The merger was ruinous. This was done sloppily, and the results scream poor planning. Leadership doesn’t care, the bank’s reputation is in the gutter and there is no clarity on roles and responsibilities. BB&T destroyed all that was good at SunTrust. Now we’re forced back into the office. Time to add parking and daycare to the monthly budget. Even the layoffs were planned poorly.
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Actually as an ex BBT employee Suntrust management ruined it. The entire company is run by SunTrust. Bill is a joke. So glad I left - it was a toxic culture after Kelly left.
Dead last in customer satisfaction? But they have all those Psychology Ph.D's working on creating 'great experiences'. Say it isn't so!?
Just saw Truist ranked dead last in the latest customer satisfaction poll - even worse than BofA. However, based on what we have seen previously, that should warrant Rogers/Beau getting even bigger salary increases.
It took me a while to understand that when Truist said they stand for “better”, they really meant better at being really bad. Maybe at some point the shareholders will realize it is they who own this bank, and do something to address this management issue.
Nothing like a massive Outlook server outage to instill confidence - especially when so much of your job is still done over email like it's 2003.
I was wondering myself about the “train wreck” thread. Odd that naming Thompson would trigger removal. Everything stated was also true!
What happened to the "train wreck" thread that seems to have disappeared? Maybe it triggered some algorithm. Note that the C-suite executive mentioned by name should be considered a public figure.
Most analysts have now lowered the upside on the stock price to around 40$ per share. How’s that MOE sitting with stockholders now? BBT shareholders were fleeced. Meanwhile this executive management continues to steal. He-l the BOD gave William a 27% increase in his compensation! You think they’ll cut it that much next year? How many of you “Teammates” got a raise equal to that? I’ll wait………
@9nxl+1lR664mQ - I agree about the Board, but Institutional investors are interested in total return, not just a solid dividend. Truist’s dividend doesn’t compensate for the fact they are now trading at the same price BB&T was trading a quarter century ago! Based on the most recent earnings calls (and market reaction to selling-off insurance assets and reclassifying bond holdings), analysts are starting to clue in to the ruse.
The BOD is owned by Bill and yes Kelly. Don’t expect them to make any waves about how new bank is run. The only way the board will act is if the institutional investors that own over 70% of outstanding shares start making noise. This is not likely as long as the dividend continues at current percentage. It will be interesting to see if it is raised again this earnings period. I’d still like to know why Bible was forced out and why Starnes was elevated to co-chair. Inquiring minds would like to know!
@8snl+1lR664mQ - VERY well said. Forget about taking sides, a lot of great people (from both banks) had their lives disrupted because of greed, arrogance and, quite frankly, lack of intellect. After all this damage, the most frustrating part is we are left with a significantly worse organization than either of the two that existed before.
I will add that I really don’t understand how the Board hasn’t faced any scrutiny to this point. This is a public company, yet they have sat idly by letting one or two executives act with absolute impunity - to the obvious detriment of bank performance. I do wonder if the Board-members really realize that, in the end, they own this mess? It will be interesting to see how far they are willing to go down to continue supporting a very poor Executive team.
Who destroyed who is up for debate. Fact is the senior executives and board members from both banks destroyed two very good regionals all for vanity.
Bill, Beau and the SunTrust Executive team couldn’t care less if Truist is deemed an “insurance company” or a “bank”. As long as they can pull huge salaries combined with a Board that (obviously) has zero performance expectations, they are happy as can be.
Now, why heritage BB&T shareholders are ok with this mess is perplexing - they paid a premium for this Executive team!
You know it must gall Bill and the Suntrust hierarchy to see Truist described as “The insurance provider” rather than a Bank financial services provider.
Meanwhile
On Thursday, Benzinga reports that the investment analysts at The Goldman Sachs Group reduced Truist Financial’s price target from $55.00 to $39.00. The firm currently has a “buy” rating on the insurance provider’s stock, but the new target suggests a potential upside of only 15.21% from the company’s previous close.
Least anyone forget in January 2022 the stock reached a high of 68$ per share. Wait till Bill and his pet CFO tell you how wonderful everything is at the upcoming earnings call.
@3vcw+1lR664mQ Yes! The nonsense in place for underwriting and loan renewals has the process so convoluted and slow that clients are seeking and finding better places for their business. On top of that you have credit officers with God complexes who demand the first born of clients and you for loans. Process is too long with too much nonsensical paperwork.
Suntrustless senior management is a combination of ignorance and arrogance, trust me.
For those in production roles, you
generally loved to bid against BofA. They never disappointed in coming up with new and exiting ways to alienate their client base.
Now Truist is “THAT” bank. I have competed against dozens of banks in my career, but I have never come across a bank with as many clients so eager to leave as they are now at Truist. Until Truist gets a new Executive team (one that understands client service = client retention), I don’t think even mediocrity is within reach.
There is nothing SunTrust brought to the table but the ole good ole boys, they ruined everything for greed and tossed out all the experienced people. Now they're going to suffer big time. Go to your competition if you want to see where all the good people went.
As far as I can tell, the same operational and cultural issues plaguing SunTrust before the merger, are now just playing out on a bigger scale.
I had accounts at both banks before the merger. From a customer perspective, Suntrust destroyed everything I liked about BB&T.
"BB&T destroyed all that was good at SunTrust."
HAHAHAHAHAHAHAHAHA! Oh, that's rich!
BBT destroyed Suntrust. I’ll have some of what the OP is smoking. It is some good stuff! Everything stated prior to that statement is accurate the.