I have mixed emotions. For the individuals themselves: my heart goes out to them. But all of 2nd line needs to be wiped out and start from scratch. The few good ones are in a impossible situation.
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hahhahahahahaha
ah yes, our 2001192 consent orders show how well the flod is managing.
By “this week” do you mean the week past (starting 8/14) or the current week (starting 8/21)?
Sadly, they hired people from BAC and Chase that were at those institutions prior to any consent orders being lifted. Folks that were laid off in 2010-2012 that were not part of fixing the problems. They were actually on the teams that helped create the problems.
Then surprisingly, they didn't see a problem with they way USAA Leaders manage risk.
We need SLOD- it is the lack of skills and background in the roles. Nice people, however, many were hired from lower level junior roles at other companies with big names like Bof A and Chase, and were given roles they would never be able to hold there here at USAA. Or promoted through the years starting as MSRs and now in SLOD roles. Hand to heart this is the honest truth. We lack the skillset. Need to clean this up.
Get rid of the 2nd line and then the place will end up in many more consent orders. This is the only place I have seen that needs to have 2nd line so involved in the issue management process. It is because the regulators don’t trust the 1st line.