I hope that I will get laid off and that I will not be here to see what all this will look like after the bank is left without even more employees. The situation is already awful, and with fewer employees it would become unbearable. I hope you all mostly have some alternative, some good next job in mind.
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Well, what they are not discussing is how they've laid off some of their high performing cybersecurity people this month. That's in multiple departments during a time that security breaches and ransomeware is happening everyday is mind boggling. It's hilarious. This got swept under the rug and the remaining teammates were told to keep it under wraps. To keep from bringing too much attention to it.
But wait, there's more. The remaining BBT Teammates have mostly been reassigned to SunTrust managers and SunTrust is running 80-90% of the cyber operation teams now. Go figure. A bank that has had previous security breaches is now running this bank's cybersecurity departments and some BBT managers were either laid off or given less important roles. Job well done Kelly and Bill, on an unnecessary merger no one asked for.
Look at the boards from the other big banks on here. None are nearly as active as this one. So that should tell you all you need to know about whether sticking around is in your best interest.
This thread is a fantastic synopsis of what is happening. Why anyone would want to endure this level of stress to support an Executive team that is in my opinion morally bankrupt - I will never know. This type of employee treatment is simply not moral, or normal in the modern business world. My hope is that you all get out, and realize that there are places to work that actually gasp value you.
@2hpn could not agree more. When they get rid of or lose teammates, they just pile more on those left standing. However this makes it impossible to keep up the standards and quality a performing teammate once did nor do they care too! Upper management has no basis in reality it is only numbers and check marks for them.
The irony in all of this is that they gave Kelly a waiver to stay on as CEO into his 70s when normally he should have been required to step aside.
@2hpn is obviously not a grunt. This is someone with some knowledge and he or she is spot on. This “culture war” in the bank is much like what is happening in the rest of society. In the case of SunTruist if you haven’t figured out which culture has won you not very smart!
Regarding the deteriorating efficiency number, I am wondering if Truist is finally hitting the inflection point we all knew was coming. You become more efficient by eliminating needless expenditures, laying off POOR performers, and improving workflow processes. Are they doing any of this?
Sadly, you don’t improve efficiency by cutting employees based on non-performance metrics such as heritage affiliation. I have personally witnessed multiple high-performers being cut, for absolutely NO other reason, than their stellar reputation threatened their “new” managers. This “success paranoia” has been so prevalent in my segment, I now believe it must be a “culture” thing, and thus occurring throughout the bank.
And lastly, this “politicized job uncertainty” has created such a toxic environment that the remaining high performers I know are either actively looking, or are already in the process of negotiating deals with new banks. Bottom line - all things being equal, efficiency measures will be fantastic even if you are overstaffed with high-performers, and will look terrible even if you are very leanly staffed with poor performers. Truist is taking the latter approach, and are reaping the rewards they so deserve.
I wonder how many were offered the severance & what is the target number they're hoping accept it?
I left on my own and was really the best decision. The daily wondering if I was going to be next was making me physically ill.
Even now it still makes my blood boil that they gave Kelly and Bill monster increases while giving NOTHING to those making over 100k.
I feel bad for the few good people who are still there and hopefully they will get out soon.
Adjusted efficiency ratio was 56.9%, up from 55.9% in fourth-quarter 2020. A rise in efficiency ratio indicates deterioration in profitability.
This is the number they are trying to drive down. So the answer is how many people does it take to get this number as close to 50% as possible. RIF’s and layoffs will never stop.
Wondering if they have a quota they want to meet and if some teammates don’t accept and they don’t get the number they want if they will extend it to others in another age range. A teammate can hope right?
I do wonder if at this point it has dawned on Kelly what he has done, or how he is now perceived. He could have retired a well-respected leader, but now he is outright despised by the HBBT side, and laughed at by the HSTI side as a country bumpkin simpleton. I hope Kelly enjoys his money and his big compensation increase because his name and legacy are now an absolute joke to those who worked with him. There is absolutely no debate that he left this place in a significantly worse place than he found it, and treated some great, loyal employees like trash.
History will show SunTruist is special and that King Kelly was a special kind of stupid. King Rogers, Beau and the rest of that merry gang will continue to ride this gravy train right to the end. The strip club lighting over downtown Charlotte will only last a few years.
That's how you know the bank is becoming nothing special, all the talent gone and what's left will be a bunch of unhappy individuals who don't qualify for a severance package.
Again, I must say, "Shame on you Kelly", how could you do this and sleep at night!
The sad part is the stock price will go up because Wall Street will cheer all these cuts and voluntarily severances.