Thread regarding USAA layoffs

@a4 Bank President, Mike Moran back on 10/29 guaranteed a large round of layoffs to start the year, which will be followed by another large round at end of Q2, those numbers are still being finalized.

@a4 AML was one of the areas hit the hardest on Wednesday, in what will be the first of many cuts to come this year.

@dz yes you’re correct. People saying the banking being sold off / merged has their head in the sand. Personally I believe Boston consulting group (bcg) headed by our previous bank president was truly brought in last year to package us up to be sold off. But after a thorough review/ assessment they couldn’t package us up in an attractive enough position to get sold / acquired that was being targeted for Navy Federal, which actually makes a lot of sense for almost all parties involved, but they truly saw us as over valued, they already have a relationship with 52% of of our members.

With our previous president’s failure to close that merger / acquisition he’s been severely demoted at BCG and seeking leads almost anywhere.

@ct it’s the network another bank would be buying, they could careless about the regulatory issues USAA is under. Plus, USAA has been suing banks left and right over their deposit@mobile technology, you don’t think another bank would want to scoop that up?

@ct isn’t that what almost every bank has done when buying / acquiring/ merging with another bank? One is weak one is strong? USAA can’t dig itself out of regulatory issues and tech debt

@b3 Employed for 9 years is job stability

@bq agreed that job security is never guaranteed, but routine mass layoffs is not normal business operations.

Should I call my precious ECIP leader for a job? She was awesome!

Who’d buy a bank that is losing money and can’t grow?

The best bet for the bank is to be acquired by a big player. In this case, executives will be let go and hardworking employees will stay.

Bank will be having layoffs every quarter this year, goal is to be very lean heading into 2027 Q1.

@a4 yes. Every single layoff since the Feb 2021 layoffs this site has predicted almost down to the day - and many times the exact teams.

@b3 you’re mistaken in thinking any company will provide job security in today’s world. We’re all just a dollar amount towards overhead costs.

Layoffs happen at every single company. Go elsewhere and you could still be laid off. ALWAYS prepare for it. Unless you're on a contract, at-will means you can be laid off or you can quit at any time. You all act shocked every single time!

Another prediction here …Yes, USAA is laying off people because of AI, cost savings, blah blah, etc…. but what it’s really planning for is to improve its EBITA to make itself look more attractive to potential buyers (of the Bank).

It was a blood bath in Enterprise/SLOD AML yesterday. About 600 impacted.

Ive been at usaa for 9 years and its just sad what they are doing. I came to usaa for job security

@a4 that’s because we’re incompetent even doing the bad stuff

Did this site really predict it beyond a heads up like 2 days ago?

I had been hearing since 2023-2024 that bank was going to get layoffs especially AML

Then everyone said for sure late 2025