Heads are rolling in San Antonio
Pros
Given VCM's track record as roll up it wasn't a surprise that 80% of the legacy USAA Asset Management Company employees were fired on day one. Working in San Antonio there are opportunities for the competent people that VCM iced. The intellectual capital is walking out the door with and the customer lists in the bankers boxes..
Cons
300 USAA Asset Management Company employees were "transitioned" to Victory as part of the sale by USAA. I'm sticking around while I finalize my package with my new employer, and watch the circus as the boys from Brooklyn roll into town. Haven't seen so many cheap suits since I went to the Walmart annual meeting. Of the 300 only about 50 USAA employees were retained, some of whom were offered jobs with the outsourced body shop that VCM uses for its back office. Problem is the positions are in a boiler room environment that makes the Wolf of Wall Street look like a white shoe shop. If you took a position you lost all seniority, benefits were decimated and salaries were cut by 20%.
