Paul Peterson is supporting Narayan (formerly of Amazon , Ian Eslik's bad decision), who reports to Pete, in an effort to establish a stronger position. However, Naryan has yet to provide value to organization. Under the leadership of Narayan and Paul Peterson, numerous former Amazon employees who have joined the organization but have provided little to no value despite being bank with the bank for nearly a year.
Most of the recent layoff at USB, particularly with Pete can be attributed to these hires, as they were brought in as replacement with significant salary premium ranging from $250K to $500K while working remotely.
This situation highlights the risks of leadership favoritism and mismanaged recruitment strategies, which can undermine long-term growth impacting internal instability.
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From what I can tell and what I was told, a lot of the "expert" people they hired in Silicon Valley from big tech, they had to bring those people in at the "Principal Software Engineer" level, to be "competitive", which is 17, 18, 19, and 20 grades. If you see a Principal SW Engineer who is VP, they are 17. If they are SVP, they are 18 or higher.
Lead SW Engineer is 16.
If they are in the Bay Area, that's a geo code of F, which means they are making GREAT money. Grade 17 midpoint for just base is 200k. Add the 40% target for short-term and 29k for long-term (if they are around long enough), total compensation is in the 310s. That's just grade 17 in the Bay Area. It goes up from there for 18, 19, 20.
It would be nice if their work was worth those comp numbers. They do not seem to be ...
These Amazon managers or engineers cannot join unless USB align the minimum compensation with the cost of remote work. All these leaders hold L4/L5/L6 4 at Amazon . Within USB they hold officer titles at grade level 17 or above (Senior Vice President, Director, or Head of Platform). Their expected compensation, based on USB’s offer, must fall between $250K and $500K, aligning with the compensation of trusted USB employees who were laid off.
https://www.levels.fyi/companies/amazon/salaries/software-engineering-manager?country=254
The wholesale failures in the hiring selection process and leadership appointments at the Elavon senior leadership level have been fully validated and authenticated in the quarterly/annual financial results for 2024 and the unacceptable and disappointing margin deterioration in the Elavon payment processing business lines and the pointed and unanswerable questions as to why U.S. Bank is still in that business, if they cannot grow and expand the revenue and income results in those buisiness lines, as the competitive businesses have been able to successfully do for many years now.
In my opinion, the only thing worse than regularly delivering less that expected results and contracting the business to a smaller business line than it was in 2018 without repurcussion, is the complete absence of any urgency to bring or elevate competent, talented and experienced payments leadership to the helms of all payment business lines. Doing the same things over and over, expecting a diffferent or more profitable result makes no sense to shareholders, investors or to the Wall Street and trade press that cover those topics.
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Guess the comment about Elavon’s J. Walker and J. Owen struck a nerve.
Who are these people under Paul and Narayan making 250-500k? How do you even know what they make? That just seems unlikely given the comp structure for each grade level.
With all the damn reorgs over in the cloud areas and shield platform areas, I can't keep up with who leads what. Anybody care to give more detail on that?
Back in the days where things were on prem, I knew exactly what areas did what. They're done a cr-p job explaining what tools and platforms are in what group.
And don't get me started on the klusterfuk called shield platform
Why are we hiring Amazon "drop-outs"? Amazon is a retail business and AWS is a cloud provider. Neither have anything to do with Banking. At least find someone from FinTech.