With the acquisition of Union Bank, are there any RIFs expected? Usually with M&As, leadership inventories human capital and cuts out redundancies…
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What? There aren't thousands of jobs to fill at US Bank? The pot of gold isn't on that end of the rainbow? I'm shocked!! LOL... They seem to be worse than the old slash and burn acquisition banks of the 1980's...
Massive cuts to keep the efficiency ratio intact. UnionBank and US Bank will lose a lot of people. How desperate were both sides to do this deal even with a Cease and Desist Order? All this and Andy’s… Life will go on attitude will continue to be thrown in our faces as people lose their livelihood. Both CEO’s of these companies are despicable.
I wish I could post a giggling smiley face on that last post!
Wonder whose bright idea it was to acquire that boat anchor? It's probably going to cost more to defend that POS than it could possibly be worth. But someone will probably get a big bonus for the deal and come out a shining "leader" in the end.
I'm just glad I don't have to deal with their mess.
The Office of the Comptroller of the Currency (OCC) today issued a Cease and Desist Order against MUFG Union Bank, N.A.
The OCC took this action based on the bank’s unsafe or unsound practices regarding technology and operational risk management and the bank’s noncompliance with the Interagency Guidelines Establishing Information Security Standards contained in Appendix B to 12 CFR Part 30.
The order requires the bank to improve longstanding technology and operational risk governance, technology risk assessments, internal controls, and staffing deficiencies to address the unsafe or unsound practices.
The OCC attempts to address deficiencies through its ongoing supervision and expects banks to timely correct deficient practices. The OCC will issue an enforcement action against a bank to require the bank’s board of directors and management to correct deficiencies within required time frames.
Don't expect cuts until the databases have been merged. Once complete the cuts will come in stages. Redundancies will be evaluated and political factions will vie for power. Most likely there will be retail branch closures wherever there are two close together. They will evaluate which one is best to keep and close the other. Then there will be at least one Reorg to eliminate the excess FTE.