I looked up some folks in Bank and it looks like the whole org chart has flipped and flopped around !? Can someone with intel and good grammar please provide a summarization - include the good, bad and what else to expect? Feel free to include personal feelings ( I sense some ship jumping too)
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More work in my area is being shuffled off to 3p. I would say my area but that might give me away
I heard it was multiple Bank scrum teams. The number I heard was large (6;teams with only 1 left behind; that leaves a bare bones team behind). But then yesterday, I received an email from a recruiter I have never worked with (so not as confident in his message) that he was contacting me and other professionals about a large USAA hiring campaign. I had been getting recruiter messages for over a month now asking for ex-USAA to rejoin. Definitely mixed messages. SMH What is happening?
Last week, an entire Bank scrum team vanished almost overnight. They were all spread throughout the company…. otherwise would have been laid off. Not a good sign.
It takes time to sell off an asset. The first step is to stop the money investment (innovation, letting employees move on, no more upgrading infrastructure and tools, etc.). In this time period, they are probably getting tax breaks for losses. I have seen employees who stay on, keeping the lights on. A lot move on (and I've worked again with the employees who kept the lights on, so eventually even they move on). Sometimes the last of the staff remain to transition the business. Eventually, it sells.
I do think what the previous poster mentioned is on point. Refocus and simplify, start healing the old "bleeds", and get strong again. Citi is culling from the top. So nothing would surprise me at this point.
Selling the Bank would be helpful for refocusing the company and simplifying regulatory requirements, but it's a strange time to sell a bank given what's happening in the rest of the banking world. Nobody is going to want to pay a premium for a bank at a time when there are so many opportunities to grow market share at a discount by acquiring banks that are in solvency trouble.
And ripping that band aid off would make it harder for Wayne to continue his "everything is awesome, pay me more" tapdance.
Time will tell...
Certain areas of Bank seem to be in the process of being dismantled (with a skeleton crew left). I don't know enough yet to say if what is being dismantled will be put back together (with different teams) at this point in time. I do know from being personally contacted by multiple recruiters that USAA is actively hiring for multiple positions (Sr Data, Product Managers and Developers). I don't have the bigger picture yet, but something definitely is happening with a lot of change. Last time I saw the at a different company, the area impacted was sold off.
Reorg