Who do you think this ends? Anyone thats holding on for a "package" just remember if the day does come, until then they are going to make your lifes miserable.
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Don't worry. Mikey Chinnutz will fix it. His vast operational bank experience will carry them through. Don't let the fact he was a bean counter prior sway you in the slightest. He has a line of brown nosers behind him. Right, David Proo? But u be short, so I got you a spongebob stepping stool so you can step up and tint your nose brown.
How is it going to end? Probably not well if we’re being honest.
Since 2019 USAA FSB has had 2 problems. One is Regulatory issues stemming from the consent orders and the Bank’s inability to get a handle on those and get sh-t fixed. The second is the Bank not being profitable.
Now with the new cease and desist consent order it’s combined both problems and brought them to the forefront. The Bank can’t expand products aka putting restriction on how the Bank can make money and if they couldn’t make money before these restrictions how do y’all think it’s going to go now? Only way to save money, as many others have mentioned, is layoffs. With the change in severance package guidelines means a lot coming in 2025, At least double of 2024.
Longer term if the Bank is still not profitable and hasn’t made headway on the consent order I expect a concentrated effort amongst Bank leadership to move to a possible Bank sale, whether that’s as a whole or in part.