There are more layoffs planned in third and fourth quarters. If you want to keep your job, continue to suck up and stay busy. Outcomes aren't appreciated.
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To “EMG here” (Post ID: @1gpg+1n2QBlLL), you are right. Wayne is the opposite of what we are asked to display every day. Honesty? Integrity? Loyalty? Not on your life. He’s been lying and scheming and cheating for decades. We all saw this when he was P&C President, and knew he’d be even worse as CEO. The Board is doing a terrible job. A complete failure of of their duty to supervise executives.
@1gpg+1n2QBlLL, thank you so giving more clarity to this situation. Is there interest in amending RTO to be more favorable to the employee? Will layoffs continue until the company is profitable?
I agree 💯 with the poster who stated about having an emergency fund and eliminating all unnecessary spending. It also helps to have more than one revenue stream. I know this is difficult for those early in their careers, especially with a young family or kids heading to college. I went through that era also, and I survived, so you can, also. However, now with extra revenue streams, I left to maintain my health and sanity, and, most importantly, to have the correct frame of mind to carry off a successful interview.
To everyone going through this, I wish you all the absolute best. What we are experiencing at this company is the worst I have ever personally experienced and I have been doing this type of work for a long time.
Shame on USAA!!
EMG here. I don’t know anything about who/where will be impacted by the next rounds of layoffs (I’m not high enough on the ladder to know until right before it’s time to pull the trigger) but I can say that everyone should have a game plan. As a general best practice, always keep your resume and LinkedIn updated. Don’t wait until you get that dreaded email to revise or update your resume.
Even if you think your job is safe, nothing is guaranteed. Even if “no layoffs are planned” in your area, that could change on a whim if budgets aren’t being met. It may not be this quarter, it may not be this year, but don’t ease up or be lulled into a false sense of security.
Here’s what I’m doing to keep myself and my family cared for in the event of a layoff — I recommend everyone do as many of these as is feasible:
- Build or beef up your emergency fund. Tally up your monthly required expenses (rent/mortgage, utilities, insurance, Internet, phone, childcare, and whatever you have to pay no matter what) and try to get at least 3 months saved, ideally more. Put this is a high yield savings account or somewhere it’s easily accessible. Do NOT invest it. Keep it in cash.
- Avoid taking on any new unnecessary debt or obligations (car loans, subscriptions, big purchases that can wait).
- Pay off any credit card or high interest debt you have.
- Review your monthly expenditures and reduce expenses where you can. Shop around for cheaper internet service, phone service, insurance, etc. Cut any subscriptions you aren’t using. Be mindful when grocery shopping and use coupons when you can.
- Become familiar with the unemployment benefits you may qualify for.
USAA does have a generous severance package but the reality is that the job market is pretty terrible right now. It’s entirely possible that even top talent may go several months without work in the event of a layoff.
If you aren’t in an area that generates USAA considerable revenue or an area that saves USAA a lot of money, start applying for jobs now. At best, you’ll have a job offer before you’re laid off. At the very least, you’ll get some interview experience and get an idea of where you need to brush up on your skills.
The fact is that Wayne is in a world of sh-t right now on all fronts. Member satisfaction is down, employee morale is the lowest I’ve ever seen it, and the company has lost billions. He and his direct reports failed to adequately plan for the current economy and the company had a huge loss in its centennial year. Wayne has stated that “This will never happen again.” His multi millionaire dollar salary depends on USAA being profitable and he will cut anyone and everyone he can to keep it.
There is no Loyalty under Wayne.
There is no Honesty under Wayne.
There is no Integrity under Wayne.
The only Service under Wayne is lip service.
Do what you can to get ahead of this. Save money, reduce expenses, get your house in order. Update your resume, get it reviewed by someone you trust. Update your LinkedIn and network with people in your industry.
We’ve only scratched the service in terms of layoffs. USAA’s top executives are in full panic mode and will make illogical and knee-jerk decisions to protect their jobs and bonuses.
Also, please know that not all EMG are like-minded with Wayne and the EC (even the EC aren’t all like-minded). We see the cronyism, dishonesty, and lack of integrity and are just as frustrated as everyone else. We all have bosses that we report to and sometimes we have to make decisions that we don’t agree with because it’s dictated down to us (RTO, as an example). We’ve seen the company we’ve poured years or decades of our lives into deteriorate to a truly sad state. There are dissenters at every level of the company.
Ultimately USAA is very militaristic and top down. As long as Wayne is in charge, expect that things will be rough. Many of us also hope he’s gone sooner rather than later.
So glad I left last month. Not only is USAA a joke in the banking space it was embarrassing trying to explain to SVPs and Directors at legit banks what I did here during interviews. Couldn't imagine having to look for a job when 500 of your co-workers are looking for the same exact jobs during a mass layoff event.
ECIO have been told there are no more expected layoffs in ECIO and we're at the staffing plan. That doesn't mean anything though.
Will ECIO be hit? What about PNC?
The bank will continue to get hit with layoffs the rest of this year, just FYI. And once the work for the AML consent order is close to completion, soon after AML will get gutted. Not to be the bearer of bad news, but any bank salaried employee not already looking externally, your already behind.
The next big one (300-500 people0 is planned fro August
I can confirm. They aren't done. More coming Enterprise-wide again. Smaller numbers from what I heard though, but at this point, it will still put a burden on the ones that are left.
Over in the bank its all crickets. Wonder why…
How do you play the system?
Honestly, im just coasting and waiting till march. If anything, my resume and plan b are ready to go. I know where I can go. Nervous, but ive been in this fight before and know how to play the system, hopefully!!!! 😂😂😂
Sadly, but in a good way, this site has been 100% spot on when it’s come to upcoming layoffs and the areas about to be hit. A few post back it mentioned middle of June for another round of layoffs, and more in July and October.