So the bank president can change the severance for bank employees to min 26 weeks (all those under 13 years will get 26 weeks, those over 13 years will get the greater amount). But I guarantee his golden parachute wasn’t cut in half or anyone in his inner circle. Big changes are coming and not for the good, the bank has to turn a profit this year, so prepare for teams to dwindle down even more, whether that’s by layoffs or the yearly exodus after the bonus payout.
8 replies (most recent on top)
If you have a division of your company so far in the red that layoffs are inevitable- golden parachutes should be revoked as well
@a9+1jk1ae9ct
The OCC is the one who instructed USAA to give 12 months severance to bank employees, that was part of the 2019 consent order.
Well its called Justice = Just US (EMG & C-Suite)
The board manages all the executive severance plans, so I’m sure Michael did not personally change his. Put your tin hat away. I’m glad everyones on the same plan now - honestly it was unfair the bank had 12 months and everyone else had what they now currently have. It rewards you for tenure. The other plan gave you 12 months even if you only worked here for 6 months. It was excessive.
Lol why would he change it for himself? It would be like asking Congress to impose term limits or salary caps on themselves. It’s the right thing to do, but the beauty of being in charge is that you don’t have to do what’s right or live with the consequences of your actions. You can simply make changes that affect the peons while you continue to rake in the big bucks for “making tough decisions.”
Just to be extra clear, I think he should do that, I just don’t think he will/did.
Correction. The town hall was Thursday.
It was announced in the bank town hall on Friday.
Where did you see they dropped the full year for bank employees? It was tied to the consent order but now we are in a new one. I guess they could easily make this change now that they are writing their plan.