I worked in Sr Management for two years at US Bank. And, was let go suddenly as part of a consolidation/reorganization. It happens, and I’m not bitter.
There is intense pressure on banks to continually deliver better and better financial results (Revenue, profit, loan growth and EPS). That’s driven by the investment community and our system in general.
The result? Record revenue and net profit in 2017, followed by immediate instruction to slash costs. I always wondered how the associate level employees could understand that. The loser? Customers.
No investment in employees wages, employees should see a financial gain when the company is ridiculously profitable. But no... ”return of equity to the shareholders through stock repurchases” instead.
All that means is a manipulation of the number of outstanding shares being traded, leading to an artificially high EPS and “investor” confidence. Nonsense. We are doomed to see this all the time until we return equity to employees.
Don’t hold your breath, but don’t blame US Bank, they are just like all the other banks. I’m glad they let me go, because I could no longer stomach it as a leader in the organization.