Q1 is going to be a bloodbath. The Bank isn’t making money and can’t launch new products without OCC approval (it’s in the public consent order). There’s no option but to cut operating costs (most expensive line item is salary). They timed the severance reduction perfectly. Now the severance reserves are 50% less - saves them even more money. No idea how many will be impacted, but I expect it to be a big enough number. I’m sorry to say it but it’s going to happen! Not sure about P&C or elsewhere
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I'm a software engineer. I know exactly what these people do...2 things...Jack and Sh!t.
I have seen just about every RTE I have ever encountered be completely hoodwinked about the actual status of a feature or other work during an ART meeting. Using dead weight to describe the contributions of these people is being too kind.
I heard of a few in the bank today, fraud and Omni.
I’m wondering if they stayed below the WARN number for this month or if they’re done for the quarter? I wouldn’t think there would be more for March already.
I am hearing the same rumors. Close to 5% layoff in the first round . There is rush to update our desk location all of sudden. I am in SATHQ. Not sure about all others USAA locations.
P&C had layoffs this past week.
For bank, very true.
The bank cannot suffer another loss this year, and with no new products to offer, only way to cut cost is layoffs, and lots of them. Now with the severance being changed to a minimum 26 weeks, bank will be able to triple the layoffs this year. Which means, expect to be miserable for not only this year, but next year as well, because somebody has to take on the work of those laid off. Oh, and if the bank isn’t profitable this year, then look out, because the dam is about to burst.
Now that I’ve moved to a company where Agile works, I’ve realized that it was always USAA who just never got that clear vision and a strategic plan that your employees are bought into is what will get projects successfully implemented.