... the results are in!
The SECU Board's Strategic Scorecard for 2024:
😎😎 Notes: SECU Board goals as compared to year-end December, 2023:
1) Expense/Asset: the range has been increased from 2.50% to 3.00%, the target increased from 2.00% to 2.50%.
2) Asset Growth: the growth target has been reduced to 0% from 4.50%.
3) 3+ Month Delinquency: 81% above Board target.
4) Net Chargeoffs: at target .60%, remains 3x above historical levels.
... can't argue with success!
Cant successfully hit the target? Lower the standards and widen the target to give the perception of success. Its the new/new way of doing things. Brick by brick SECU is tumbling.
ReplyDeleteThese are great results, except for a little blip in delinquency.
ReplyDelete6:45 pm might get some push back on that one..
DeleteI thought 6:45 was sarcasm ... but now I'm not sure ... mediocrity is not a unicorn approach!
Delete-Notably, the loss rate continues to come down
ReplyDeleteWhat's the logic of having an asset growth "goal" of 0%? Why have a goal if it's 0%?
ReplyDeleteIKR .... waving the white flag ...
DeleteMaking it "ok" for there to be an additional $250 million in expenses is incredibly poor leadership by the Board and CEO. They determined they cannot get the operational expenses under control so they decided to use a different measuring tape.
ReplyDeleteAll these folks will be famous one day as the bus drivers when SECU crashed and burned.
Congrats.