I am still looking for the "clam" and the pearl that comes with it .. where
39 replies (most recent on top)
spot on... when will be the next round of the Storm ?
Except for a few, honesty and compassion is currently not the USAA way
Amala hinted the layoffs at the last townhall when she said 10% cost reduction. It was asked during the recorded podcast whether or not FTE's would be cut and she deflected to answer that question saying that there are other ways to cut costs, for example unnecessary projects. Weeks following that, our leaders told us that the cuts would be in project funding and contractors and then bam - entire teams laid off. Well, as long as there's good severance package and declare it as a real layoff due to the company's financial hardship, I guess that's better than Amala's personal achievement that she could use to apply to another company. But wait, I suddenly remember that in most category, Wayne's metrics and scorecards that he shows during townhalls are "green". So how can that be?
The new CIO didn't even have the guts, compassion or leadership to make the announcements herself....had her longer termed CTO do it while sitting in her ivory tower. Save the worker positions and get rid of these clueless and unqualified overpaid executives. They contribute nothing.
475 FTE’s and about 1000 Contractors is what the final numbers were. I was part of a wave of 300+ last October. Put in 24 years. I took the severance and ran. I worked for a Sr. Exec and could no longer stand to see the mismanagement and shady dealings.
All the layoffs while Amala pressures people to hire her under qualified friends. So sad to see great talent thrown to the streets while clueless execs keep getting hired.
EMG power play. Part of the final transition to a large bank like JMPC, BOA, Wells, etc - Execs start to rule out of fear. I'm assuming constant layoff waves by the execs as BAU.
We don't want "candid conversations", "Many pointless Townhalls". What we need is compassionate leaders.
How about aml and kyc????
Since USAA broke their own protocols and changed leadership from prior service to civilians and the association is moving backwards. We lost pride and the morale is down. Sad to see USAA heading in the wrong direction.
OptA few weeks ago we learned USAA's CEO salary doubled year over year. Thats some hellacious optics I'd like to see more talking about.
https://twitter.com/TheLayoff/status/1641551176079474691
Just got a brief mtg w/ my boss and my team. He informed us we were not affected by these layoffs. I am very sorry though for everyone be they contractors or FTEs for the news. We are in IT, implementing services, claims migration, the GW conversion. Am guessing we're safe for now b/c we can't be let go w/o the whole conversion effort being jeapordized (sp?). So safe -- for now, anyway. Anyhow, hang in there, folks.
Someone on my team who is an fte was laid off. They have 60 days to find new work. Disappointed.
Severance is actually well defined unless you are above AVP. You get 2 weeks of pay for whichever is more: every $10k of base pay or year of service. PTO payout is weird because its not accrued over time. COBRA for medical means you basically have to foot the entire (very expensive) plan cost after the 60 day period.
When Amala made the announcement that she was leading huge layoffs a few months ago I started watching the WARN databases and reading up on what it actually includes. My non-lawyer opinion of the law is that if you give 60 days notice you are exempt from the requirements because you are directly notifying those effected.
So far I've heard a mix of whole team/roles being eliminated and then some individuals within teams also getting eliminated.
So sorry for those that have gotten bad news today :(
I’ve seen that there’s 60 days notice. Has there been mention of any severance beyond that?
Yep, I got the news this morning that they're "eliminating my position". I have 60 days to look for another job. It's finally catching up to USAA.
Anyone in aml?????
Our team was given 60 days. Was told HR will be sending info early next week.
Some of my peers have been getting the call too. So now just sitting here staring at my Outlook. This sucks.
Are they giving 60 day notices at least?
It’s so frustrating to see the people who do the actual work getting laid off when Ámala has hired multiple highly paid executives.
We too have an end of day huddle that is shorter than normal. Got a bad feeling.
I thought TX required warn notices, as the numbers I’m hearing so far are massive.
We have all hands CTXO meeting today and a quick huddle meeting... something big is coming
I personally know executives, management (Directors), and senior level engineers that were informed their positions were eliminated today. It is a sad day. Prayers of love and support to all that are affected.
Got the boot this morning. I was an FTE.
Friend was just layed off this morning at USAA. She is an FTE
I got the invite to tell me I am. I longer employed. I am FTE
2000 contractors but I don’t know how many FTEs.
Sorry to the person who got the invite 😢
I got one of the invites. I should be gone by noon. Good luck firing single source of info. Next week is going to be a bear.
It’s happening today/tomorrow. I’m guessing a 10% reduction in CAO so roughly 500. Mgmt meeting at 8 and then an All Hands meeting at 4.
IC is individual contributors, so non mgmt
What are IC's?
It is Tomorrow.Leadership meeting with all management at 8am to 9 in ECIO.
Happening in other cosa tomorrrow to?
Heard that they have started, with them targeting management tomorrow (3/30) and IC’s Friday (3/31). Fair seas and following winds my friends, see you on the other side.
Just heard they are supposed to announce something either tomorrow or Friday. We’ll see.
I heard a rumor about an announcement this Thursday (3/30)