Good article in the Wall Street Journal today: “The CEO Who Wants to Double the Size of His Bank to $1 Trillion.” As I read the article and the quotes from PNC CEO Demchak it became more telling how bad leadership at USB really is. He lays out more vision in a newspaper article than anyone at USB can lay out in 10 town halls. Imagine working at a bank led by a banker, one who grew up at JPM under Jamie Dimon, versus USB led by former McKinsey consultants and spreadsheets.
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I’d not admire anyone who worked for Jamie Dimon. JPM Chase is not a model to look to at all.
As an employee of USB I hope nothing but the worst for GK and her team. Truly horrible leadership.
Look at the USB leadership clownshow, celebrating projected 3 - 5 percent annual single digit growth, trending to the lower end and they are touting accomplishments and rampant success, while the competitive banks are boat racing USB in all business lines, while USB is selling its mortgage portfolio and its automobile loan portfolio to make a number to wave in front of shareholders.
The high value merchant relationship portfolio at Elavon/MPS has been decimated and loses a high value customer every week, a high value referral partner every month, all attributable to sloppy and inexperienced leadership more concerned about traveling the country than making money, building shareholder value and growing at the same rate and levels as the competition.
Don’t forget about BMO either…a larger company from an international perspective, with an insatiable appetite for growth.
Firstbank employees be very cautious of what PNC is going to do when they transfer your stock. When PNC bought National City we lost ALL of our hard earned stock. PNC is only about numbers they don't care about employees!
@eg look where WFC is now… growing, out from under the government, they are and will kick USB’s a-s in the twin cities moving forward
“ Imagine working at a bank led by a banker, one who grew up at JPM under Jamie Dimon”
This part made me laugh. I spent years listening to my coworkers at Wells Fargo complain about being led by one of Dimon’s flunkies. The grass is always greener.
PNC knows they are a bank and is looking to grow banking. We seems to want to be a payments business that wants to have some banking too.
Just look at the new strategy that came out a month ago or so.
Organic growth, expense management, something about payments.
And then her leadership for the other leaders is to think big.
The best leaders are those who came from the ranks of individual contributors and did the job themselves. "Dungeon" is not that. Neither was Andy. Richard was much better.
How very inspiring. (sarcasm)
More like how empty.
What cracks me of about the idea of having companies like McKenzie is that leaders at the low level are expected to be experts in their role. In their craft.
But for some reason executives are allowed to not know what the he-l they're doing, how to lead or how to figure out the journey of coming should take on their own, but instead need to hire someone outside to tell them what to do.
On top of that Mackenzie and similar companies give executives an excuse for when the consultant bad ideas fail. When the bad idea fails they can always say look it wasn't my idea it was MacKenzie's or BGG.
I remember seeing a video of Steve jobs. With all his faults and really bad traits, he did mention once that he would never hire consultants. I think he said something because he knew that how fake and clueless they were. I mean think about it these consultants almost all of them go straight to consulting from college. None of them have worked a real job in their life.