Are our leaders taking any steps to prevent the exodus of our top talent? This has turned into an alarming brain drain. If things keep going this way, it won't be long before anyone who has stuck around for over two or three years will be considered a seasoned veteran.
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@3ldp - You probably should think these things through before you post them. Ask yourself, for example, why Corp Trust & Custody is a major driver of NII? Those are ALL client assets, and those assets need to be invested. Many times these funds are invested in external assets, but Investment options also include USB deposit vehicles, CD's, commercial paper and cash. Any purchase of a US Bank vehicle in a customer's account will obviously effect the balance sheet. If you think that deposits only occur in a branch, then you don't have nearly as good a grasp on the business as you appear to think you do.
@2don: client assets aren't placed on the bank's balance sheet. Client assets are not bank assets. Net interest income is the interest payed on the bank's balance sheet liabilities (deposits) vs. the interest received for the bank's balance sheet assets (loans and the bank's investment portfolio). Customer assets are not included in the estimation of NII. You are incorrectly throwing around terminology and muddling concepts. If you are interested in this sort of thing, I suggest you take a class in financial statement analysis or even asset/liability management.
@1gqz - Going to have to disagree with you there. There are opportunities to place client assets on the balance sheet in these environments. The bank is notoriously parsimonious when it comes to yield asks, but it can be done. It takes a good, experienced relationship manager to do it, and those are seeking greener pastures.
There are a billion people in India. They probably figure they can find smart people for less than 1/5th the cost of a vested US Bank employee stateside.
To the comment regarding deteriorating NII. This metric is not a result of talent, work ethic, or ideology. While agree those are important aspects of a corporate culture, NII has been deteriorating largely as a result of the current operating environment. Any time there is an inverted yield curve, as we have had for the last couple of years, a financial institution's NII will come under pressure and decline. USB included.
If you want to make a case for the need for improvement in the overall culture, fine - but you do your argument a disservice by stating irrelevant connections.
Brain drain? Seem sort of full of ourselves to think there was much to drain.
Prevent brain drain? They'd be making a positive move if they could even slow it down.
They're actively encouraging brain drain by limiting remote work.
Ageism is alive and doing very well in management today.
I honestly want to see what happens on the 23rd floor. Personal space seems to be still assigned there and that’s very discriminatory. Someone needs to go in take a video and post it so we can all sue Andy for discrimination.
They hate long term employees because they are too expensive. Leaderships goal is to drive people out before their 5 year anniversary to avoid pension and 401K payments. All AC cares about is the stock and paying the stock holders their dividends. This company is a sad shell of the bank that Richard Davis built. Employees mattered then, now they are nothing but a line on the wrong side of AC’s balance sheet.
None of the puppet masters care. Not one.
they dont care about talent. its all about numbers CEO is a bean counter
Maybe GK will give a motivational speech.
It doesn't matter. They will expect the managers who lost the talent to "lead and develop our existing talent". Senior leadership does not care. They only care about the investors.
The C suite does not care. The stock price today is their number 1 priority. Everything else can be swpt under the rug until it can't. Then there will be a rotation in leadership and the new C suite will be pretty much the same way.
In my opinion U.S. Bank and Elavon leadership could care less about the talent, work ethic and ideology that it takes to build, run and grow a big bank and a legacy payments acquirer, fully evidenced by deteriorating NII across the bank, two recent visits to the OCC/CFPB in the payments space and the significant loss of market share in the acquiring domain. But when U.S. Bank signs a referral agreement with an acquiring competitor, you realize it is more important how it looks than how it really is.