That was the longest, most skeptical, call with analysts I've ever heard. They so lack confidence in USB, and our answers were a train wreck. Like we didn't even prep for the call. Watch the stock today...heading south is my guess.
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@b6 you can get into it as a guest without signing up
Gunjan is getting what she deserves. Nose dive into oblivion.
"Balance sheet repositioning" sold $1.6 billion in auto loans and $4.4 billion in residential mortgages, analysts are still quite skeptical of what this bank franchise can really do, particularly with the current leadership merely backed up by McKinsey, the analyst wonder what else the bank is looking to sell, what the bank is selling and is the bank putting itself on the shelf to be sold for the highest and best price obtainable?
So GK was nasty to employees and now the bank has missed revenue expectations, saw a decline in deposit balances, share price and she has fallen to a 22% approval on Glassdoor. Not that long ago she was stating that she was not happy about the share price.
Hopefully she can learn from this and reconsider her attitude and conduct in the future.
I’m trying to watch it now that I have time and the link doesn’t work. Can’t create an account. Can’t get a password reset. I mean…😒
It's 11:45 am right now. The KBW bank index (of which USB is a part) is up 1% - meanwhile USB is down 1.5%. I'd say her words have had a bit of an impact. Well done GK. Take the rest of the day off and give yourself a bonus.
What stuck out to me was Gunjan didn’t thank the employees, she thanked the shareholders and customers. So much for putting people first
- Poor revenue growth, and a bank can't cost cut its way to success.
- Bad long- and short-term stock performance.
- The Street "lacks confidence" in the NII outlook.
- Heavy skepticism on ability to execute.
Seems we did some balance sheet restructuring and didn't announce it until today. Some press releases during the quarter would have helped. The analysts seemed to be found d-mbfounded and were just stuck on "why did you sell? I don't understand? Will you sell more? What's the target?"
@a1 Do you know what the analysts were frustrated or confused about? I'd be curious to know.
USB Stock dropped 1.10 almost immediately.
Hearing analysts say things like “scratching our heads” and “sorry to beat a dead horse but…” Lots of tension!