Message this morning “we will make do with less”. People are stepping down for personal reasons or perhaps they’re burned out. They will not be replaced. They will be absorbed we will make it do with less. How does that make you feel?
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Kelligrew spoke very honestly to his senior leaders about his reasons for leaving - which were all personal. The guy is a total genuine class act and anyone that worked with him would agree. Can’t say the realignment makes sense, but his exit was his choice.
I think one of the biggest mistakes Andy has made is replacing US workers with contractors in India. You might save a buck in the short term but long term it has turned out to be a disaster.
Who GAS whether they're elated or not? That's not the point of this thread.
Do folks actually think any managing committee exec who’s pushing 60 isn’t going to be paid a lovely retirement package that anyone else would salivate over? Like these folk’s lives just got a LOT less stressful, and while they certainly may not have as much money as AC or Dolan they’re definitely going JUST FINE. (Better than any of us will to be sure.)
They’re both laughing all the way to the bank even if they were both pushed out. (In which case they’d also get A VERY GENEROUS severance.) Rich folks don’t work until they’re 65 unless they really want to. Anyone who thinks those two are anything but elated right now is kidding themselves! Their lives just got a lot better.
Haven't we also gone down in our rankings since Andy took over? I seem to recall that but I could be wrong.
"Quinn and Kelligrew were close to retirement age and likely multimillionaires. Why would anyone stick around longer in that case?" This reasoning is not sound. If you follow that logic, AC is 62 and Dolan is 63. They are both older and presumably wealthier since they've been with the bank a lot longer and have higher comp levels. Last I checked, they're both still there (unfortunate though that may be).
I think the point of this thread is that USB suffers from severe ineptitude in its senior and middle management team and under AC's disastrous leadership has obliterated the previously industry-leading financial quality and reputation the bank once enjoyed. The most recent promotion of Gunjan leading a huge business line she has zero experience in is a perfect depiction of the sad and pathetic echo chamber Andy must live in.
AC should be fired for his clear lack of financial performance. After 5 years, he has nothing but wreckage and a trail of terrible decisions to show for his tenure.
Quinn and Kelligrew were close to retirement age and likely multimillionaires. Why would anyone stick around longer in that case?
Doesn’t mean anything good for these folks orgs with new leadership, though, I don’t think. Quinn’s org especially - definitely bloated in some areas. All about the “efficiencies” now.
He is both incompetent and running the bank for his own financial gain. Those aren’t mutually exclusive themes. But as evidence of his incompetence I would emphasize the stock is down 40% since he took the helm so there is clearly a mismatch between his goal and abilities. He is an astonishingly poor leader with demonstrable terrible performance and the board should fire him. Period.
So with all that said...what do you think Andy's end game is? Is he just incompetent as a leader or do you think he is purposely ruining the company for his own financial gain?
Look at the largest institutional owners post Berkshire exit, J.P. Morgan Chase at number 3, MUFG at number 5 and Wells Fargo and Company at number 10, these guys are laughing out loud as they roll up to the annual shareholders meeting and in my opinion, the leadership at U.S. Bank is not anywhere near the level it was when RKD was at the helm and the efficiency ratios and return on equity were in a class by themselves, now U.S. Bank is quite pedestrian in its ratings while banking leadership, talent and serious growth makers continue to migrate to New York and Charlotte. Today's announcement clearly shows you why.
Does anyone really believe Kelligrew or Quinn left on their own? Seriously? Someone needs to explain to me how Gunjan Kedia is qualified in any way, shape or form to lead one of the largest commercial and corporate banks in the country. She is not even qualified to lead wealth. I cannot think of any large bank that rolls wealth and commercial banking under a single LOB. Kelligrew was the only VC left who actually had operating experience running a commercial bank on AC's executive goon squad. Something is seriously amiss a this bank and I cannot for the life of me understand how AC is still the CEO.
Under his leadership, the stock is down 40%. Buffett sold out of his equity stake. The bank has lost significant talent in the past few years under his reign and promoted countless unqualified senior leaders -- the more unqualified, the better apparently. The operational and financial performance leadership USB enjoyed versus their peers under RKD is long gone. Add to that the fact that USB has not grown at all in any of the major CA markets since the financial crisis and had to buy Union to increase market share since they were unable to do so organically. That acquisition will turn out to be an unmitigated disaster and they've already seen top talent and teams flea to competitors. This most recent move to put a huge LOB under a leader with zero -- ZERO -- operating experience in commercial banking should be the death knell for AC. I cannot understand how shareholders don't rise up and oust this toxic and incompetent leadership team.
Or this is the precursor to a sale...there is no other way to make sense of this mess.