AC is out as CEO mid April. Gunjan Kedia to take over. Thoughts?
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Join together and pray that Gunjan and the McKinsey click get dethroned. Prayer started.
Last time I checked, no one liked AC and last time I checked , he was a WM.
AC made the worst deal in recent years overpaying for Union Bank. Could have waited a couple of years and got Union Bank for free, like JPMorgan did with First Republic.
McKinsey alum is the issue and we know we are all going to get laid off.
McKinsey is known for laying off people and then laugh about it
Win Win for off shore folks.
"Personally, I think a lot of the Gunjan hate is because Indian women are more family and conservative oriented. This bank is way overboard on the DEI and other BRG related items and my guess is she is going to change all that."
Yep, nothing to do with some being concerned about McKinsey & Company: https://en.wikipedia.org/wiki/McKinsey_&_Company
Personally, I think a lot of the Gunjan hate is because Indian women are more family and conservative oriented. This bank is way overboard on the DEI and other BRG related items and my guess is she is going to change all that.
Do we have any thoughts on her replacement role?
Unpopular opinion here ... let's give GK a chance. It cannot be any worse than AC's reign of doom. I mean Union Bank acquisition and going in debt for it? FFS!!!
I thought bonus was finalized already and expected bonus payout was 2/28 or early March for bonus?
The transition date of mid-April is no coincidence. March is after bonuses are finalized and also when people are expected to resign or be forced out. February and March are going to be very fluid to say the least.
fu-k that sh-t
Wall Street did not seem to excited about this new, USB continued its downward trajectory, thought after investor day the board would see what the market makers were really interested in, but regurgitating the same of story seems somewhat disengenuous and ignores the fact that most small business owners, as well as big business owners, have multiple banking relationships and will not only use one bank because of the available interconnectedness. That angle is a decade old and isn't being well received by the market, by the public nor by employees.
While I’m thrilled to finally see AC and his horrific reign go, I can’t help but think GK is only going to be infinitely worse. Run while you can, it’s going to get ugly with the full on transformation to McKinsey Bank of India.
"The least AC could have done is stay ten years like RD. By then I could have left this dumpster fire before GK reign of te---r"
While RKD's 10 years felt like a quick blessing, AC's 8 years felt like a lifetime ...
How is this "WOW"? Anyone who didn't see this coming for the last year is blind.
Compared to our peers, we have done horrible in overall performance and profitability. More movement to cheaper labor offshore, more language barrier issues and lack of US work force.
The stock price of USB on 4/18/17 (Andy's first day as CEO) was $50.21. Compared to the broader SP500 being up over 100% since then, and knowing he came from the numbers side, this has got to grind his gears a bit. I hope his millions in his bank account make him feel better about his failed leadership.
Based on a previous post about her grant date, we now know the bonus will be paid out on February 28th...
The least AC could have done is stay ten years like RD. By then I could have left this dumpster fire before GK reign of te---r
If you’ve been ignoring the warning signs, consider this your wake-up call. GK is on a path that will not only harm this organization but Elavon as well. Get out while you still can.
Lots for people will need to be let go for the bonus
Kedia’s base salary and target annual cash incentive award have not yet been determined, although she will receive an annual long-term incentive award, valued at $10 million as of a Feb. 27 grant date, the bank said in a securities filing. Of that award, 60% of its value will come as performance-based restricted stock units and 40%, restricted stock units
Pain.....
Wait for layoff, make them pay!
Time to look for new job or should we wait for layoff?
The McKinsification of USB is now complete.
I foresee larger reductions in onshore staffing, a lot more offshoring, and an end to all remote work. She'll move everyone back to a 5 day a week model by fall.
Unfortunately I've seen this coming for a bit and was just hoping it wasn't actually going to happen.
Get ready for offshoring on steroids. Can't wait to leave this dump.
Might as well change the name of our bank to Bank of India.
Former McKinsey employee. Goodbye remote work (those who remain), and get ready to 10x offshoring work....... is my opinion.....
By the way, McKinsey previously somehow talked NYC into paying $4 million to research trash cans. Not joking, look it up.
I miss RKD.
Like we all didn't know this was going to happen. We'll fully be implemented to run exactly like Amazon by August.
DEI lives on!
Doubt it since he continues as executive chairman ... whatever that means.
With the new CEO we are full steam with the McKinsey playbook.
She's being set up to fail. With AC out, all blame will fall to GK when the bank inevitably fails.