“ Last year, when she was promoted to president, she and her husband celebrated with a private jet ride from Minneapolis to the Kentucky Derby, according to a post on his blog. The family has accumulated other markers of wealth, according to that blog, including a Ferrari.”
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The article tells it all and especially between the lines. Hoping the best for US.
The top 10 most populous states are
California
Texas
Florida
New York
Pennsylvania
Illinois
Ohio
Georgia
North Carolina
Michigan
Guess how many of those states have a significant US Bank branch presence. Four - California, Illinois, Ohio, North Carolina (sort of)
The top 10 states in terms of population growth Florida, Texas, Utah, South Carolina, Nevada, Idaho, North Carolina, Delaware, Arizona and New Jersey.
US Bank is only physically present in five of those states. For a bank that makes 43% of its money in WCIB, it's pretending that it can grow without having a physical presence where the people are. Say what you will about consumers not going to branches anymore, what businesses are seeking relationships with banks that don't have a presence in their communities? The layoffs and shifts to offshoring aren't going to help fix that or the other fundamental problems the bank is having.
Doesn’t matter what she does. Everything GK will touch will turn to sh-t.
I don’t believe GK can turn things around without taking bold action. She needs to clean the house , starting with the CTO and the CIOs who have driven the company into the ground. The business unit heads are no better. They lack operational understanding and are constantly at odds with the business side, all while claiming to lead technology.
They keep throwing around buzzwords like AI without actually understanding what it is. AI is not a magic wand that will erase years of bad technology decisions. What the company needs are real CIOs who understand technology and business leaders who grasp both the business and tech landscape, not people who’ve advanced through politics and bootlicking.
The waste of resources is staggering. Most teams are overloaded with people who spend their days in meetings instead of doing real work. There’s a severe imbalance between doers and talkers.
If GK is reading this, she should have the entire leadership team reapply for their roles. Honestly, 90% wouldn’t make the cut. The question is, does she have the courage to cause that level of disruption?
Because the current leadership isn’t capable. So if nothing changes, GK can keep up the PR spin and cut costs by laying off workers , just to keep shareholder value intact, while the core rot continues to spread.
@cx I don’t think the slide was inevitable- if Andy had simply held expenses at the same level earnings would have grown.
In my opinion, every employee and shareholder needs to read this article and decide for themselves if GK is overpromising to the analysts, and who will be the ones to pay the price. Remember that Andy was Richard Davis’ hand picked successor, and he couldn’t turn around the Bank’s underperformance and inevitable slide to the bottom of it’s index. Now Gunjan has taken ownership of the depressed stock price, and committed to a turnaround that she will now have to deliver. There is nothing in this woman’s background or work history, other than internally generated PR, that would lead someone to conclude that she is capable of this. She has been promoted to her level of incompetence, but there is a lot of damage that she can do until that golden parachute opens. If she gets to a point where she has to tell her husband that they need to cut back on private jets and exotic cars, then things are really going to get ugly around here.
This sounds like it was a PR piece, the same digested talking points/narratives that they always repeat on earnings calls. They keep putting out trial balloons about buying truist. Also what is this narrative they keep talking about expenses being elevated under Andy due to needing to catch up on technology. What technology are they talking about?
@OP Thanks for posting the link to the article. Well-written and insightful. Was not familiar with her work history before US Bank.