Anyone else feel like the bank is taking a huge dump? No one knows how to do their jobs. The fraud department is a joke, back office is a joke, loans (even credit cards) are being turned down left and right. Everything needs to be done by email yet you can’t even get a response from that department via email. It’s becoming very chaotic. Not to mention the technology is never consistent. Customers are starting to really pay attention to the inconsistencies and now I’m starting to worry too. I’ve been with the bank for over 5 years and it’s just really starting to circle the drain in my opinion. And why aren’t we offering current clients better earnings? Why do we have to open a new account in order for them to get 3.5% APY? Make it make sense. Do better so our clients want to stay.
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The extra fat in the IT departments are getting out of hand. 2 employee reports to a manager. The managers job is to get updates from the 2 employees.
Shady job offers by managers to their friends and ex colleagues to add in their team. So many such extra roles with no real work ....it's so surprising to see such a huge number of people doing nothing...
Don't think anybody saw a Moody's downgrade coming right after an earnings release this week, particularly when most of the members of the super regional banking club were not included in the downgrade. No mention of PNC, Truist, M&T, FifthThird and Regions Bank in the Moody's downgrade, just a bunch of smaller banks with a mere fraction of the asset size held by U.S. Bank.
From the Moody's release:
New York, April 21, 2023 -- Moody's Investors Service ("Moody's") has downgraded all long-term and selected short-term ratings and assessments of U.S. Bancorp and its subsidiaries. The holding company's senior unsecured local and foreign currency ratings were downgraded to A3 from A2 and its local currency commercial paper rating was downgraded to Prime-2 from Prime-1. At its bank subsidiary, U.S. Bank National Association, long-term local currency bank deposits were downgraded to Aa3 from Aa2 and short-term local currency bank deposits were affirmed at Prime-1. The bank's senior unsecured local currency rating was downgraded to A2 from A1, its local currency commercial paper rating was affirmed at Prime-1 and its baseline credit assessment (BCA) was downgraded to a2 from a1. A complete list of affected ratings appears below.
Following the rating action, the outlook on U.S. Bancorp and its subsidiaries was changed to stable from negative.
It just sucks over the last 6-8 months.
I'm in commercial credit and first off not as much of a doomer as maybe some who follow this page. I overall enjoy my job, my team, etc... Well I enjoy it enough and it pays the bills lol. Also, I get it though, every group in job function is different and I've been lucky to be in one that's not nearly as infected by what happened with the Union acquisition as well as just overall retail side.
That being said, I have noticed a huge difference in the past 6 months or so with employee morale and overall collaboration. I don't think it has anything to do with hybrid/wfh, there's just a lot of apathy right now. I hate it anytime something comes up now that would rely me and getting response from a coworker in a different group. I can count on having to send multiple emails voicemails before I get a response... And when I do get that response it might be sorely lacking in effort.