For those in the bank, if you think these are the dark days and the light will soon shine out, I’ve got some bad news, we’re still far, far away from that sunlight. You cannot undue years of bad management and leadership decisions overnight, you cannot fix a problem with failed executives from Wells Fargo, executives who helped lead them to getting a $4 billion dollar fine in 2022 and another $100 million fine just a few months back. Great hiring Wayne! To my fellow bank employees, if you plan on staying, just know, the ride in this dark abyss is only in the beginning stages, it’s going to get a lot worse than it is now, before the slightest glimpse of hope start to show, which at best case, is 5-6 years from now. Hopefully the rejects from Wells Fargo are gone, along with Wayne in the next 18 months, that way real progress can actually begin!
12 replies (most recent on top)
@1ydu+1nSDafVK
There were a few layoffs in BRCA, but there will be another massive layoff before years end. Last year, it happened in August and October.
Weird, i came back from a month long vacation and expected mass layoffs in aml/qa, but guess not……
@cxo+1nSDafVK
That sounds fun...for now, but eventually they will probably lay off everyone with no work then you realize your competing for jobs with people that have advanced their skills and did something meaningful the last few years.
The Joe Robles years were a fun and exciting time to work for USAA. Seems like a lifetime ago.
Aml here is boring, but hey, what evs. Its paying bills and i gets to be forced to come into a quiet empty office and do the same thing i do at home. I know alot of six figure analyst who do the same thing, so i guess thats what i have to look forward too!!!! Loollol
@uuz+1nSDafVK
Alot of these new hires were catfished into this role (myself included). Setting aside the TOTAL LIES about a fully remote position, these new compliance and AML roles were supposed to be about bringing in expereinced bankers/compliance people and having them help figure out and fix the reasons why USAA has been fined and is in a consent order in the first place.
The problem is when you actually do find issues, don't agree with the Director or higher Executive's decisions or just want to input your two cents in team meetings, you get shut down IMMEDIATELY. Then on top of that, you are basically reduced to a transaction processor as your role now is to stamp and file already existing work. Nobody with years of banking and compliance experience should be reduced to what is essentially a paper pusher but that is what happened here. I am suprised more people haven't already left, the pay only lets you get away with giving so much of your dignitiy for so long.
It was probably a fantastic place before then to work. However, it was a complete sh-t show of a place in regards to banking regulations. You guys had a huge consent order that required all of these outside people to bring up to basic banking standards. USAA was breaking so many laws. They were abusing their members before. Look at all the remediation work that had to be done. I am glad you made a ton of money before because you took advantage of your membership. No one was selling credit insurance for years because it was an awful product but USAA did.
I will agree with one thing. I don’t get the Wells Fargo hires. BofA, Cap One, and Chase were decent hires.
While I agree, the on boarding of a lot of the executives was a hot mess and Wayne needs to go, no all of us external hires are contributing to the destruction. I and some others I know went here for a change from the insanity of the other big banks. However, do to mismanagement (whether from internal or external idk - only been here 2 years) it seems to be going down from when I started. Some of us came from extensive regulatory and legal background and are overruled when we raise our hand when something looks wrong. That and being stressed from the remote mayhem and feel like we are second class citizens because we don’t live near an office. I just want to work for the USAA that I heard about and not what it is becoming. It feels like it is burning down.
USAAs banking business will eventually be wound off and sold like State Farm did back in 2020 and USAAs operations and compliance outlook is even worse. I'm not sure why Insurance companies think they can foray into banking (probably greed) but everytime they do, they aren't just competiting with other huge banks and credit unions they are competing with the government to stay in compliance. The sheer amount of id--ts that USAA hired not just at the executive level but also the regular employee level back in 2021 was astonishing. They basically hired anyone with a pulse that worked a year or less in another bank in a half assed attempt to stay in compliance of the new fines and orders. These people could have been the janitor and USAA still hired them LOL I don't see them getting out of consent order anytime soon. I can see them continuing to lose money and eventually selling the bank within a few years.
I came in here for rays of sunshine, and I won’t be leaving disappointed.
The Wells Fargo, BofA, Citi, Cap One mo--ns have turned USAA into the sh---y mortally corrupt corporate executive piggy banks they came. Everything that made USAA special is gone. We’ve become another sh---y service company with feel good commercials that distract from the abysmal service levels and uncompetitive product lines. These one trick pony losers are only here to cutting costs so they can pad their bonuses and give themselves attaboy pay raises. When they are done running the company into the ground they will move on another firm that they can destroy with their greed and general stupidity.
Sadly, what you say is true. It takes years to fix the operations. The culture will never be the same.
I got sick of former b of a, citi, wells, Chase employees treating usaa like just another public company driven by stock value.
Also got tired of hearing how usaa had never done agile right, risk Mgmt right, etc. pretty damn bold for people that had only been at a 100 year old company for 7 months or 15 months.