Welsh and his cronies royally screwed the pooch on the Union Bank merger and got deal ho--y which is the root cause of all of the layoffs. The regulators still haven’t approved it and quietly required USB to ensure no branch closures and layoffs as a result of the merger so USB shifted to laying off everyone else they could in order to realize the cost savings needed to make the merger work. Additionally, the $100 Billion investment they toured recently was actually a forced investment required by the regulators - ethical company my bu-t. They don’t do anything good that they aren’t forced to. The EAF is a sham too as they raise money from employees to help others as opposed to ponying up their own corporate cash. The whole company from AC down through the executive committee cares about themselves and themselves alone.
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Y did union bank employees still have to do training although they received severance packages and were essentially free?
What group and state were the 100 UB employees?
US Bank just told a bunch of Union Bank employees that they are being let go as there is no need for their dept anymore. 100 employees impacted
For those commenting on the dog ex------t show of a merger and the baggage UnionBank has…. There is a rumor swirling that we may be subject to another Consent Order ourselves. The constant layoffs, low morale were most likely going to continue regardless of the merger. Heck we still are having problems with the other acquisitions…. Our so called M&A teams who tout their know it’s all , has finally come to the realization of their lack of abilities.
Remember that USB has zero authority over anything Union does until so-called “legal day 1.” That’s in September now. (So Union folks are not our employees yet.)
And no, we will not officially merge customer bases until 2023 and USB has to prop up the bottom line somehow THIS year because we told wall st. we would be merged this year and that’s not going to happen. So… one of the reasons for the layoffs. (Though not the only.)
The longer this ill-fated journey continues, the worse and worse it gets for U.S. Bank, Union Bank talent, leadership, customers and the valued banking relationship are heading elsewhere en mass to other financial institutions, while this dog and pony show with the federal government and the banking regulators continues to spiral out of control to the sole detriment of U.S Bank shareholders. U.S. Bank leadership should cut the cord on this terrible scenario, call off the merger that never should have been signed, go buy something somewhere that isn't subject to a cease and desist order and is not located in California, then let the institutional shareholders clean out the mess on the top floor of Nicollet Mall and get back to banking.
Isn’t it telling that no Union execs have been named to any of the executive positions or even at the middle management level in any business unit? I’ve heard from multiple sources that they aren’t applying because they don’t want to come to USB. Raise your hand if you’re surprised by that. It will be quite comical once the merger closes and entire teams get picked up by other banks and start picking off their clients. This “merger” is going to prove to be a disastrous miscalculation once the dust settles. Maybe then the board will realize Andy and most of the VCs he’s hired need to go.
US Bank has no clue what they are doing in this merger. While UnionBank has its issues so do we. Executives are trying to pull the wool over the regulator’s eyes and make it seem like everything is going well. We have botched the fintech integrations and will notch this one as well.
This is a failed, flawed and gross merger miscalculation on the part of U.S. Bank leadership, as Union Bank was subjected to an OCC cease and desist order the day the merger was announced, Union Bank's presence is in a geography which people and businesses are leaving, fleeing, within an unsustainable taxation model for business growth and expansion in the Union Bank market demographics. The problems are at the top, not the bottom and the institutional shareholders have to have new leadership in mind to restore their confidence that U.S. Bank can do anything correctly.