Thread regarding U.S. Bank layoffs

@1pa Seriously, BL’s job is nonsense. She knows nothing about our business and basically tells us every week about all of her “travel.” I just saw a linked in post about her spending a cr-p ton of USB money at the Miami F1 event. Seriously, that’s a good use of marketing dollars? Who made that decision? Meanwhile, in the market that actually has clients and creates revenue, we are told we have no money for events and can only entertain clients over breakfast or lunch as dinners are too expensive because of wine. Gunjan knows that our business is not performing as it should, but yet allows BL to fly around the country wasting money, DF to act like he is gods gift to leadership, and AP to hide from responsibility. What a frustrating mess.

What is BL’s job? Can someone tell her we don’t care about her news letters including pictures of her new post ozempic body at her son’s wedding? Rome is burning and she and her lackeys are playing the violin. DF arrogance and condescension is out stripped only by his incompetence. He really seems to get off on a good mosaic. It’s just all too comical. A confederacy of dunces

@1hq HDP is gunning for AP, but AP still survives, it’s been a comical year watching those two. Rumors are flying that AP is desperately looking for a new job before he finally gets canned, but every other firm knows that he has run the market into the ground so his prospects aren’t looking good. It’s interesting that Gunjan has no issue laying off large groups of people, but for some reason can’t see that she needs to get rid of BL, DF, and AP. Oh well, don’t worry, the new comp plan for the PWA’s will fix everything!

@1hq seriously, how DF still
Have a job. Comically, he’s in charge of the attrition reduction team.

@OP leadership is private wealth is terrible. Not sure who you’ve met with, but DF at the region level and AP at the local level can’t be trusted. They have lost so many people in the last year, not sure how they still have jobs.

@1bc California is losing whole teams.

@OP Another wealth strategist left in Milwaukee. Anyone who can leave, is leaving.

@OP I would recommend you stay clear of PWM. They spend a lot of time talking about how the client is first, but then leadership leads in the opposite direction. New AUM is the only mantra you will hear as leadership assumes all clients are loyal and will never leave, so no need to focus on them. So many examples of putting the bank in front of the client, but a couple would be forcing advisors to keep money in bank account earning lower yields than money market accounts due to spread the bank earns. The ridiculous fee structure that has “tiers” based upon service level, but has no real validity. Finally, portfolio managers have such large books they need to use a back up trading group that has never met the client, but does most of the actual trading in the client accounts. I wouldn’t call any of this “private wealth” catering to the high net worth family.

I recently left PWM at USB. I was consistently in the top 10 in the stack rankings. You couldn’t pay me enough to stay there. Over $2.2BN in AUM has walked out the door since July. Management will not recognize that the terrible culture which has resulted in massive turnover (well over 25) is the predominant cause. Just last week they lost another portfolio manager in Kansas City. They can’t hold on to their good talent capable of moving money. They typically hire people who have been out of work or are nearing retirement. Unless you have no other way of putting bread on your table-stay far away. Particularly in the middle market. DF is an absolutely horrific manager who leads through fear and intimidation. Just an awful place.

@OP Another advisor in Private Wealth resigned today. I’ve lost track of the turnover over the past year, but the number is double digits. I’m not sure who you have been talking to, but local and regional leadership is terrible and not to be trusted.

@d1 I think taking people at their word on this site is a mistake. Everything needs to be taken with a grain of salt. There are a lot of people who like to stir the pot and troll. But there are genuinely good people here that give valuable information and insight.

The general themes on this site are accurate and provide a pretty decent snapshot into the company culture. Just because you don't like what is said doesn't make it inherently wrong. It's just important to view it through the lens of "everyone sees things different and has varied levels of emotional reactions to the happenings". Like, temper your expectations a bit ya know?

In terms of tech, most regional banks have the same problem, it’s not a disadvantage relative to private wealth at those other places - so it’s all relative. USB problems are more due to inept management and cultural rot at this point.

Using this site to get accurate, honest feedback is a mistake.

As for RTO, expect to be treated like an hourly employee. If you don't clock enough hours at your assigned location each month you will be rated needs improvement. Oh, and upper management just rug pulled the entire company with no notice by changing that requirement from 11 days to some 60% metric. So ask yourself if you want to work for a company where senior leadership is willing to make drastic changes that effect you adversely with no warning while providing as little clarity as possible.

Also, be aware the buzz that the company is trying to reduce workforce in preparation to merge with PNC. More ambiguity for you.

As for wealth management, I'm not sure why anyone would put their money here? This is a second rate bank with no real reputation for anything. Not sure why anyone would bank here when they could bank with say, chase. Also, the indians are in charge now so every position they can justify moving to india is being moved there.

If you accept, use it as a stepping stone to gain experience. Then go make money elsewhere.

@a7 I can’t stand the bow tie guy. His picture alone give me the creeps.

OP, your instincts that you are missing something are correct. Whomever you spoke with was not being forthright with you.

"it appears much of that may be in other business lines", yes, there are issues all across the bank, but it is not limited to RTO. The issues in Private Wealth have been addressed as well. There are simply fewer posts about private wealth lately as many staff got fed up with the bs and exited. Please read more carefully.
"I am being promised a sizable book of business due to departures last year.", that alone should be cause for concern. Did you read about the 3 wealth managers who left to RBC, taking 2 dozen wealthy clients with them? Stating that they didn't like the direction the bank was headed for clients? U.S. Bank v. Kirk, 25-cv-1926 (LMP/DTS) (D. Minn. Jun 06, 2025).
"I have been told that is no longer the case.", by whom? The recruiter? Hiring manager? Technology all across the bank is held together by cheese and duct tape. The only tech the bank has is for micromanagement. Technology in supporting departments is a disaster and there have been layoffs and offshoring all over the place. Technical debt everywhere. Would recommend that you steer clear.
"this site has many negative posts about senior leaders, but the local leaders I have met seem to engaged and ready to support me. Is that accurate?" No.

That office is a mess. Beware.

Most of the good people have left Private Wealth

Don’t expect many referrals - there really is not much of a synergy between wealth management and the rest of the bank and the upper management is likely poor (the bank is run by a McKinsey consultant, wealth management historically was an orphan business line under corporate trust but now is an orphan under essentially a debt capital markets/specialty lending guy with a bow tie). So the problem is that they can change strategy on a time, flood the office with advisors and then cutback any time.