Several execs in NBVI got their 60 day notice last week; their last day is Nov 18th. Other areas in P&C were impacted as well. That is consistent with USAA's pattern as the last day for the group previous was Sept 18th...
Hopefully this is it for the layoffs for 2023...
USAA is probably holding off on larger layoffs due to the negative publicity received from the tragic event on 08/26/2023.
NBVI is new business ventures and innovation. It's the Noblr arm and small biz. The dead weight in P&C.
2024 is the year with regulatory work ending mid year and mods completing.
You know what - my guess is that they reduced layoffs because of attrition. They are naturally achieving the goal!
@hjy+1oPEpNt3
AML is way overdo and I think they are strategically planning for it. The consent order still lingers but they just brought on a huge tranche of 3p to handle AML QA work. FTEs are literally sitting there for days with 0 work for practically 90% of the year and Im sure senior leaders know it. Managers are fleeing the space left and right lol.
If they can't get rid of them before EOY so they dont have to pay 401k match/bonuses etc they will def do it sometime next year.
No way this is it. They are doing small hits. I doubt we will hear of a big mass layoff. Maybe in AML though since they are way over staffed
NBVI = ?
Current headcount plans are pretty flat into the future. Some cuts here and there, some 3P here and there. But overall pretty flat on gross headcount. Not a "30% gone" mass layoff situation. But that plan requires significant business growth to hit the reduced expense ratio targets. And that means more work pretty person, just like after a mass layoff.
The real crunch happens if the growth plans don't pan out. If the denominator doesn't grow enough then the numerator is going to have to give - a lot more.
Do you really think this is it? The previous reports were "mass" layoffs were still coming. They been saying that since like August and while we've seen some in that time, it hasn't been "mass" at all!
Crazy, weve been hearing about aml layoffs, but you know…
Crickets…