107 replies to this topic

[Mike K.]

Lol...

[AllseeingEye]

Was very surprised to read this week that Coast Capital Savings FCU is laying off up to 4% of its work force; I haven't been with the org since 2008 but using the staff number from that time four percent today would translate into about 80 bodies. Obviously in the years since as the credit union successfully fulfilled its vision of becoming a federal vs BC-only financial services entity, various leadership and organizational changes have increased the total staff number, pre-layoff, from my time therefore the overall number of job losses could be anywhere from 60 - 200ish.

 

No idea of the distribution of mainland HO vs island vs cross Canada layoff numbers but the point is that its still quite shocking to me to hear about layoffs of any kind in fin services generally, particularly in that firm. The very thought of a layoff during my five years would have been laughable. I suspect as they realized the bigger expansion goals they may have lost sight of some of the key attributes that made them so successful when they were a smaller, more nimble, adaptable and innovative regional player in the financial services space.

 

Although to this day I still consider CCSFCU to be one of if not the very best employer I ever worked for, I know that the corporate culture has changed drastically since my time and have noted an increasing frequency of online complaints from customers and ex-customers about everything from clunky web services to poor customer service and more recently the very poor execution of the core banking system upgrade. I do know they have gone through several CEO's in the last fifteen years which is generally not a great sign. 

[vortoozo]

I have a hard time understanding Coast Capitals's positioning.

It's a no-fee account, except they charge for etransfers.

For someone in the market for a no-fee account, why would they choose that over Island Savings, Simplii or Tangerine? 

If you want the warm and fuzzies of having a credit union with a branch network, you can choose Island Savings for a no-fee account that doesn't charge for etransfers.

If you prefer having a larger network backed by one of the big banks, you can get the same from Simplii (CIBC) or Tangerine (Scotia), no-fee and no-etransfer fee.

For a full service bank with a branch network, you can often also get the monthly fee waived if you hold a certain balance or have investments with them.

 

Coast Capital does frequent offers to entice people to switch - the current incentive is $400 to open a chequing account and set up a direct deposit with a few transactions. But after collecting the $400, why bother staying with them if they're going to charge fees that other banks aren't going to?

[AllseeingEye]

Problem as I see it is the brand has become somewhat stale and unlike when I was there they've lost their innovative edge: remember while no-fee options are commonplace in 2022 CCSFCU was first off the mark with no fee chequing accounts 20 years ago, which sent quite a jolt through the big banking community. 

 

It produced clever, witty and award winning commercial marketing campaigns year after year and above all it remained true to its credit union roots: it was accountable and engaged and a leader in community involvement. I think as it got bigger and more 'bank-like' - physically moving well beyond its traditional operating footprint and the communities in it - the org became less focused on the things it once excelled at and maybe even complacent as it eventually supplanted and surpassed long time rival VanCity for the title of largest credit union. 

When I was there from 2003 and even before that national expansion was always part of the CCS raison d'etre - always - but so too was an equal emphasis on the constituent communities in which it operated, and I'm not sure that sharp focus has been retained within the corporate DNA as became a national entity.

[Victoria Watcher]

Most members, yes.  Not most money:

 

https://ccua.com/app...2-20-Sep-22.pdf

 

 

 

 

Steinbach does pretty good, for a city of 18,000 (2 branches are in Winnipeg).

Edited by Victoria Watcher, 19 November 2022 - 06:38 AM.

[AllseeingEye]

Most members, yes.  Not most money:

 

https://ccua.com/app...2-20-Sep-22.pdf

 

screenshot-ccua.com-2022.11.19-09_34_50.png

 

 

 

Steinbach does pretty good, for a city of 18,000 (2 branches are in Winnipeg).

 

"Obviously" I'm well aware of that fact, thanks. Membership is another way of measuring size and when CCS surpassed VC after playing second fiddle for years it was a big deal and celebrated as such.

