Okay, they can blame inflation or supply chain woes, but the problem is that this leadership never realizes some of its own mistakes that had a negative impact on the company. If they don't admit to their mistakes, how will things get better here? Impossible.
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The above post on Robles is so accurate! I’ve been saying for years he is why we are in this mess. Parker was not the right person to get us out of the mess. Peacock is trying but he is falling short and expanding eligibility is not the way to get us out of the mess. I can’t imagine the regulators would even allow it frankly. Does anyone know how much longer we will be under the consent order?
Confession time: I almost considered Wayne a friend many years ago when were a couple of mid-level guys. I thought he was reasonably smart, but never thought he (or I, to be honest) had the brains to run a major company like this. It appears I was correct. I retired from another company and now will watch my old company go down the tubes.
Risk and compliance executives are all clowns. Can anyone think of significant expertise that they have shared that's actually furthered risk management?
USAA made a profit during the Great Depression, countless recessions, the Great Recession of 2008… and suddenly inflation, interest rates (which historically are still low), and supply chain issues cause the company to lose over a BILLION dollars. 🐂💩. USAA suffered the first loss in a 100 years because of mismanagement starting with the decision to replace USAA executives with failed executives from big banks. Joe Robles gets the credit for that. In 2008 he began bringing in executives from the big bank. The same big banks that were taking bail outs from the government because of management failures and greed. For a while there were executives sitting in offices with no work waiting for USAA executives to be “retired” or reassigned to non-executive positions. Joe also gets credit for silent layoffs and outsourcing call center jobs to inept 3rd parties. Joe masterfully and fundamentally changed USAAs culture while smiling and telling employees only the things he knew they wanted to hear. The Bank regulatory fines… also Joe. Joe believed executive MBA professors who taught him that if “your not growing, you’re dying.” So he launched his expensive and failed “Big Red” advertising campaign and expanded membership eligibility. The rapid growth without guard rails caused the bank to become a “Big Bank” without the required compliance checks and balances regulators apply to “Big Banks”. So the regulators moved in and USAA paid substantial fines. Stuart played from Joe’s play book, but had none of the charisma or leadership skills Joe had, so he failed. Wayne is in over his head and has surrounded himself with failed big bank executives who are doing exactly what they did before coming to USAA. Enriching themselves, dismantling and selling assets. Outsourcing to jobs,, treating employees as disposable Human Resources who are required to do more with less and can easily replaced with less expensive, less seasoned, less knowledgeable third party contractors. They problem… You get what you pay for. Member satisfaction is at an all time low. Member retention rates are slipping, employees are leaving and the association takes its first loss in 100 years. And now… there’s no one left that truly embraces USAAs mission that can breathe life back into this sinking ship. Wayne and Board are incompetent so things will continue to get worse and more layoffs are coming
We know what it means to get served