Just heard the rumors, second round of layoffs are coming shortly… possibly in September/October time frame
This is going to be a huge one..
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It everyone has access to CIO emails. But the CEO did say today he’s more layoffs will happen.
Yes, there will be more layoffs in Sept/Oct.. Pay attentions to the CIO emails which has all the hints
How much they give in severance package ?
It finally hit the SAT news today. Unfortunately, the company won’t admit how many were effected. They may not be done? Anyone heard any numbers??
I heard today from a P&C source there is going to be another round of layoffs after this one. 😢 They didn't say which part of the company.
"Eagle Day" is just like an Amway rally. If you've ever been to an Amway or any MLM rally, you'd see the similarities. It's like a cult-based rally to congeal around a message. 99% of companies out there don't do such things as they don't need to shove propaganda at anyone. Most USAA employees fall for the Eagle Day or similar type of "mission" based messaging. They think they are responding to some higher calling to "serve." Eagle Day started getting rolled out as employee morale fell badly and attrition numbers increased drastically in the past 2 years. USAA HR and management think that if they rope people in using "Eagle Day" tactics, then the employees will feel their "mission."
Wait until the employee are REQUIRED to drink the koolaid later this year and go through what they call "Eagle Days". So cringe...................
Its confirmed in P&C, Bank, and ECIO. Just check the USAA Worker/Retirees Facebook Group. You have to apply to join the private group but I can confirm that its Enterprise wide. There are alot of Change Mgmt and Communication, Process Engineerings, Mortgage Underwriting, Research Engineer employees.
So if a bunch happened this week, are there more coming in Sept/Oct?
LOL!!! Yes, it's the non-military employees who drink the "mission" Kool-aid. I had a guy on my team, a former Captain in the Army. He hated the "mission" bs. He said there are so many non-military employees who think by working at USAA, it's akin to being in the military. Yes, I get it that the company was set up by military officers. But today's USAA has LONG evolved from those days. Today, it's just another insurance company or bank, and not an amazing one at either. The problem is so many employees are extremely insular, siloed, and have not opened their eyes widely to see the company they work for is just another for-profit company. If they learned to see this view, they would not drink the "mission" Kool-aid as much. It is at moments like this when there are layoffs, that people should OPEN THEIR EYES and see that it's just another for-profit company. When the numbers don't add up, you're kicked out. The ongoing "mission" propaganda Kool-aid is very toxic and cruel to the employees as they are misled to think the company actually really cares about them and they feel they need to respond by being loyal and stay on at the company even when their pay is not that great or even when they see their co-workers being mistreated or being laid off. The reality is, there are no sanctimonius companies out there. Corporate America is brutal and we are all just cogs in the wheel, no matter what your title/rank is in the company. We are all disposable when the numbers don't add up. Right now USAA's numbers are not at all good. The company is too bloated, too archaic and cannot respond to market forces. It's been that way for decades.
Can anyone actually confirm if anyone outside of BANK has been affected at this time with this current round?
"The Mission." Hysterical. I served 20 years deployed several times. My credit union and Allstate worked fine. They have follow the same laws for deployed service members as "noble" USAA does.
During my time working at USAA I noticed it was the non-veterans who totally drank "The Mission" Kool-Aide. I'd ask the to explain to me the mission and the only thing they had was, "to serve military." I then asked how and they didn't have a response.
@ 2xkm+1i8MhAaV
It IS the economy or rather an impact of the fake economy propped up by stimmies!!! Are you aware of how much USAA expenses are stacking up over the ability to generate sales? Are you aware the mortgage business in the financial services industry has practically collapsed? Are you aware USAA has no differentiation when it comes to banking products compared to a credit union or another bank? Yes USAA is definitely screwed up when it comes to compliance. All of these factors and many, many more are crashing down on USAA and the employees are paying the price by losing their jobs.
Why does USAA keep that albatross monstrosity of a campus in San Antonio when it's mostly empty? Employees don't want to return to the office anymore. They prefer to work from home. They have showed how effective they can be working from home. Why not liquidate and find a smaller building? Think about the amount of overhead $$$ to maintain that mostly empty campus.
USAA is making its employees attend a bs propaganda event called Eagle Day to stir people up to the "mission" aka Koolaid. Employees are poisoned to think they are on some glorified "mission" to provide services to the military. Employees are poisoned to have a warped perspective that USAA is some sanctimonious company ready to USAA do anything to is the military members. In reality, it is just a for profit company. It sells products that are often quoted at higher prices than some competitors to the military members. Employees don't seem to understand the military members are just ordinary customers, not some knight on a charge. Most employees have lost their perspective about real life as they are so poisoned by company propaganda. It's just a company selling products to customers who happen to be in the military. Nothing special.
P&C Digital, especially P&C Digital Claims is totally oblivious and dysfunctional toxic. The group is led by lousy arrogant EMG leaders who think they are invincible. They keep their employees in the dark about what is going on as people are getting laid off across the entire company.
I'm not surprised, it a totally mismanaged organization. It drinks it's own Kool aid and as a result is blind to reality.
They really need to look at the number of third party IT. It is massive, like 13,000. No one really knows what they do aside from soak up cash.
I left a year and half ago after 14 months. On month two it was crystal clear it is a rudderless ship.
Good luck!
If USAA wants to save money they should do away with the double bonus for executives. Execs get the employee bonus and also executive bonus. It increases at each level with SVP's getting the equivalent of their annual salary as executive bonus. That's why they backstab so hard for advancement.
Not surprising. USAA was in serious trouble in 2018. Executives knew then that turning around the bank couldn't be done in the timeframe needed. It's impossible to get anything done there. Executives brought in are just there for the money and see employees as disposable property.
The sad thing is I have a friend on a team that is being cut and just a few weeks ago leadership told the team they had nothing to worry about and their jobs were safe. Now they are being cut. Guess leadership isn’t required to follow the honesty and integrity core values.
Yes I am also one that has been cut. Been with the company over a decade and the delivery of the news from leadership showed no empathy. It sucks for sure. The company’s empathy for employees continues to decline. They continue to hire external leaders that will leave the company in a few years yet continue to fail those who have been loyal.
So far it’s just the bank and just on 8/10. Still haven’t heard anything else but nervous now there could be more after finding this thread.
Yeah they just laid of a 20 person team and more at the Bank in business risk & controls! I don’t think it’s cause of the economy though. They are worried about our current risk & controls program and them not being good enough causing us to get hit by another consent order by the OCC/major fines!!! They are re-structuring for a good person so we could have a good risk program since what we are doing rn is not working lol
There's a few people on linkedin posting they got the 60 day notice. Cuts are across the board looking to streamline things.
Unpopular opinion but these are necessary to maintain the health of the company. Our products and bank offerings are not competitive at all and our expenses are out of control.
This is why I can’t stand USAA!!! They never take care of their employees. They use them and then discard them like used paper!
Linked In must be burying that info. I looked and did not see anything.
LinkedIn posts are confirming a mass round of layoffs occurring.
Real Estate laid off a whole team already and underwriters are being let go this week and we were told basically no one is safe, loan officers, processing...we just had a zoom meeting yesterday with our managers who told us what was going on and everyone is freaking out.
The layoff is happening right now in all departments, all COSAs, and all levels. Some departments are more transparent in talking about this layoff that is happening. Others are not and have kept their people in the dark. Expenses are too high and the company needs to cut headcount, project spending, etc.
Yup. I was given my 60-day notice this morning.
Just curious as to where you got the info. That and what areas are do you think are being slashed?