As it says in the title, the company has lost 678 million dollars as of end of Q2 (6/30).
We are legit on track to lose more than last year’s. If you were hoping for some decent bonus… forget it.
Link: https://www.ffiec.gov/npw/FinancialReport/ReturnFinancialReportPDF?rpt=FRY9C&id=1447376&dt=20230630
That’s partially correct, but it’s not from debt or other related liabilities. Like I mentioned below, pg 4 of the June 2023 quarterly Consolidated Financial Statements for BHCs shows an enormous amount sits on line 7d-Other noninterest expense (I said 21.04 billion, but that’s 7e total noninterest expense, I should have focused on the $17.9 billion on 7d.) on pg 6, memorandum number 7, they are supposed to report amounts greater than $100,000 that exceed 7% of the sum. They’re all left at zero in the memo note. So… we have $17.9 billion in expenses and provide no further context?
Page 4 line 12 shows their net income for January through June 2023 which is stated as -678000 (in thousands) so they lost $678 million in 6 months this year.
Page 8 line 1 shows their total equity (difference between the company's assets and its liabilities.) stated at $27.3 billion in the Beginning of the year
Line 15 shows their current equity as of reporting which was $26.2 billion.
Basically the actual value of the firm decreased by $1.1 billion but that could be due to debt or other types of liabilities.
On what page are you seeing the revenue loss on??
@1eum+1ofKatO8
Re: is the Board paying attention, it’s anybody’s guess. I and most employees on this site, Reddit, Glassdoor, etc. seem to believe they are either aware and don’t care, or they aren’t aware because they’re not doing their jobs. All I know for sure is that as a Member, I voted against letting any of them continue, as did all the Members I’ve spoken to…which admittedly is not anywhere close to a representative sample.
Are USAA’s BoD ignoring all these ongoing issues? Heads from the top down should’ve been rolling and not from the bottom up.
Lol funny USAA wants to play bank but cant escape the filing requirements. Not so easy to hide losses now.
what page are you seeing the revenue loss on??
WP needs to give his 157% raise back.
…and that’s just the loss they’re willing to actually admit. What kind of creative accounting is happening? How much of the Members’ money have we REALLY lost?
The EMG and above need not panic. Your CEO/Board guaranteed bonus will still be paid out. The company will take another large loss but the CEO takes care of the most important employees in USAA.
Also didn’t know this was out there. Can someone explain what’s up with that “other noninterest expense” loss of $21.04 billion? The footnote 9, Schedule HI, memorandum item 7 is blank. Is this typical? Last quarter it was $10.11 billion. Or looking at the Performance report for q1, seems the majority ($8.49 billion) is classified within Non-interest Income and Expenses as “Other operating expenses”.
@siq+1ofKatO8
While that may be true regarding bonuses for last year, a $27billion company losing close to $1.5b a year consistently is eventually going to start cutting. First bonuses, then head count or maybe head count first. Only the executives will keep giving themselves fat bonuses. If this company was publicly treaded it would be at all time lows.
And the losses will only get worse once productivity drops from everyone being in the office. The inevitable chit chats, Starbucks runs, long lunches, logging in later, logging off earlier, and other distractions from being cooped up in a cubicle will have negative consequences.
One thing I'll say about the bonus, though: It's not tied directly to whether we make a profit or not. Prime example: We had a 10.1% bonus in the company's most profitable year ever just a few years ago. We had a significantly higher bonus last year (albeit still mediocre) after taking a loss. The performance incentive as it's now known is tied to those metrics on the scorecard, none of which are profit. USAA has also never once missed the Christmas bonus... that said, we've also never had two $1b+ losses back to back. If anything is in jeopardy, I'd say it's the Christmas bonus. I don't have any insider info, just an educated guess.
Individual contributors, managers, directors, and even EDs can't do a whole lot to affect whether the company is profitable. They can maybe influence pre-tax income by up selling members, getting them to buy more insurance, that sort of thing. Executives decide where that money that's earned gets spent, and that, ultimately, is what determines profit/loss. I would expect a blood bath in terms of bonus at the executive level though.
This company is failing
Didn’t know this is available out there. Really troubling and sad but thank you for sharing!
Heck, ill be happy with a 10k bonus this year…