✅ From SAFE member and former CU CEO Jeanine [link]: "Mergers often lead to staff reductions, cost-cutting, and reviews of under-performing locations. Although BECU has committed to retaining SAFE CU employees for 18 months, layoffs and branch closures may follow."
✅ From the merger notice [link]: "Upon completion of the combination, all SAFE employees will become BECU employees with access to expanded career opportunities as part of the Continuing Credit Union." "To support continuity and to align with BECU’s pay-for-performance philosophy – which will be the prevailing standard going forward ..." [SAFE employees may expect to encounter a few 'surprises"!]
✅ BECU CEO Bev Anderson Past Experience - 08/24/2017 [link]: "Anderson joined Wells Fargo in 2012 to lead Consumer Financial Services. Today Wells Fargo & Company (NYSE: WFC) announced that Beverly Anderson has been selected as head of Cards & Retail Services (CRS), part of Wells Fargo’s Payments, Virtual Solutions, and Innovation (PVSI) business. Anderson has served as the interim leader for CRS since March of this year, and prior to that, led Wells Fargo Consumer Financial Services (CFS), the bank’s consumer credit card business. The Cards & Retail Services business includes CFS, Retail Services, and Collections & Servicing."
WELLS FARGO'S "INCENTIVE" COMPENSATION PLAN [link]:
Over 2 million fraudulent accounts... guess the Wells Fargo folks heard that as "inventive compensation" rather than incentive compensation from their leadership?
No surprise Boeing has two execs from Wells that worked in the credit card area when the issues occurred. Their head of branches is from Wells and was recognized as a top seller back when all the fake accounts occurred, and they got rid of their credit card SVP and brought someone in from - you guessed - Wells Fargo to run their card business. But sure, the SAFE and Boeing cultures are aligned.
ReplyDeleteIt's worse than that. Look at the BECU board. Longbrake in particular and fellow travelers.
ReplyDeleteJust looked at their website. There are a lot of ex-bankers in credit unions now, but they have a sitting CFO of a regional bank on their board. He looks well-qualifed, but that’s saying something about the bank mentality and for profit focus that people, including their own employees, talk about with them under the new leadership. What other CU above 10 billion has a current bank exec on their Board?
ReplyDeleteevery reader should listen to last 30 seconds of video from 17:33. incented to cheat the little guy.
ReplyDeleteSame recruiter that brought Gym to Secu bring
ReplyDeleteBev to Becu? Same MO. expect same results
"The proposed combination will preserve what you value most about SAFE—familiar faces, local expertise, and personal service—while creating greater opportunities for the future." - Faye Nahbani, CEO
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