I’ve heard rumors from external sources that these USAA mass layoffs (specifically the Bank) is in prep for some kind of merger or buyout. I know it’s a rumor that’s been around for a while…. Anyone have any info there??
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Unless you are in the executive committee or board no you wouldn't be privy to that info at all
I work in the bank as well, and with the way things are going right now, nothing would surprise me.
Not happening. I work in the bank, and would be privy to that knowledge.
Member eligibility expansion and deepening plus new products is the focus vs. the OP
I'm not sure a buyout/merger is even possible due to the way USAA is structured.
Yep, I heard we're merging with Geico and will now be called GUSSACO. Our mascot will be a Gecko wearing a Gronk jersey and being even more confused about eligibility.
The Bank was profitable last year. Let’s go sell the area that is actually doing well
When EJS was around, that’s how I first heard of Victory Capital, then a few months later, it’s announced that VC has purchased the asset management accounts for $800 million. Same thing with Charles Schwab, heard it first on EJS, then a few months later, it’s confirmed USAA sold off their investment portfolio for $2billion.
No, just a rumor. They are working to modernize a lot of their stuff with the intention of being able to pass audits and create efficiency. There are many long term goals for bank. Granted there will still be struggles as moral is now lower than ever and good employees still left across USAA as a whole are dropping like flies…
Yes. We are merging with Progressive, effective tomorrow.