawned off to India or the Philippines.
The bank is now making money and insurance is losing money. Go sell the bank because that makes sense. Lol
Selling the bank would be d-mb in my opinion. Many members first products are banking products like checking/savings account than we usually get them to use our insurance products.
I don’t think the bank is a profitable as other areas but it’s a major bridge to keeping members and making it easier for them to connect to insurance products etc
The chances are very low that USAA would sale the bank. More likely to outsource more bank jobs before a bank sale.
The bank makes a little money now, but really it's just a way to market P&C to members. We get them started off with bank accounts and then sell other products and services to the members.
Getting rid of the bank would solve a lot of problems, but I just don't see it happening.
Don’t see us selling Bank it’s making them money … for now