Bank restructuring

So today was the first day of phase 1 of this bank restructuring/re-org. Not only was my team disbanded, but our BA & BBPC were impacted on January 28, and those 2 did a ton of work and were the main reasons we were able to closeout our 6 issues on time last year. With them now gone, someone has to pick up that work, so it landed on ME! So now I’m on this new team, handling a different product, so not only I’m I having to learn this product, but the work from our BA & BBPC still falls on me, I asked my new ED about this, she only said “we haven’t fully thought all this out yet, but stick with us, we’re all learning on the spot.”

Learning on the spot, what genius thought this re-org was a great idea? Was it Mike Moran and the 3rd party consultant group he brought in last year? This is going to be a huge cluster f_ck before it’s all said and done.

#Banking #Consultant #Layoffs #Leadership #Reorganization

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The banking service that I received yesterday was very mixed -- for the first time in my 34 years of service. I was surprised that I could not speak to a person on the phone without speaking my pin to the answering recording. Seated in a busy area with a lot of strangers, I did not want to speak my pin, it seems insecure, but without doing so, I could not get through.

Moran can talk about the $500million net income the bank earned, that’s good for the local papers and the kool-aid drinkers, but still doesn’t change the facts, he has no clue how to get the OCC off his back. They failed to meet the 2019 consent order, which is why another one was issued in 2024, if we get to 2029 and we still haven’t satisfied the original order after 10 years, HOLY CR@P look out!

I will be fascinated to see what they do with alot of the jobs. Smells like they are going to shift some poor ba----ds around.

at this point why anyone would want to work for these clowns is beyond me "b.bbb.but the comp" what good is it when you wont have a job in a few years. smh

With the way things are heading, I don’t see the bank being around by 2030. The reason they’re still in neck deep with regulators is simple, they hire incompetent leadership who then hire incompetent 3rd party consultants to tell them what to do, and the answer is always the same, layoffs.

Bank president Michael Moran, he talks about 2025 being a record year for the bank in terms of profitability, but he fails to explain how that came to be. When you layoff over 1500 FTE in 2025, your balance sheet is going to look good. They need to reduce the workforce 10% by end of 2026, so expect another round of mass layoffs.

They should think about maybe bringing in some competent EMG’s, just saying!

@cr having worked at Chase from 2006-2021, this is 10000% true!

This new restructuring is the banks Hail Mary attempt to save itself. I’ve worked for 2 of the biggest financial institutions in the country if not world prior to coming to USAA in 2019, and 3 massive restructuring/reorgs since 2022 is crazy!! Had this happened at Chase, heads would’ve rolled from the ED level on up.

Consent order is going to live on hahaha

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Bank restructuring

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