So the CEO has announced his departure, on the heels of the Head of HR, Bank President, Head of Audit and Head of Risk departing over the past 10 months. Nearly half of the senior leadership team is gone or going.
I wish them well. Hard to believe that none were fired. Yet that’s what all five want us to believe.
25 army officers are rolling in their graves. USAA is lost. I am a former "middle manager " at USAA. I left voluntarily after personally observing thousands of instances of fraud and account take overs/synthetic ID issues that could have been, and should have been, prevented. USAA
All of Wayne’s DEI hires failed.
There is a serious problem when the news is reporting massive bank account fraud within USAA. Members reporting huge financial losses and USAA does nothing to stop the fraud except to close the members' account. No reimbursement, no acknowledgement of clear fraud occurring in members account and no regard for people in need. This is banking 101 and a disaster at its worst. If you think things were bad before, just wait for the massive storm that is approaching.
@xvu+1u6ikIzh understand the pessimism. Board still paid him the bonus and raise. Some CEOs voluntarily take a cut, and walk the talk. Question is whether we should aspire for better, or get out..
If you really want a holy cr-p number count over the last 5 years. That’s not a statement about them, it’s a statement about the toxic culture and sweep it under the rug attitude. USAA might be an amazing insurance company (?) but they aren’t capable of managing a bank.
Here's a thought. Getting rid of the executives won't change anything because there's an embedded "deep state" of middle managers - EDs, directors etc - who will resist any changes in order to maintain the status quo and hold onto their little kingdoms. They are the ones who perpetuate the bullying culture and surround themselves with flying monkeys / groupies to do their bidding, all keeping USAA on the path to obsolescence. I know there is a theory that USAA staffed exec roles with the leftovers & also-rans from big banks but even assuming 50% are lemons, the residual ones with talent don't seem capable of moving the needle in any way. You could argue that's the culture set by Wayne but he's been CEO less than 5 years so I would not lay that at his doorstep.
If Wayne was getting such large bonuses and pay increases, that means he was doing exactly what the board asked of him. Your issues will not go away. You may see a small and short-term act of kindness, but that is all. Think about it......
Glad he's out. Can't be throwing everyone under the bus and taking such large pay raise after losing money for first time in 100 yr. He created a selfish culture at the top
We need stability, but with the right leadership. Our EC need to last at least 7-10 years and not turnover as quickly as our EMGs do.
Did you ever think to yourself "just send me a sign"? When your top leadership team leaves, then it is time to go.