No one should be shocked by the mismanagement you are currently witnessing at the highest levels at USAA. The $4.6B revenue swing from 2021 to 2022 is a colossal failure on top of the company losing $13B in net worth. That loss in net worth is roughly 1/3 of the company's net worth in 2021. How does that happen in one year unless there is complete incompetence in management at all levels of a company.
I'm fairly certain that wasteful spending played a big part in these losses. Look at the money that was wasted on the downtown offices. One Riverwalk was never filled to even 75% capacity before COVID hit and had been open for 5 years. And if you are an employee and never visited the downtown offices, you never got to see all the other money that was wasted. Instead of doors that secured with proximity badge readers, USAA installed turnstiles on EVERY single floor in both downtown offices where there were USAA employees. At the time that seemed strange and somewhat surreal because it appeared that there were as many or more USAA turnstiles downtown as there were at the home office. But it was definitely a huge waste of money now in hindsight. And who knows how much other money was wasted on the downtown offices. While that doesn't account for all of the $13B lost in net worth it does seem typical of the type of mismanagement that got USAA to where it's at today.