Anyone else hearing that Truist will be sold in 2025? Have heard from several credible sources that Bill and the board are looking to sell next year.
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@5qtm+1vt2hZJx That team left in August. The store that appeared on Friday didn’t state that.
There are three ways a bank like Truist can grow 1) provide excellent value to the customer 2) buy smaller banks 3) be bought
1 and 2 ain't happening...and when 3 happens no one will ever remember there was a bank named Truist.
JPMC doesn’t have an announced succession plan - can’t assume there isn’t one - just might not be who you think it could be - could be someone from the outside - you never know
The fact that Truist has no announced succession plan, and we do not appear to be interested in buying smaller banks, plus the sale of insurance to fatten our bottom line to cover mismanagement, it makes sense that execs will sell to get their big golden parachutes, far bigger than they could get just walking out the door. We will see what they report next quarter to see if anything changes, maybe Bill will retire and just slink away.
USB has its own regulatory issues . They also have a capital concern given they still owe MUFG Billions that they borrowed to acquire UnionBank. Their IT and business leaders are royal mo@&ns . Look at 5th Third , PNC or a Canadian bank.
Interesting article below. PNC is one of the banks anticipated to seek a M&A. Going to call it now. PNC and Truist will merge
https://www.reuters.com/business/finance/us-banks-gain-looser-capital-merger-policies-under-trump-2024-11-07/
Too bad they have a 12 month non-solicitation. No one cares when a WA leaves the bank. They are shadow credit bodies sponging every business booked at the bank led by mo--ns who have no wealth experience.
Meanwhile SunTruist continues to bleed talent:
Fifth Third Wealth Advisors has expanded its presence in North Carolina yet again with the addition of a new advisory team in Winston-Salem.
The three advisors, who previously managed $1.8 billion in assets at Truist Advisory Services, are Jonathan Cochrane and Spencer Huggins, both managing directors, and Shannon Shelton, a relationship manager.
Peon here. For once, I hope this rumor is actually true, and not just a pot stiring troll. I would want it to be true just to see all the over-paid a-s-kissing middle managers live in fear of losing their jobs like the rest of us have been doing for years.
@4kia+1vt2hZJx - It would not make better sense for USB and PNC. It makes perfect sense that either would acquire Truist to have a footprint in the southeast. The next 2 years will be the lowest regulations ever for banks and there will be a lot of M&A activity. Bumbling Bill knows this. All he and the executives care about are getting a massive payout $$$$ as a result of Truist being acquired. They’ll let the acquiring bank’s executives run Truist. Truist will be sold off next year. Guarantee it!
Now the regulators are more interested in small banks to be merged acquired it would make better sense for PNC and USB
@3kha+1vt2hZJx: Now try it without the vulgar obscenities. Then maybe one day you’ll be taken seriously.
Oh my god, the stupid. Shoot me in the head. M&A is back on with this new administration.
"Most think it will be either PNC or USB"
BMO would be a great fit for Truist in regards to footprint. BMO is all over the midwest and west, and Canada. They do not have much of a footprint in the southeast. They have a few branches in Florida and Georgia, and that is about all the overlap (maybe some in Texas). BMO could take over and not close a branch.
"Most think it will be either PNC or USB"
There is a lot of territory overlap with PNC, and I do not think Truist has enough assets outside the consumer banking sector to look attractive to PNC. However, USB does not overlap a lot with the Truist footprint. Between those two I would think USB to be the more serious contender.
@2eru+1vt2hZJx - Well said! Billy Boy knew exactly what he was doing from a timing standpoint when he announced the divestiture of TIH during the Barclays Financial Conference in New York. He and EL team are grooming Truist to be sold. This is all a harbinger for Truist to be sold off in 2025. Jamie Dimon (JP Morgan Chief) himself just told the media the next 2 years will be the lowest regulations ever seen in financial services in modern history. As we ring in the new year, be ready for the news to be announced that Truist is being acquired!
The speculation about a M&A sale is right on. There is a lot of discussion in the market that there will be a very large scale bank acquisition announced in the 1Q2025. Most think it will be either PNC or USB buying Truist. There have been a flood of departures in recent months across the investment and commercial bank - some top performers - and more to continue. Truist is a great target for their SE footprint - and Billy boy has no succession plan. He can monetize and bo-m - we have a 5th Trillion US bank. Why do you think TIH was sold for $16B (best asset) and the portfolio was repositioned? During the Barclays financials conference,
There was a financials conference two weeks ago hosted by a competitor where M&A was brought up. One speaker said "You have to be careful of the cultural fit - just look at what happened with BBT and Truist".
