Announced in Jun ‘23 pending new SB leader Feb ‘24 and mos of run-up… to a hollow doublespeak announcement that oh wait not November (and who TF knows when/how/ever). Apparently we can’t manage our way out of a paper bag.
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Timing is all that changed. I would think the technology system is the main culprit. Be patient. It’s mostly lift and shift anyway.
CB payments is a dumpster fire. Replacing platforms is a joke and has failed due to I & P failures. Thanks technology.
That all makes sense. And yet the amount of circle jer, er rather collaboration that went into it, my god. You’d think leadership could have figured out their risk appetites months ago. JFC.
“Transferring” customers between LOBs is enormously complicated. Plus, if I were SVB, I would not want the risk of all those customers in CSBB. It’s not going to make anything more efficient, just make CB look better. That’s why those customers were moved out in the first place 8 years ago. Back to the future!
Stupid is as Stupid does. SNAFU
Could they be discovering the limitations of I&P?