The way the bank is laser focusing on cuts cuts cuts, it makes me think its grooming itself to be attractive for somebody to a quite it…. And the MCs would cash out with their golden parachutes then… what about the rest?
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I’d guess the next 12 months there will be a major acquisition since it takes up to a year to 18 months to finalize and the CSuite will want to guarantee it goes in front of the current administration for approval.
@hx if G.K. makes an acquisition to get into GSIB standing, she will make an exit after the deal is approved with a nice heafty parachute package. She’s not a long term leader, she’s here to make a deal and exit.
The bank is not going to be acquired. GK was brought in to oversee a large acquisition. Watch in the next 24 to 36 months USB makes a play to acquire someone to put them into the GSIB category.
@db No coincidence on the lacrosse sponsorship and the CMO's kid is on the lacrosse circuit.
With the sale of the automobile portfolio and the home mortgage book of business, the shareholders and the directors may push for the sale of the trust business and the payment acquiring business, both of which which would be easily separated and patched into an acquiring entity. To think that lacrosse sponsorship will lead the bank to affluent customers in the U.S. is laughable and ignores the existing financial sponsorship of things like FIFA, Formula One, FIS Alpine World Cup and Palm Beach Polo, which have significant U.S. audiences and fans and fails to see the economic realities of Citigroup, JP Morgan, Morgan Stanley and a number of wildly successful private trust/wealth firms that have already captured the affluent/uber wealthy customers.
Former MUFG here. When you guys were looking to acquire UB, job cuts were made at both UB (referred to as Bank) and MUFG (referred to as Branch). We came to know later that was done to trim the expenses on the balance sheet. MD's and Dir's were let go from different departments. Not saying the same is happening at US Bank but just thought I would share some perspective from back in the days...probably seems like years to you guys but its not that long back
Based on the call yesterday I give GK 2 years at most. The leadership overall doesn't give me any sense of confidence that they know what they are doing.
The bank made a joke of an offer for Truist not too long ago, it was Cecere’s last ditch effort to try and save his job after the disastrous Union acquisition and poor stock performance during his tenure. When you thought it couldn’t get any worse around here, GK takes the reigns…
PNC or Truist is my guess. Most likely suitor is Truist due to non overlapping footprints. Bill Demchak, from PNC, doesn’t strike me as the type that wants to do a deal with a failing franchise.