What is going on with the bank?
17 replies (most recent on top)
The clowns running the Bank now are just maintaining a status quo. They cannot simply close down this segment of business. The Quicken deal was the tip of the iceberg for transitioning out of the banking business. They are actively shopping Cards to prospective buyers. This will most likely result in a co-brand relationship.
Auto will be similar, but will revert back to the old Auto Finance partner program.
Deposits will be sold off. They have always been losers. They cannot generate enough business to support themselves.
Nobody gives a sh– about JD Power ;D
JD Power has Quicken Loans ranked #1 in mortgage servicing.
Loans are now performed by quicken loans. They, quicken loans, do not have a good reputation in the refi/mortgage industry. What does that say?
Come on, people. You really think SF has any focus on the bank? They've got the life insurance CEO with zero banking experience as the bank CEO for over two years now. They've invested zero dollars in trying to make the bank competitive in one of the most increasingly competitive industries around. US Consumer Banking. Every one and their mom is eyeing the disruptive opportunity in this space. Apple for Christ's sake is now committed to it. They've got a holdover AVP and his chronies as cheap labor hanging on for dear life because they can't find jobs anywhere else. This clown crew is there to ensure no more cease and desist orders come down from the cfpb. That's it. Theyre too dumb to realize it. The bank is on hold and slowly attriting down to nothing unless some sort of spin off opportunity, that makes sense, shows up. End of story.
@6wvz - That sounds about right. The first priority was to get Compliance under control, hence the high-priced DC consultant they brought in and kept past the original timeline. If Bank were to have been seized by the OCC it would have been disastrous to the SF brand at large, possibly causing significant Auto and Fire policy loss as collateral damage.
Priority two was reducing headcount. The previous regime overhired to a comically unsustainable extent. The past couple years in Bank have been about triage, stabilizing the patient. I don't think Exec sees Bank as a significant source of future profit. Banking is a brutally competitive business and SF does not do it well. Now it's all about harm prevention.
The writing is on the wall. The bank is a disaster. They cleaned house by ousting all executives but one to satisfy regulators. Now, he is running his cheap posse through the cba joke of banking school to appease regulators that people trained in banking are in the bank. It's hilarious. The chronies are absolute a– clowns with zero legitimate experience. You have to buy time when you're deciding what to do with a brand liability time bomb...
SF Bank is a joke within the corporation at large, but I know of no plans to close it. I wouldn't recommend that anyone stake their career on the Bank, either. There is a certain incompetent holdover AVP and his goofball cronies who run the place (into the ground).
@1dee.....People on this site have been saying they’re about to close the bank for years. But nobody has anything to back that up.
Stay away from bank unless you want severance pay.
They are closing it. Transitionplan for 2021
Bank is rated number one in the country .... keep up the great work
Bank is a joke. Full of clowns. Worst assignment a Leda can get is the bank. The one remaining exec and his posse are too dumb to realize the joke that they are.
Bank is growing
Issuing credit cards
Any word on what will be done with credit cards? Rumor was those are the next to go.
Taking deposits. Making loans.