LMAO BBT acquired Suntrust

In December 2019, BB&T Corp. completed its $28.2 billion acquisition of SunTrust Banks Inc. and created Truist, the seventh largest U.S. retail bank with approximately $518 billion in assets as of March 31.

Truist likely will incur around $1.8 billion in incremental operating expenses through next year, the company said, part of which will cover technology costs such as for IT systems and professional services.

As Mr. Case and other bank officials have been deciding which technology systems to keep from each legacy bank, and how to reduce costs, they have also been working to implement new practices and IT infrastructure that would help enable innovation. Innovation entails rapidly coming up with new products, services and experiences, both internal- and external-facing, in a way that embraces learning from feedback, he said.

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“The merger allowed for two large banks … to put our systems together, create opportunities, look for optimization, and then look for opportunities to reinvest that back into innovation,” said Mr. Case, previously CIO at SunTrust. “And at the same time, we’re developing that muscle memory on how to do innovation.”

The Wall Street Journal reported in early 2020 that Truist was behind on achieving expected cost cuts for that year, but the bank said that it expected to fully realize its total anticipated cost savings of $1.6 billion by its original target of 2022. Mr. Case said that the company is on track to complete its IT integration in the first half of 2022, which will help set the stage for innovation.

“I think that we do need to get through the merger successfully. I believe we will. We’re on a good path there,” Mr. Case said.

The bank’s Innovation and Technology Center is slated to open later this year at Truist headquarters in Charlotte, N.C. The center will serve as a factory of sorts, Mr. Case said, with a cross-functional team approach to developing new products, services and digital experiences for customers with their involvement.

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6 replies (most recent on top)

What a sh-t show. How can Scott Case say any of that without bursting into laughter? He's as delusional as everyone else in Executive Management.

It’s an unmitigated disaster led by incompetent blow yards that believe themselves intellectually superior. That arrogance has led to what we have now- no actual tech breakthroughs or innovation two full years into this disaster.
Where’s the breakthrough? Two sets of old white geezers fighting over their in home 90s technology while virtue signaling their wokeness.

@enr - Very well said, they absolutely have no shame. I also love the arrogance of thinking “innovation” simply appears because you re-name part of your office space an “innovation center”.

Innovation is all about an environment of open sharing of ideas, the acceptance of different points of view, and a real desire to hear ideas from outside of the box intellectual thinkers. Think about it - if you were asked to describe Truist, you could do a very good job by just saying the opposite of these traits.

But, I am sure the fintechs in Silicon Valley are shaking in their boots over all the big ideas that will just come cascading out of a bank now populated by two distinct types of employees. A) those actively looking to get out of the Truist disaster; or B) those that remain “safe” because they have made it clear they understand their role - which is to follow orders without question, and keep all of their process improvement ideas to themselves. The only thing left is not if this thing implodes, it is when the outside world clues in.

“I think we need to get through the merger successfully”. Wow, what a remarkable idea. Wish I thought of that. Too bad it’s unlikely to happen.

This bank has no shame, they have squat for innovation and cross-functional team approach......there is nothing new and there never will be, they're divesting all who are 55 plus to raise capital. That's not a bank, it's a circus.

They are now realizing they need some positive press so they are bringing out Mr. Case to spin how well the integration is going.

Thread regarding Truist Bank layoffs

LMAO BBT acquired Suntrust

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