Likely to be Bank wide. Famous layoff consultancy Boston Consulting Group has been brought in to identify targets. Working Bank wide and all areas being looked at. Will be a Major layoff is the rumors. You dont spend millions on consultants and not do a massive purge.
Start applying out ASAP
@5a8 oh sorry about that. CoS Bob aka former HR Bob
Which Bob?
@55q Bob is on a transition to leave in the next 5 months. I don’t know why it hasn’t been communicated more widely.
Rumor is some EC next…
@zk An HR EMG atty moved into an HR role, that's why there is a posting for the HR atty role.
Funny that Paul Vincent senior executive at the very company shutting us down. Lol
Not to stir the pot anymore than it already has been but I also saw that they’re hiring for a new HR attorney so I’m not sure if they’re backfilling a position or bringing on a new team member. Just something to keep an eye on.
All bank employees, no area is safe, not even member contact. I say that because I know of a few seniors who were part of the March layoffs.
I hope this is all rumors, but like other comments on here who have confirmed BCG is in their area analyzing all job, along with bank severance cut in half, there sure is a lot of smoke building.
Also agree with the comment about Michael Moran, the BOD knows he is not the right person to fix the bank, he’s there basically to cut overhead and get the bank out of the red, so that the next bank president has a fresh plate to work off of. And the BOD will reward him with a 7 figure going away package as a way to say thank you.
@ef I have heard they will come in September
@f8 funny how marketing is okay with the rest of the company. Just not the bank. Maybe it’s not marketing. Maybe it’s not BCG. Maybe there’s a bigger root cause…
@g5 See’s smoke. Feels heat. Sees people running out of building. But claims there’s no fire like we crazy. lol. Girl bye…. You should become one of USAA’s auditors or compliance advisors.
We are distributed across multiple states and circumventing WARN requirements. We haven’t filed a WARN since like 2021.
If layoffs happen (big if since no one is 100% certain) they will probably be in smaller chunks to avoid WARN. It’ll probably be a similar situation like we’ve seen last year in the year before in my opinion
@g5 People are literally saying theyve been in meetings with BCG about cuts plus HR hiring 10+ transition advisors to handle the layoffs. writing is on the wall.
Another layoff rumor. Good information, but without something concrete, or a reputable source (excluding names/exact position held) it is all conjecture. Will it happen? It’s possible. Does anyone outside of the c suite know definitively? Doubtful
If they do a major layoff they will have to do damage control in the PR realm. It will not go over well I am sure.
Just look at the disarray Boston Consulting Group left marketing in—if they couldn’t get it right with a small firm like that, how can we expect them to manage something as complex as a bank.
Anyone else think it’s funny that Paul Vincent (prior bank president) is a senior advisor at Bank Consulting Group?
Funny = suspicious.
I’m sorry to hear you are going through this again. I was cut a few years ago, very happy now but it is shocking to see how frequently USAA does this. It’s a clown show.
IT - Platform Infra will be hit hard this time
Any idea how soon layoffs will come with this?
Every department is being reviewed for recommended layoffs. Performance reviews, workload and salary im told are primary triggers. Kick out the old and expensive
Like 10 HR workforce transition jobs were posted externally two weeks ago. The layoff wave is coming.
Imagine spending millions to save millions…
You don’t cut bank severance in half not to have multiple rounds of layoffs this year.
Michael Moran was not selected to be the long term fix, his job is basically to see what the minimal amount of employees is needed to make the bank run … once he does that by years end or early next year, he’ll resign and Juan will get to bring in his own person to be bank president, and it’ll be the new president’s job to get out of this regulatory fire drill or to sell the bank.
Just an FYI to all bank employees, no job is safe, if you’re not already looking, then your already behind the 8 ball.
+1
My EMGs cooking something up.
@OP any CoSA in particular or all across USAA?
That I can confirm from my end. BCG consultants are in my department going through justifications for each role in every section.