Instead of having every employee living in fear of losing their job and wondering if it’s there area on the chopping block next. Why not just ask for X amount of volunteers and give them a full years salary as severance plus an additional 10% as a thank you for volunteering. Or is Wayne afraid that the wrong people will volunteer and he’ll be neck deep in sh!t creek with his mouth wide open? Or is that too humane for Wayne to do? Bad enough every executive has a 7 figure compensation if they were to resign, Stuart Parker got almost $7million in severance when he was ousted, oops, I mean “retired” to spend more time with his family.
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The written severance policy found on the USAA internal site @ Go/Severance is very unclear .... Does someone accurately know what a current FSB employee, that has been employed for 2 years, would receive as a severance package? (Is it 4 weeks... is it 2 weeks per every $10K of salary ... or is it something else?)
You bank folks have it made. Thanks to the regulators, you get a full year severance regardless of hooch time you were here. A teammate of mine got laid off and he was just with us four months! I want some of that!
I’m in a salaried role supporting credit cards, I’ll take a years salary upfront and apply back in 13 months, I’ll go work as a contractor for Wells Fargo making $35 an hour or a bank teller at the credit union up the road from my neighborhood.
Isn’t that what all those end of year retirements were?
I would like to think that back in the day when Joe Robles was CEO, voluntary layoff with severance could have been a viable cost-cutting solution. Good luck thinking that somebody who never served in uniform like Wayne would give that a second thought. Wayne is a disgrace that should resign immediately. He would get a golden parachute anyway and at least he could save face before becoming the ultimate pariah in the history of USAA CEOS. Somewhere Bob Davis is having a good laugh for himself.
Wayne doesn’t have the stones to offer that, he knows damn well that the workers who do all the grunt work will bounce, leaving him SOL. There people in my area of bank making well north of $100k, guarantee majority would volunteer.
For the ones dogging the post and saying “ask for a million,” you know bank employees get a years salary as severance, so asking that is not reaching in anyway. I work in the bank and would gladly take a year’s severance right now, knowing I can no longer be fearful and wondering if this is the day I’ll get a notice. I’m a lead in my department, so give me that payment and I’ll go work at the Chase regional office thats 2 miles from my house.
Shoot. I’d volunteer and take 6 months severance. 3 months. And I’d do it with a smile.
I am pretty sure other companies do that! So it's not an outlandish idea.
Why stop at a year's severance plus 10%? Just go ahead and ask for a cool $1M to volunteer. Go big or go broke. Or just go broke when USAA kicks you to the curb.
He-l yes I’d take that. Knowing they gave me a choice and not have to sit I fear everyday if this is the day we’ll get a notice. Pull the bandaid, take the lump sum $84k payment and I’ll go work at another bank for $22-$23 hourly.
lol. you smoking too much weed.they said this is not happening and why would they need to? people will leave with RTO coming in sept so no sev is needed. dream on
I’d take it, I make close to $93k, give me that in 1 lump some, I’ll go work at Starbucks after I take a 2 week vacation. Starbucks down the street from me is hiring at $20 hour.
This was asked in ECIO Q&A. They aren’t doing it. No comments other than “Nope.” So I wouldn’t count on if.
This is a fantastic idea. I can imagine a good number of people would go that route if offered.