Post Covid when the world of work is now mobile and video based, TIAA has wasted money by moving from Denver to Frisco. If anything, there should be less real estate foot print not more post pandemic. Outsourcing to Accenture in India, record Outflows, and a reputational damage with all the recent lawsuits are damaging TIAA. The Board and Senior Management are out of their league. Meanwhile, existing employees left wont get the raises they deserve or the enhanced benefits packages they need because this waste of money. The Board and Senior Management should be forced to resign.
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@47w F*u-k T in the a$$
I have to take a massive s*hit
@hn 4 days RTO coming soon, quickly followed by 5 days.
That article is old
It makes absolutely zero sense. Most meetings are virtual or over phone calls on the wealth side. The only clients that come in are older, very specific types that have a low trust threshold with the internet, or just need service done from AAs like notarizations, etc.
This company is slowly dying. TIAA and T both talk out of both sides of their mouths.
It’s impressive how dysfunctional everything is once you see how the sausage is made. Most leadership here has failed upwards, and the good talent is leaving or has already left. The level of skill and knowledge at the mid management level is laughable.
Leadership has a very poor understanding of the business and don’t even get me started on how under qualified the EC is. Imposter syndrome anyone? Except they actually are imposters, hoping that no one catches on to the fact that they all parrot new corporate speak and envision new ideas that came from some stupid retreat where all leadership did was spend too much money on a guest speaker, socialize, drink, and then try to package their leisure activities as a work event.
@hn stop comparing us to Vanguard or Fidelity. We are light years behind them in just about every aspect.
We’re closer to USAA if anything as we typically serve only specific clientele but are even behind their capabilities with technology and product offerings.
Also Fidelity, Vanguard, USAA and Charles Schwab are making remote options limited forcing folks back in office 4 days a week. That said…
Did building an office in Frisco, Texas of all places make sense for that amount of money - NO.
Does it make sense to relocate or offer millions of severance for over 1,000 Denver associates - NO.
It made sense to end the expensive Denver lease early but they could find cheaper real estate in Denver metro area for the folks left who didn’t relocate or are highly skilled versus retraining brand new folks. Also could have kept Frisco/Lewisville open without building that monstrosity.
That $125M the OP said is just relocation or severance benefits and it does not include the almost priceless amount for decades of experience and expertise that will be lost since there won’t be enough time to train their replacements that will cost TIAA in the future.
It’s almost like the Board let the EVPs shoot themselves in both feet and doesn’t care what happens to our participants as we bleed out to our inevitable demise.
@hn https://www.axios.com/local/charlotte/2025/08/29/vanguard-centene-campus-office
So much money is wasted on unnecessary office space. Where Vanguard and Fidelity are embracing virtual wealth management advisors TIAA is pushing to build out new office space and require advisors come in for a minimum of 3 days a week. The data shows most WMA meetings are phone and zoom…. So why are we spending millions for new office space?!
@OP Cut and paste this link and check out this article the the whistleblower investments. Brown Duckett makes well over $18M per year. Not too shabby for a non profit ponzi scheme:
https://www.nbcnews.com/investigations/tiaa-pushes-costly-retirement-products-cover-losses-whistleblower-rcna161198