Thread regarding Truist Bank layoffs

| someone here thinks VPs at Truist have managers reporting to them

Shhh, Banking Officer. The adults are speaking.

All this bickering, and we're just ignoring that someone here thinks VPs at Truist have managers reporting to them

And if the market is up 20% and your book is up 10% that’s not growth that’s a failure

Out of some sense of loyalty my seven figure investment has remained at Truist. When I left so did my money.

So at the end of the day, a 2.0% merit pool means 1.5% for the working class schmuck.

Hopefully zero for you and you get a new job. Don’t need hateful ignorant people this bank.

Right. Because a Gen z hire and a DEI hire are what caused this. Let’s disregard everything that has happened on the macro level over the past three decades that got us here from an economic and policy level. And on the micro level, point out to me the Truist Gen Z executives and DEI executives driving all this.

You also need to review some relevant data around wealth distribution in this country. The wealth concentration isn’t with the younger generations.

And get some new taking points. Student loan forgiveness didn’t happen. Not sure if OAN is still around, but if FoxNews has mislead you about student debt, there are other propaganda channels available you can check out. So rest assured the only people benefiting from massive government tax breaks and funding are corporations and the health insurance industry. But yeah. If it wasn’t for Gen Z none of this would be happing.

@1alz+1qJgkrn9 And one other thing, assets and revenue can be viewed on TIS systems and elsewhere. You must not work in the TIS. We don’t look at other advisors. We focus on our business and OUR numbers.

@1alz+1qJgkrn9 Maybe in your corner of this company FA’s are growing or only growing by getting scraps left by those who remain. Not true in my location. Raleigh? Maybe. Wilmington? There is no one left to get the remaining assets. Generalizing helps no one.

Can you explain further re: "holdbacks"?

Say there is a 2% merit pool. Well the SEVP wants to give some extra to the admin he’s having an affair with so he tells all his managers to target 1.9%. He shaves 0.1% off everyone below him to give to his sweetie.

The EVP then tells all his managers to target 1.8% so he can shave 0.1% off everyone under him to give to his favorite DEI hire some reparations.

The SVP then tells all her managers to target 1.7% so she can shave 0.1% off everyone under her to give to the boi toy with the pronouns.

The VP then tells all zis managers to target 1.6% so ze can shave 0.1% off everyzone under zim to give the gen-z new hire with the cancelled student loan enough to buy a new EV.

Finally the AVP makes a leadership call and tells his team he was given a 1.5% target saying “there is nothing I can do about it, it comes from the top,” and leaves the extra 0.1% on the table just to show what a good corporate citizen he is.

So at the end of the day, a 2.0% merit pool means 1.5% for the working class schmuck.

Post ID: @1ffw+1qJgkrn9 Saying that Inv Services growing YOY is drinking the koolaid. Numbers can be made to make you believe. While I’m sure many brokers and Wealth Advisors are having good years, it’s simply because there are less of you to take what business is left from the diminishing referrals and your own hard work. You may be getting $$ from existing deposits but true “new money” is minimal. If you’re good enough to develop your own business you can make better money elsewhere. This, combined with the suffocating compliance and backroom ignorance is driving the best away. Large teams are leaving and taking 60-70% of their books. Even the complex managers will tell you. Individual Books of TIS brokers may be larger but that’s simply because they are absorbing what’s left of the departed rep’s clients.
The new Truist culture promotes and rewards individual producers. Not teams. Not those that work well with CCB partners. Most WAs and FAs liked and benefited from the IRM partnerships and true team approach of the past. This is quickly being dismantled and will continue to die as tenured bankers and advisors leave.

TIS continues to grow YOY in both assets and revenue. The reality is FA’s that have stayed have never produced more. Not every LOB is sinking.

Commercial banker was talking today with one of my financial advisors discussing Truist being bought and implications. If financial advisors are smart (especially those with a sizable book of business) you better be looking and either jump or be ready when the real cr-p hits the fan. EL doesn’t care about the Investment Services division. We have bandaided systems that don’t even talk to each other, systems support is all overseas so good luck getting help and the MILLIONS wasted on a absolute pathetic rollout of giving every one a cellphone including assistants. Mine sits in my laptop bag rarely turned on unless I need to be sure to get updates. Too problematic to use and (again) tech support is useless with overseas people that have no idea what is going on.

TIS has already lost some very big producing teams. Guarantee it is only just beginning….

@xgb+1qJgkrn9 I have been saying this for 1-2 quarters now. We are slimming down, not to acquire another bank, but to be acquired. And I think US Bank makes the most sense.

McGriff was told today they are independent ready. That means they are truly standalone, no HR or payroll for example, from Truist. Which they were told would allow a faster purchase by a third party.

Can you explain further re: "holdbacks"?

2% merit on average. AIP is 70%

And this is before the layers of holdbacks.

Given the continued talent drain and RIF plan, my assumption is Bill is attempting to find a dancing partner for another merger. Sell us as a lean asset which can cut further expenses with an additional banks operations. The problem will be finding a merger partner which the regulators would approve. Would assume a bank in the 10-20 asset space. I doubt the regulators would allow Truist to scale up with a PNC/US Bank despite the opportunities

Bill is trying to survive and save Beau, Mike and Joe in the process. He doesn’t care about losing talented people. He doesn’t care about the smaller banks making inroads in territories we should dominate. They don’t want the business we are losing. They’ve created deep fundamental problems in the structure of the bank and nothing will change until leadership is changed. BillyBob is in deep end without a life jacket.

Agree that commercial and wealth is bleeding talent badly. And not just non-producing roles. Many good producers. I don't see how revenue does anything but decrease for those segments in the coming quarters (and foreseeable future really).
It is important to note that there are small regionals that are still growing in these areas. So before we blame the macroeconomic conditions -- let's consider we're shooting ourselves in the foot.

The specifics are this. 2% merit on average. AIP is 70%.

I was specifically told to set expectations for my team accordingly based on the current focus expense reductions and company performance

Post the specific info you have. Otherwise, what is the point of the post?

Short term minded shareholders would. Long term would recognize you can’t have all your employees with wavering care.