Thread regarding Truist Bank layoffs

ESPP, I just have missed that email.

*“Anyone else find it ironic that they're still pushing the ESPP?
Why oh why would we double down on this place...?”*

It is 100% predictable. The Truist executive team rolling-out yet another way to abuse an employee base already under constant threat of lay-offs; this time to prop up their own huge stock gifts.

Analysts are catching on to the ineptitude of this management team - so why not make the employees (who are already treated so well) take on the additional burden of supporting a stock price torpedoed by terrible management? It is truly amazing when you really think about it! The bottom line - any employees who witness the behind-the-scenes disaster that is Truist and still think they should buy the stock and support this management team - well, you will get what you deserve.

All you “SunTruist Teammates” are going to find out what your “Purpose” is in 2023 as the recession takes hold and the stock continues to flounder and Bill and the boys don’t have merger related expense items to hide on the balance sheet anymore. You think it’s been fun so far the best is purposely coming and sooner rather than later.

Anyone else find it ironic that they're still pushing the ESPP?
Why oh why would we double down on this place...?

If you care about “SunTruist” go read the transcript of his presentation at Goldman Sachs financial conference. A commercial message like no other. I’m certain his old pal Kelly was proud.

Since Rogers continues to sell far and wide that SunTruist is a purpose-first and purpose-driven company what “PURPOSE” would be served by selling some or all of a profitable segment of business?

Another reason Rogers wanted a puppet as CFO.

Let me get this straight. Lay off employees without regard to their economic value to garner short-term expense savings, and now evaluate selling one of the (few) highly performing segments of an obviously struggling bank.

There were posters on this board saying over a year ago that the end game was nothing but a Bill/Beau boondoggle, with the sole goal of fleecing the company and then merging the burnt shell to walk away with another payout. How true.

So what’s the real story here? An attempt to pump up the stock price? Two plus billion in revenue annually from TIH and have expanded it with multiple acquisitions since merger. Inquiring minds want to know!

Morgan Stanley is running a process to explore the sale of up to 30 percent of Truist Insurance Holdings (TIH) by its banking parent to potential investors including private equity in a move that would provide a third-party validation of the value of the expansive business, The Insurer can reveal.

Q4 earnings expected January 17th. Should we expect another round of RIFs in January to kick us out by March?

Bank stocks as a whole are reeling. No imagination needed to know what SunTruist stock is doing. Down down down

@4zkp+1jWS3Omc - spot on analysis. The BOD are complicit in this farce. No other way to explain allowing Rogers to appoint Maguire as CFO. Under qualified at the very least to be in a position like this at a major financial institution. Rogers has control and will maintain it for some time to come. Institutional investors are the only hope of it changing. Keep raising the dividend every quarter and you keep them happy enough too remain quiet.

@3vxq+1jWS3Omc - When I read the quotes from Rogers in Dallas it all became crystal clear. The SunTrust executives have indeed adopted a major strategic initiative from BB&T - they are playing the Kelly King schtick.

What I mean is this - if Kelly had ever been held to any objective performance metrics, the dullard would have been replaced LONG before the merger. He decided the best way to continue bleeding shareholders (keep his job) was to redirect the attention away from his absolute ineffectiveness as a bank CEO (and floundering stock price). His strategy was to brand himself as “the caring CEO” and more than just a manager, but a “life-coach”. Now, everyone who really knew Kelly personally understood this was a pure fabrication by a snake-oil salesman, but he played it to great fortune.

And déjà vu. A floundering stock price and an incompetent management team shifting the narrative from their own incompetence to portraying themselves as managing to a “higher moral standard”. I would love to know if the Board takes into account any objective performance metrics - my guess is they better, because there are lots of angry shareholders out there that were promised something from this merger, only to be left holding the bag while Bill and Co. have made out like bandit$.

Quote from Rogers in Dallas business journal. He’s been trying to dazzle the Dallas market with Truist virtues. Purpose!

Why did you join Truist? It was not, "I left somewhere." It was, "I came to Truist." They came for the purpose, for the "one team aspect" and the way that we operate. We're building this. We have a very high bar for talent. We want to make sure that people are purposeful and that they buy into the concept of mind to the fact that we work as one team.

Yes it’s quiet here. Truist “teammates” don’t care about what is going on. They seem resigned to their fate whatever that might be. Three years into this MOE no one cares. They do what they can and are apoplectic about the rest. The kool kids are still wowing their bosses with or-l diarrhea while the rest are shaking their heads in continued disbelief. Meanwhile the amount of ridiculous spreadsheets and useless paperwork increases adding ZERO value to anybody. This is your technology improvement at its finest so “needful Raj” can takeover your job in the future. SMDH

Ah, "Return To Office". I get it now! Duh! I'm a little slow!

Shakin up that bottle of blue pills!
Forcing employees back into the cesspool known as the office is yet another ploy to get the headcount down.
Bring on the quitting!!!!!

What is "RTO"? Ready Thine Orifice?

RTO is what’s happening. Huge push for 3 days minimum in 23. You ready?