At this point the investment bank build out has failed under the Suntrust leadership. Folks are running for the exit. Kristin also was not even a top 20 executive at WF. She's just a placeholder and will manage the integration when Truist is bought. The CCB is still performing strong but the CIB is well behind budget. Wealth management has failed under Thompson - one of the worst guys and executives in the organization.
@1one+1vt2hZJx So true. Fifth Third or US Bank would have been 100x better fit than SunTrust dookie
Just in time for the holidays. Here’s a good book recommendation….The Best Way to Rob a Bank is to Own One. Sold on Amazon (seriously)
We are witnessing the updated version
It’s just a bad bank. Kelly sc--wed BBT. Bill finished it off.
I find this very hard to believe. If US Bank didn’t want SunTrust six years ago, why would they want SunTrust (Truist) now? Makes no sense.
Too bad BB&T didn't merge with US Bank or Fifth Third Bank six years ago. It would have more than doubled our regional footprint and merged us with a bank that had a similar culture. But nope, had to be SunTrust and now we all get to work in this dumpster fire. Thanks Kelly and crew!
If you are a SVP in CFO you might to self report yourself
Not happening mo--n for a ton of reasons your pea brain wouldn’t understand. Fear mongers galore on here.
This should not come as a surprise to anyone. Bill and the execs have shown time and time again that they just use Truist as their personal ATM and that they do not "care" about the employees or anyone but themselves for that matter. This is obvious in the huge bonuses they give themselves, while the rest of us are lucky to get a meager 2% raise.
This makes perfect sense. If indeed the rumors are true, Bill and the EL team will get a huge payout. They will sail off into the sunset laughing their tails off at the rest of us. This is all about corporate greed and exploiting opportunities for the highest dollar money can buy. They will sell Truist as the next two years will be the lowest regulatory environment ever seen in the financial services industry. Bill and co. simply want to take advantage of the favorable political landscape so they can pad their pockets. They are robber barons at best!
Rest assured the rumors are true. I'm a SVP in the CFO (Maguire) organization. I have not heard who the contenders are. I know for a fact that Bill and the board are looking to sell next year due to the favorable deregulatory environment.
Is Citibank a contender?
I work at the top level, and this is bull. Just FYI
I would laugh my a$$ off if there is another merger. Bring. IT. On. I'd put my job search on hold and grab some popcorn.
To my understanding, what I was privy to early this year is that Chief EL was hoping for red November because they may be able to sell off again and make the bank larger. They were plotting and planning that a red government will be business friendly and allow the bank to get bigger. To my understanding they entertained US Bank the most but I’m not aware of what is or isn’t signed nor what other institutions may be involved in the talks. I spent the majority of my time this year investigating unscrupulous retail senior leadership in the sunshine state this year but this was one of the leaked topics of interest that came to my desk unfounded if true due to NDA that may or may not be in place and unfounded of who may have leaked. I honestly believe that sometimes people up top leak untrue information occasionally just to create disinformation and distraction from true ones, take it for what you will but the company won’t admit there’s talks until well after everything is signed and approved. Bottom line is, it was US Bank to my understanding.
Who is notifying the SEC for this securities law violation
quit ASAP
Just reconfirming what @1zqo+1vt2hZJx said "Signed and waiting FDIC approval" there is a tiny chance it won't happen but nothing is in the way as of now, I know ppl want the source but as soon as anyone here gives any sliver of info for that, the bank will know exactly who is giving out info because of the small circle of people that know. Just brush up your resume, some jobs will merge, others won't, so don't just assume you're a merge job, that's how you set yourself up for failure. Best of luck to you all!
Yep, papers have been signed just waiting on approval.
Who would the potential bank be to buy Truist ? What size of a bank ?
No one is looking to buy a bank in the Southeast
Makes me sick to my stomach! Bill and execs will get massive payouts from the acquisition while the rest of us are worried about keeping our jobs
I have not heard but it would make sense. Given republicans will control White House, congress and will gut most regulations for banks, not surprised one bit that Bill and the board are looking to capitalize on the favorable political environment by selling Truist.