Looks like USAA is on track to double their net losses from last year. You think it’s bad now… just wait… this place is so toxic, i don't even want to touch base with what happened a couple weeks ago.. It’s going to get way worse everyone. Thank god I’m leaving
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This isn't healthy y'all. Just punch in/out and collect your paycheck. There is so much beauty in the world to explore - go live.
I think the happy news is from the OP's perspective. He has left the company.
https://www.ffiec.gov/npw/Institution/Profile/1447376?dt=20200918
Go and look at the statements yourself. You’re not fooling anyone with these profit/break even. the financial statements clearly show over a billion in losses, and that’s not even from investments. These are increases losses coming down the income statement same as last year, except last year there was an extra $10 billion lost from bonds too, and likely we’ll lose more on investments this year (hopefully less this time, but the Fed isn’t doing us any favors.)
Posting contrary opinions doesn’t make you look smart unless you actually say something intelligent or provide helpful information.
How is this happy news?
@1kso+1ou4irGU "Projections" are exeuctive speak for wait and see the GAAP accountting adjustments we make lol. We have seen the FR Y-9C and it doesnt look good then they just announced the dumping of toxic loans. Not to mention the natural disasters that have hit high cost areas with loads of ex military. Face it this company is on a downward spiral. Even members are leaving for Navy Federal in drovessssss.
Don’t believe everything you read on these boards. All the latest projections show that USAA will be close to break-even profitability at year-end.
Does this mean Peacock’s pay will also double for 2023?
Just go look at the ffiec public filings for the first two quarters and you’ll see the losses so far. Is there some kind of accounting mojo/chicanery they could pull to make it look like they had a profitable year? It’s possible, but it would quickly reveal itself next year.
Remember these losses are also before other comprehensive income (profits and losses from investments and things like that unrelated to the operating business itself). Also, I don’t remember the CFO saying we would profitable this year. When did that happen? And with one, maybe two deadly hurricanes plus California wildfires, seems like we’re facing some hefty insurance claims this year. Even if we were on track to be profitable before that, is it still the case?
Im not so sure. CFO is telling folks we will be profitable, though it will be a small profit. I can’t believe he would risk his credibility over this.
What happened a couple of weeks ago? The annual meeting?
Source for this information? Also, is there any word on additional loss in net worth of the company?
Too bad WP and his merry band of bad managers aren't the ones leaving!