Andrew “Greedy Andy” Cecere Sells 84,948 Shares of U.S. Bancorp (NYSE:USB) Stock in a transaction dated Monday, December 12th 2022. Could this be a sign that even he knows that his bloody reign as CEO has run US Bank into the ground?
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Wonder if the bank has any exposure to the investigations regarding WhatsApp the texting and VoiP solution from Meta that doesn't get picked up or recorded like the Teams solutions do on the desktop, the cooperation mentioned investigations, plural, let's see if we get any reorganizations this month in the run up to the settlements being announced.
https://www.marketwatch.com/story/u-s-bancorp-says-feds-weighing-enforcement-action-on-prepaid-debit-cards-used-for-unemployment-insurance-payments-d830da0b
These guys know the hammer is coming down hard on the prepaid card businesses, shortly after the CFPB fined U.S. Bank tens of millions last year for issuing credit cards for people that did not authorize them. This should be the absolute last straw to now jettison the poor leadership in the payments business unit in favor of people who have a real background and measurable success in the payments business.
U.S. Bank will do whatever the consultants say, but in my opinion that is why the bank finds itself is another regulatory sh7tstorm in the first place.
He came, he stuck it in good, and now he is pulling out.
The only people who still think USB is a great company are the goofy cheerleaders here.
That is roughly $5 million dollars - that is a rounding error for him and nothing to draw conclusions on
Warren Buffett and Berkshire exited USB during 2022, dropping 71 + million shares down to a paltry 6 million shares, USB's best days may be behind it and when executive leadership has no personal investment confidence in the future of the company, it's an even harder sell to other institutional investors and USB employees to buy into the future of USB. In my opinion, most of USBs issues going forward are the wholesale lack of leadership with a depth of experience in their roles. Too many box checkers, bean counters and regulatory wonks running what should be a big time people business.