Let's predict how long it'll be before it's obvious what a colossal failure this choice is. I say six months.
25 replies (most recent on top)
@2tc+1jh41ttn0
Obviously, part of this thread has been removed. @tz+1jh41ttn0 did respond back regarding the deregulation comment, so troll on elsewhere. Pay attention to the entire conversation prior to providing nonsensical feedback.
@tc+1jh41ttn0, what deregulation and when? What specifically was deregulated, what did USAA do that was irresponsible relative to the deregulated law, and is that addressed in the consent order? Your hissy fit has been dismantled. Would you like a new binky?
@tz+1jh41ttn0
Wow, you are a prime example of what is wrong with USAA. Good luck in your career keyboard warrior.
@vj+1jh41ttn0
Actually, USAA refusing to do what is expected of them is what got this firm into trouble in the first place. Once the regulators walk through your doors, they will never leave because the firm refuses to do the right thing. USAA had five years to fix their issues but decided they could hide things and "fool" the regulators. So sad.....
If our new leader can guide us in embracing our unique identity as USAA, rather than relying on external firms like McKinsey, Deloitte, Bain, Boston Consulting Group, or attempting to mirror other institutions such as US Bank, Wells Fargo, Progressive, or State Farm, I would fully support this direction. I believe our members would value and align with this approach, as it fosters innovation and encourages us to forge our path rather than simply following industry trends. What made us great was we marched to our drummer's beat. Let's do it again.
Of course I know. Just like the over 50% of the people probably know the harm he’s gonna cause and don’t care. Short term gains - that is all Americans seem to care about nowadays and the same applies to corporate cultures. Get profits up and fu-k the peasants - who cares thousands died (looking at you, Boeing). So why should I care? At some point, you just have to say “fu-k it!” Nobody else around you seems to care! Let’s all jump on the bandwagon of poor ethics and sc--wing others over short term gains!
@ry+1jh41ttn0
Do you do realize that deregulation will allow the problem to grow? Do you understand the major impact of deregulation? Your statement is basically stating that it is OK to cause harm. smh
USAA does allow remote/hybrid schedules, and not just for those outside of the 60-mile rule. If you are not being offered those schedules, then either you or your department is ineligible. Try moving to a place in the company that will allow a more flexible schedule or find a company that will abide. Constantly crying about it on a layoff site will get you nowhere. Stop with the excuses and begin work on yourself and your career. If remote work is so easy to find, then move on. Nothing is holding you back except yourself.
@ka+1jh41ttn0
If you think that USAA becoming successful again is based on allowing you to work from home when you please and as you please, then you are delusional. Chase bank will be converting to a full 5 day on site requirement, with exceptions on a case-by-case basis. Most banking firms follow Chase's lead. The US president-elect also mentioned that he wants full RTO for government employees. Efficiency and developing top performers will be the theme for 2025. Natural attrition will be the standard for downsizing and watching that bottom line.
Unless his plan is to have a much more lenient wfh/remote policy with 2 or less days requested (not required or mandated) to be in office, I don’t believe the morale and employee satisfaction scores are going to improve. Not sure how that will translate to his tenure or longevity as CEO. My hope is he does all he can to improve things for the employees and turns things completely around for the company.
I see one Anon gets it.
You're right, Wall St. and its captured regulators do not want USAA owning a bank for various reasons.
Bank while not perfect does not do things differently than other financial institutions.
The reg actions are to beat USAA into selling off its valuable deposit base to a Wall St. firm
How long will he last? No Juan knows!
I've met Juan and know a lot of people who worked with him at other companies. He's highly regarded. He certainly knows the industry so much better than the incumbent. I say give him a chance.
He’s actually incredibly well regarded in the insurance industry. He’ll get P&C back in shape financially.
Bankers, you can’t have it both ways. You need a strong parent which means a solid insurance company. Which means an insurance CEO. Bank has spared no expense on pros from BoA, Citi, and others and they can’t fix it. Amala, Neeraj, Mani, George…all big shot bankers (and many others) all failed. The best consultants, x-regulators….Loads of big shot Banking aboard members. BILLIONS spent on remediation. Did you ever stop to think that maybe the OCC doesn’t want USAA to own a bank?
He is 60 years old. No need to worry. He will be a short timer too.
Six months before we’ll know if he’s worth a damn or not. But even if he isn’t, the BOD will leave him in place at least until he’s most of the way through however long he agreed to stay for.
Don't know anything about BOD's, or CEO's, but as a decade-long policy holder, paying $2000/yr for auto on 10 yr.old KIA, this makes me re-think Allstate or Farmers...
I say a good year. He doesn’t have banking experience (ofc why would we hire someone who does). Banking is way different and way more regulated nuance wise than insurance. So I am gonna factor in time to really get how much of a mess it is before either a panic happens or quitting happens. Honestly, I am quite surprised that the regulars would be OK with hiring someone who does not have any banking experience for this role considering one of their issues is we don’t have the right people in the right roles. I really don’t get why we keep doing the same dang thing. Don’t get me wrong. His experience makes him sound like he’s a pretty professional, and most likely a standup guy. With that being said, we are in this mess because we don’t have people with the right industry experience driving the bank.
Part of Wayne’s downfall was employee morale, which the BOD didn’t care about until this year, as Wayne did their dirty work (layoffs, lower bonus, RTO).
If the BOD is serious, they’ll make improving employee morale the number 1 priority.
However, don’t be surprised if there is another mass layoff prior to Juan taking over in April, rumor mill is another round sometime in Q1 for bank.
Three day rto!!!
FBGM
Today is the day in which Bob Davis can sleep knowing that he won’t be the worst CEO of the USAA history LOL. Will Juan bang an EMG like Bob did? Know knows.
Can't wait for the first emo to ask him about RTO
Wayne and Juan are making Stewart seem like George Patton.
My money is on 3 months