[Nparker]

As a long time CCS member, I can say most assuredly that bigger has not been better.

[spanky123]

Was very surprised to read this week that Coast Capital Savings FCU is laying off up to 4% of its work force

 

Many, many companies have startled to lay off staff. Tech alone has shed over 200K jobs so far this year. https://www.trueup.io/layoffs

 

I suspect that CCS and other companies are using the recession as an opportunity to shed unproductive or redundant staff as the fear of not being able to replace them down the road has diminished. 

[Victoria Watcher]

Royal Bank of Canada has agreed to buy the Canadian arm of mutinational bank HSBC for $13.5 billion in cash.

 

RBC chief executive Dave McKay said the deal offers the opportunity to add a complementary business and client base.

 

"This also positions us as the bank of choice for commercial clients with international needs, newcomers to Canada and affluent clients who need global banking and wealth management capabilities," McKay said in a statement Tuesday.

 

"It will help us better serve global clients looking to invest and grow in Canada."

 

 

 

https://www.cbc.ca/n...anada-1.6667564

 

 

 

Just what Canada needs, less banks.  Said nobody.

Edited by Victoria Watcher, 29 November 2022 - 06:57 AM.

[Mike K.]

Not good. Not good at all.

HSBC served as a good check and balance against the Canadian 5.

[vortoozo]

They were going to sell either way. Isn't it better to have the investment in Canadian hands vs foreign ones? HSBC is British but their major shareholder is Chinese.

[Victoria Watcher]

They were going to sell either way. Isn't it better to have the investment in Canadian hands vs foreign ones? HSBC is British but their major shareholder is Chinese.

 

Not sure.  Why should it all be in Canadian hands?  Can't we have more choice?  It seems to be there is more innovation, choice and and expertise outside of this country in almost every industry.  Why should be be restricted to Canadian banks?

Edited by Victoria Watcher, 29 November 2022 - 08:57 AM.

[vortoozo]

Not sure.  Why should it all be in Canadian hands?  Can't we have more choice?

 

Canadian banks are well managed / regulated and have avoided the collapses in the US, Europe & elsewhere.

[Victoria Watcher]

Canadian banks are well managed / regulated and have avoided the collapses in the US, Europe & elsewhere.

 

I actually think that shitty banks should fail.

 

If we had more choice it would be fine if some went bust.

Edited by Victoria Watcher, 29 November 2022 - 09:01 AM.

[lanforod]

Pretty sure if a bank is operating here, it has to follow Canadian rules and regulations, and pay Canadian taxes, regardless of whether its Canadian owned or not.

[vortoozo]

I actually think that shitty banks should fail.

 

If we had more choice it would be fine if some went bust.

 

Pretty sure all the banks that have "failed" have been bailed out.

[lanforod]

Pretty sure all the banks that have "failed" have been bailed out.

 

Lehman Bros comes knocking, asking where they still exist...

[vortoozo]

Pretty sure if a bank is operating here, it has to follow Canadian rules and regulations, and pay Canadian taxes, regardless of whether its Canadian owned or not.

 

Sure so why not keep that wealth in Canada.

It's a lot harder for you and me to own a piece of HSBC than it is of RBC.

[lanforod]

Sure so why not keep that wealth in Canada.

It's a lot harder for you and me to own a piece of HSBC than it is of RBC.

 

Is it? Both are publicly listed, no?

[Victoria Watcher]

Sure so why not keep that wealth in Canada.

It's a lot harder for you and me to own a piece of HSBC than it is of RBC.

 

Why apply this just to banks then?

 

Why not make it so all our cars and appliances etc. and every service we use also be Canadian based?

 

Why just banks (and airlines and telecommunications)?

 

When was the last time you heard great things about our two airlines and our 3 cell carriers?  Maybe we could have awesome banks, we just have never had the chance.

Edited by Victoria Watcher, 29 November 2022 - 09:13 AM.