I can’t imagine more cuts would come this year, anyone think otherwise?
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Charlies got a couple of teams in Bank BRC that are being targeted early Q1.
Yes, unless USAA wants to be even more ruthless and cruel by having another round of layoffs 5 weeks until Christmas.
Our genius of a bank president all but guaranteed mass layoffs to start 2026. Rumors of a major re-org in bank have been circulating since start of Q4, with USAA where there is smoke, a fire is burning somewhere. My hunch, the re-org will be announced in January, with notices going out shortly after. I would not be the least bit surprised if they make changes to the bonus payout to avoid paying those who were laid off.
End of 2025, yes sure. 2026 is going to be wild. Like something we’ve never seen before. Interest rates dropping, over investment in AI, can’t expand product, can’t increase membership, supply chain increasing insurance costs and reducing margins, healthcare & employee costs increasing, it’s all about to explode- especially at a place like USAA that’s invested in all the wrong things at the wrong time combined with bad leadership.
Yes, USAA would want those people off the books before heading into 2026.
Instead of cutting the actual bank worker bees, let’s cut the numerous useless executives currently in place.
This year, they are more than likely done. Quite possible that more could happen but the scale will be smaller than anticipated. I am not so sure about mass layoffs though. I think that’s a fear tactic put out there to get people to shut up and just keep your head down. And really after they’re looking at inflated costs they should look straight at the top to the executive pay scale. They’re not the ones that carry the work, but the people under them all the way down to the representative level. If anything, it needs to be cut as executive salary. Hard stop. End of story.
Our AVP was speaking to us directors / leads / direct reports this week and was saying she believes that next year the layoffs for non-member contact will be as deep as ~30% of head count across the bank (this year it was 5% for reference).
She was citing increasing costs, reduction in interest rates, automation, inability to expand products and services and membership. With all this that 30% would be conservative. We all walked out white as ghosts.
Like many have already stated, safe to assume layoffs in bank are finished for 2025. However, based off what Mike Moran said during the pop up townhall announcing the layoffs … I firmly believe that the next round of bank layoffs (my guess is before the January employee meeting) will be massive and be all over the local news.
Agreed with those who suggested early next year, based on the tone of P&C President email today.
Bank just had a huge round of layoffs back on 10/29, so I’m pretty certain we’re done for the year. Also doesn’t help that our d00fus of a bank president all but guaranteed a huge round of layoffs for early 2026. It wouldn’t shock me the least if they change the criteria for the bonus to avoid paying it to those given notices in early 2026.
Probably, but January/Feb going to be when the next round hits. And they are going to be a big round of cuts.
@e1 - Agree. A major chunk in USAA will be in Q1. Some more changes are expected soon.
We’re most likely safe - end of January / February is when the next round will start the next round of axes. Unless something drastically changes with the eco-political environment of this country (its probably not) - 2026 will be the largest layoffs for all companies (including USAA)
The bank just had significant layoffs a few weeks ago, they likely need to normalize before making more cuts
@bf , which team are you on/org?
I am worried that my manager has changed demeanor for the past weeks, like unhappy. We have been suspecting something big is going to happen to my team, and same for our sister teams. Such a bad timing now that we're near the holidays.
No, there are smaller ones done every month. Heard of AML occurring last week, but just a few.
Both claims contact center EDs were handed walking papers last week. The gift of a great Christmas brought to you by Gronk and USAA.
No. I was laid off in November last year. I cannot confirm if that was the last for 2024.