It has been more than a year since we sold the Bank. One thing I found odd about this transaction is that the sale amount was never disclosed for this transaction. One would assume that because we seemed so desperate to end the relationship that we gave away the Bank at a significant discount.
Fast forward a year and EverBank is performing well. On the flip side, our financials have spiraled downward, and flows are worsening. It has been crickets on whether this transaction has lived up to its anticipated benefits from a TIAA viewpoint.
This leads me to my point, but I’m starting to see that these “major” strategic announcements are just smoke and mirrors. It is almost like we are just throwing these big announcements out there to please Board members and protect EC leaders jobs. These initiatives aren’t bringing any value to our business or participants. It just creating noise and chaos.
It is also showing me that TIAA’s Board and the EC are a hot mess.
EverBank turned things around with many of the same leaders in place. Nuveen needs to do the same thing as their business started going down hill the moment TIAA leaders started meddling with their day-to-day operations.
It is frustrating that we are held accountable for our day-to-day responsibilities but our execs seem to get a pass when their initiatives don’t hit the mark.