Thread regarding USAA layoffs

The replacement is his SVP chief of staff. Wayne is on a 5 year contract due 2025, when said chief of staff will be promoted.

The BoD is fed selective information from the business. They are kept in a bubble.

@4qdj+1pzycAcN
Keep telling yourself that it’s an independent quarterly figures lol.
As of end of Q3, USAA is down 293M which is way better than 900M at the same time last year.
Don’t cry when the end of year report says we broke even on the year 🤣

I think something else needs to be considered when racking up the losses at USAA. I found this quote (not mine) that compared USAA's performance to its nearest competitor:

USAA FSB and Navy FCU were around the same size at the end of 2012, when USAA FSB had $58.60 billion in assets and Navy FCU had $52.44 billion in assets. However, Navy FCU's growth has outpaced USAA FSB in recent years, and Navy FCU now has $156.65 billion in assets compared to USAA FSB's $110.88 billion. In the decade between 2012 and 2022, Navy FCU's assets have grown 198.7% compared to USAA FSB's 89.2% growth.

That is not chump change. That is $45B that went into USAA's competitor's pockets.

What this says to me is that USAA is not pulling in new membership and perhaps losing existing members. They may have grown fat-and-lazy, riding on their past performance and a now tarnished reputation (or at least one that no longer holds sway to the hard reality of competitors' product offerings. They lack product innovation and are slow in understanding the business environment in which they operate

This is also proof positive to me that their misfortunes were not recent. Everyone suffered, but they have been bleeding for some time now to show such a gap in performance.

@1jru+1pzycAcN @4gdq+1pzycAcN
You’re both wrong. As OP and @ndu+1pzycAcN state, it’s a $309 million loss for the quarter, probably about $1.3 billion so far for the year. See pg 4, line 12: “Net loss attributable to holding company and minority interests”.

I have no idea why you would think it’s YTD when it clearly is labeled as a quarterly report. It’s a period of time income statement, not an “as of” report. Don’t mislead and confuse people, but this an excellent example of why you can’t trust other people to correctly/honestly interpret primary sources.

The report provides a snapshot of the financial condition of a bank holding company and its subsidiaries at a particular point in time. So it’s not cumulative but states the health of the holding company per “as of” date. Fortunately USAA recovered a bit from terrible loss from Q2.

Its time for employee layoffs and CEO pay hike

What we may not know is if the Board is silently searching for Wayne's replacement I doubt they would openly advertise a search. And they can't introduce utter chaos by revealing a search. They will not undermine Wayne as that is shooting themselves in their own foot. It will be BAU until it isn't, and a change is announced.

I don't know how long the boat will continue to float with those kinds of massive losses. But they will probably deny (at least publicly) the extent of the damages especially if they are looking into selling off pieces of the business. It is like a wounded animal that hides because he becomes vulnerable to his predators.

I recall colleagues who made a handsome income by sticking with the sinking ship since it could take years for it to completely sink. So grab your floaties, and carry on as best as you can.

Another billion dollar loss coming up. Yet the BOD is going to stick with Wayne.

Who says vpp?

Our Licensed Insurance Agents on this account field inbound calls from our client’s members, providing customer support, and assisting them with their new and existing Auto, Homeowners, Renter’s, and Valuable Property insurance policies. This is a customer service position with no cold-calling.

https://careersus-teleperformance.icims.com/jobs/42636/licensed-insurance-representative---work-from-home/job?mode=view&mobile=true&width=393&height=598&bga=true&needsRedirect=false&jan1offset=-360&jun1offset=-300

I believe that the report is not a quarterly figure but a year to date figure.
See for each quarterly report to see how those numbers appear to be an annual ytd figure. Click on Consolidated Financial Statements and choose the quarters for 2023.

https://www.ffiec.gov/npw/Institution/Profile/1447376?dt=20200918

The 2023 reports indicated to me that our losses are declining from 300M first 2 quarters to a profit (???) OF 300M for the 3rd quarter.
I am not an accountant, a sales type, so I could be very wrong.

How will USAA ever recover from the losses of the past 2 years? We all know about the staff reduction. But is that enough? And I doubt it is sustainable since the staff left in place needs to absorb the workload. We also know that a lot of folks think they are not in a competitive position with their offerings. So what will happen? A slow "death"?

I know this all sounds incredulous, but this has happened to other companies in the past.

William Agee wrecked havoc on 3 companies (Boise Cascade whose stock fell from $77 to $14), Bendix who became a subsidiary of another company before they finally forced him out, and Morrison Knudsen who never did recover after tottering on the edge of bankrupcy and alienated the entire workforce in Agee's hometown of Boise, Idaho).
In the end, he became a "business consultant". He lived a very nice life as a multimillionaire in CA.

I don't know why "golden parachutes" exist nor how such poor managers not only survive but thrive in the midst of the chaos they produce. But it is astonishing.

Ooohhh, shiite!! That means Wayne might only give himself a 150% raise. Times are getting tough.

Yup, losses for the first 3 quarters are around 1.3billion dollars, so it will be closer to 2 billion for the year after Q4.

Just wait until next quarter! They're adding a line item on the call report, boxes of Franzia for the holiday party. It's going to be a mess.