... a real industry standard.
"Once upon a time"... but not too long ago, most everyone in finance agreed that Wachovia Bank & Trust - headquartered in Winston-Salem - was the premier bank in the U.S. of A.
Wachovia's reputation was sterling, its financial practices impeccable, its ethical principles unquestioned. Wachovia pledged high quality, local service from a dedicated "Personal Banker" to its customers - and delivered it!
Home-grown talent - thoroughly trained, hands-on leadership, community focused, an earned reputation for offering principled advice and intrinsic value in all services. The owners of many small, local banks across the Southeast sent their sons and daughters - their future leaders - to learn the banking trade as apprentices with Wachovia.
There were several other very prominent banking "brands" in North Carolina - NCNB, First Union, BB&T, First Citizens - but Wachovia was foremost.
But then, Wachovia's board and leadership lost it's way - they forgot what they had, they forgot who they were...
... next chance, drop by your local Wachovia branch and ask the employees what happened.
"The best prophet of the future is often the past."
Yep. but how about the rest of the story? the big bucks made when it was sold, and who got the $$$? Where did all the wealth go? Boeing, Wachovia, let's hope SECU becomes the Ferarrie story. It can happen IF the incumbents are voted off the SECU board in October and the member nominated slate wins once again. That is the ONLY way to end the shortsighted, destructive policies This Board began when Jim Hayes, the very worst manager in US credit union history was hired. Inside Job. 4 in 24.
ReplyDeleteBig bucks when it was sold? Wells Fargo bought Wachovia for pennies on the dollar to keep them out of bankruptcy.
Deletego back to First union, golden West, etc etc
DeleteMy grandfather retired from Wachovia and his 401k went from 600,000 to 30,000 when it was sold. Not sure I’d consider that big bucks
DeleteI struggle to see any kind of sane recovery from all this betrayal.
DeleteHahhahahahaha. I laugh because it’s so sad. 👀 can’t see a Wachovia or know what iteration of it even exists anymore with all those mergers and acquisitions. The members and employees really don’t seem to have much they can do. The ship will have sailed. I still find it hard to believe that Leigh Brady has actually worked at the CU for so many years. What a traitor to the cause.
ReplyDeleteIt is a well known fact that Poor Leigh doesn't like employees nor does she care about the membership. Greed is the fuel to her fire.
DeleteHaving worked here close to 2 decades I never once heard another employee say a good word about her until she got the ceo gig. And I heard a lot of negative things about her when she was in HR.
DeleteKind of like the old Chief Lending Officer….
Delete9:42 -Are you referencing the old CLO who spoke words which were convenient for his situation, slept (ok, snored) at his desk, and fraternized with another employee who he thought would be the next CEO/President? The one who helped to plant this RBL seed, watered it, and walked away? That former CLO?
DeleteTwo peas in a pod, those two. I never trusted either one of them.
DeleteFerrari? or Wachovia? hmm where is Wachovia? oh yeah
ReplyDeletethey even dressed professionally
ReplyDeleteOhhhh I know first hand ... my wife worked at First Union, Wachovia and then Wells Fargo ... what started out great ended in disaster ... and unfortunately, I see the resemblance ...
ReplyDeleteFor their entire existence, Tesla never had a marketing department. Never paid a penny for advertising. Didn't need to. Last year, under pressure from shareholders, they created a marketing department, and started paid advertising.
ReplyDeleteWell, guess what? They just laid off their entire marketing team today, because it had become obvious they were bringing another of value, and just wasting money.
Hopefully SECU does the same. Never needed marketing before, don't need it now. Just one of Hayes' many vanity project money pits. Stick those marketing employees in the call center and maybe we can get those outrageously long wait times down a little.
What about the new SECU Can? This isn't discrimination towards anyone with the types of groups? It sure seems like it is. Need to get rid of marketing and green team and start saving some money.
DeleteI just received my JANUARY Common Bond ...
Deletethe reason given, the marketing Dept was too busy ......
If you can't do the simple things, you will never be able to conquer the difficult ones....
What were they busy doing? Trying to burnish a tarnished image of gross mismanagement....impossible task
DeleteMarketing SECU to the highest bidder ....
DeleteWhy can't we get a monthly common bond. And why don't they show promotions anymore.
DeleteOr Milestones
Deletedon't worry they plan on releasing Februarys within the next few months!
DeleteThey don't publish promotions anymore because it's limited to upstairs people and not us bottom feeders.
DeleteWhat common bond is the Brady Bunch’s mantra. They don’t understand that it is state employees and their families that are the backbone of SECU. The name be changed before you know it….
Delete1:39 PM. Good Point ... they don't want to push the idea of "Common Bond"!
DeleteAnd they forgot the "MOVING UP" section
ReplyDeleteNot forgot, more like omitted it. Except for a few hogwash ones, rest of the moving up is happening in the to Suite.
Deleteexactly, they don't want transparency - move around in the darkness ...
Delete"absolute power corrupts absolutely"...
ReplyDeletethe leaders have sold out their members for a few pieces of silver ...
Employee morale is cratering. Members are noticing a change. I’m not sure this place can be saved. And frankly, I’m not sure I want to try. I have never seen or heard of a leadership team so oblivious to what is happening and opaque in telling members/owners what is happening. Is there anyone left in the organization that has any amount of decency?
ReplyDeleteMaybe that's the plan ... 'sell' at pennies for the dollar to a 'Bank" that can bail them out ... ala First Citizens and SVB!
Delete1:42 Some truth. It can be saved. Won’t be pretty. But I’m holding out hope and taking care of the people that depend on me in the interim
Delete