We will see significant layoffs in December and then again in b Q1 2023. The Q1 one will be big.
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Better chance than the Texas rain forecast
There are managers who want to fly in people to San Antonio to attend a full day of ra ra Eagle Day bs. It's truly ridiculous considering the costs involved (air, hotel, etc.) for such a Kool-Aid event. In a time when the company is cost cutting, and doing layoffs - Eagle Day expenses are something that should be cut entirely.
Since we just got an unannounced extra supplemental payment, I’m not expecting any negative news in the town hall or employee meeting.
I am interested in what the next town hall or employee meeting will detail. Should be fascinating to see/hear.
Do you really expect the USAA leaders to tell you the truth in an employee meeting? 😅
USAA isn't going to do layoffs every other day but I doubt it's going to be one and done this year or even next. If the macroeconomics get worse, e.g. inflation does not further decline, continued slowdown of the economy, etc, etc., then USAA will have to act accordingly. USAA is extremely conservative when it comes to spending money, This means other than headcount, more project budgets will get cut. Many projects are not needed immediately and can wait.
I agree there will probably be more but I don't see them doing a couple every other day. That creates a horribly toxic environment. Isn't it most common for companies to announce large layoffs all at once? The employee meeting is coming up very shortly!
Very high inflation (over 8.5%), recession, dwindling sales, diminishing profits, overloaded expenses, big projects that cost millions, Fed fines and extreme fear of more violations and the list goes on. Layoffs are going to keep happening. This round plus more rounds of it.
USAA will continue to have ongoing layoffs. Its overhead expenses are way too high and there is not enough sales to offset the high expense burn. Unfortunately employees are a huge expense overhead. USAA is not effectively run. It is bogged down by layers and layers of bureaucracy. Everyone becomes a paper pusher, the company is stuck in extreme risk aversion, minimal innovation, dwindling sales, tons of inefficiencies. USAA is not a modern company. Most companies have transformed and changed their management style while USAA is stuck in a 1950s style and still deluding itself thinking it is the US military when it is just another for profit company.