Thread regarding USAA layoffs

RTO...Just a Distraction

RTO is being used as a multi-purpose we-pon at USAA. Many employees might think that RTO is being implemented because Wayne sees empty parking garages. That is not the case. RTO is being implanted for two reasons:

  1. Severance-free attrition
  2. Distract employees & members

I won't focus on the first point. USAA senior leadership is just attempting to emulate tried and true techniques from other companies and organizations.

I will focus on the second point. Wayne and the EC could have started enforcing RTO last Fall or earlier this year. Wayne didn't push to do that because he needed a distraction.

Why did Wayne need a distraction? Because Wayne worked to give himself a 157% pay raise during thr only losing year in the 100+ year history of USAA. Wayne worked to give himself a 157% pay raise by stealing out of the pockets of military members and their families. Wayne is a disgrace in this history of USAA CEOs. But, no one should be surprised. Wayne is someone that never served and has no idea what the word 'Service" means beyond weak talking points provided by his staff.

But you can't place all the blame on Wayne. He is just another money-grubbing executive like you would find at any company, especially in the finance industry. The real blame falls on the shoulders of current and former military members either serving on the BoD or in positions as USAA employees. Former military members who sacrifice their core values to work for an organization run solely on corporate greed are a disgrace to their respective uniforms. That disgrace goes up and down the chain, from anyone who ware chevron to anyone who wore stars

Good riddance.

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Post ID: @OP+1mUnIJPG

4 replies (most recent on top)

I've always heard Stuart Parker chose an option that would "save" jobs with the IMCO sell off. The board wanted him to be a little more ruthless, so he stepped down. Wayne has no qualms about that requirement which is why he took the job.

But then again, that isn't grounded in any public fact, just rumors.

Post ID: @nst+1mUnIJPG

Could we stop using the abbreviation RTO. As in: what office?
For most of us it's RTOPH
(Return To Open Plan Hellscape)

Post ID: @xcl+1mUnIJPG

What's sad is that, at least in theory, a USAA CEO doesn't necessarily need to have served to be an effective CEO. Just like an O1 Officer would be wise to listen to and seek guidance and consult his/her senior NCOs, a non-military affiliated CEO would be wise to take counsel and guidance from their direct reports who have served.

The problem is that Wayne forced out the true leaders of the company and replaced them with sl--e ball big bank rejects who can barely spell USAF or USMC, let alone know what it means to serve. We lost people like Jim Syring so this failure of a CEO could "have his turn."

Well, he got his turn and USAA turns its first loss basically ever. Wayne follows the direction of consultants who have never worked in industry, brings in executives from publicly traded companies who only understand quarterly profits, and starts running the company into the ground.

How the board hasn't yeeted Wayne into traffic on I10 by now is beyond me. Nothing adds up.

He gets an enormous raise the same year the company posts a loss.

Member satisfaction by every metric is plummeting and they blame the economy rather than taking ownership for their deteriorating service and lackluster products.

Employee morale has never been lower, even under Davis. It's now way worse than it was under Davis.

The lying, gaslighting, manipulation, and deceit is downright sickening. It's hard to put into words just how bad Wayne's USAA has become. And that's just looking at the objective facts — no speculation, no rumors, no hyperbole, no misrepresentations.


  • The bank has zero compelling products. Checking accounts, savings accounts, credit cards, CDs, auto loans, and mortgages are all mediocre at best and horrendous at worst. After USAA got rid of its only compelling product (the 2.5% cash back Visa), it lost every differentiating product. Checking and savings APYs are abysmal. Auto loan rates are average. Mortgage rates are worse than average. CD rates are fine but no different than other banks.
  • USAA's insurance is too expensive and can no longer be justified or rationalized by the service. MSRs are stretched way too thin and have to multitask way too much to give members the level of service they have come to expect.
  • The company posted its first loss on its centennial birthday. (I say "first" because I don't even count 1923... the company barely existed then.)
  • Wayne's salary goes from $1.9m to $4.8m just from the P&C company in 2022, the same year as its first loss. What he made from other areas of the company aren't known.
  • Wayne implements widely unpopular RTO policies and chose not to deliver the message himself, instead choosing to let immediate people managers be the bearers of the bad news.
  • Employee morale has been decimated by senior leaders.

None of those are speculation, none of them are rumors. We can speculate that Wayne chose RTO to force attrition, but that's easy for them to say "Nuh uh! We did it for the culture! Now get back to work." But they can't deny any of the above.

Members on all forms of social media are noticing the changes. Just look on the USAA subreddit: Members are bashing this failure of a CEO who never served, asking why he gave himself a huge raise using their money when the company had its first loss, asking why service has become so poor, asking why their rates are skyrocketing, the list goes on. Social media will always be more tilted to the negative for any company, but these members are expressing legitimate concerns. These aren't Karens running to the Internet to say "I didn't pay my bill for 6 months and USAA cancelled my policy, wtf?!?!?"

USAA as of now has a mostly good reputation among the general public, but that's all it has left: its reputation. The company has been resting on its laurels for years and no longer comes close to living up to its reputation when looked at with any level of objectivity.

Post ID: @avg+1mUnIJPG

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