Thread regarding USAA layoffs

AML hardly works one hour per day.. some people have only one case per day, why keep so many people around?

Some AML people are just sitting at home and barley working

AML has hardly any work, most people have one case per day, if they don't get rid of people, they are wasting money

AML was purposely over hired to resolve the compliance issue faster. Once the issue was under control or resolved the extra staff would be let go.

Nope. The bet is the "top performers" with "bloated salaries" that gets let go first. An observation from linkedin is a certain posting of a vid saying that businesses should fire their top performers because they are hurting the rest of their teams...some Gary V indoctrination liked and followed by the firing squad (just go look). Junior sheep have every thing to prove and cheaper to keep.

Enterprise Risk and Compliance- previous poster was not far off the mark as incredibly dysfunctional. Right there next to the business leaders sweeping things under the rug.

What is ERC?

Ex-ERC here - AML strategically overhired to make progress on the significant backlog they had of cases and SARS. When you hire 1,200 people, it’s because the OCC told you to.

It’s a matter of when, not if. When could be now, EOY, or when the consent order is completely free and clear. If you work in AML and you’re doing something that has “an end in sight” or easily automated - you won’t be working here in that role for the long term, I can tell you that.

Any fulltime WFH not within an office probably will not be here by December.

Well someone on Fish Bowl just commented that they heard 300 in ERC will be laid off soon.

Massive AML impacts before end of year. I’ve said it since March.

They over hired. Strategically are moving to an automated solution. Have too many governance and oversight layers that duplicate one another.

When they rushed to hire, they weren’t aligned with compensation standards - so they are bloated for pay.

If you have an opportunity to jump ship - jump.

If so, I would assume it would be the lowest producing ones that go first…

Until they get lift on the consent order it’s unlikely. Submission of evidence and audit validation have to happen before the regulators will even look at it.

I thought the consent order specified certain staffing levels when it came to AML/KYC, etc

Enterprise AML, Bank AML, or both?

AML is rumored even though at Bank Town Hall they said bank didn't expect any more layoffs. Any other "tightening" would happen with attrition so I'm not sure what's going to happen. Rumors are something big coming next week. I'm seriously wondering if it will include an office closure notice.