Please share if you know anything.
15 replies (most recent on top)
Yes, be ready for big layoffs in Bank and P&C.
Shut up
As a manager in the call center, I have 12 direct reports, and it’s a challenge. I can’t even imagine having almost 25 direct reports, I hope that’s just a rumor because that is 100000% madness and whoever’s idea that was should be let go for just even suggesting that.
Large round of layoffs impacting P&C soon
This was all set in motion last January when Mike Moran announced the change in bank severance to minimum 26 weeks and max of 52 weeks, depending on your tenure. A lot of remote leaders will be let go in the next few weeks and there teams will get merged, those leaders who survive, will have anywhere from 20-25 direct reports.
Bank will be reducing its head count between 5-7% by end of Q2, expect the first big hit to be sometime in February. Explains why there is a ton of stress and low morale in the BSB halls.
Big cuts coming in Q1 and Q2 in P&C.
@OP start recording your conversations with your boss and ER. You’ll need it for arbitration.
They aren’t focusing on layoffs anymore. It’s terminating people for cause (for very bogus reasons/shaky reasons).
the bank has been mismanaged for the last 10 years, board of directors cared more about growth at the expense of compliance while trying to compete with the big league banks with high school level players. Also didn’t help that Wayne surrounded himself with fired executives from WF & BofA, which only made the bank worse during their tenure. I wouldn’t be at all shocked if the bank is sold in the next few years, if not sooner.
People-leading Directors in P&C are the next target.
No job is safe in the bank, even call center reps have been laid off, friend of mine was a Sr and she was part of the layoffs back in October. If you can get into MVO, do it asap as that new area seems to have some job security for the next few years.
@bw this is true, my director said he is having to reapply for his job and our team is getting split up.
The worst kept secret is the massive restructuring Bank will be going through which will be announced by end of January, and that’s going to lead to massive changes with every back office/non member contact team. If you have a remote leader, USAA will probably use this as a way to let them go. This restructuring is basically the BOD’s Hail Mary attempt to salvage the bank, if this fails (like the last 3 have), don’t be surprised if the bank is sold off in the next 2 years.
Bank PMO, if you even call it that, will have 5% reduction in force by end of Feb. HR is finalizing terms and conditions right now.