Leadership at The Firm and Investment Bank
Being here the past 5-10 years, before the merger and after, it's clear there is a lack of leadership across the board. Look at a place like Wells Fargo - they were a dismal failure rocked by scandal upon scandal back in 2016 and 2018 - but things only really turned around when they brought in new leadership at the very top levels (Charlie S and Tim O'Hara). Now they are doing monster deals, leveraging their commercial bank and winning on the capital markets side. They are showing up for the clients.
The same cannot be said at Truist. Instead of making real change, the good old boys club continues. they shuffle things around. Bill Rogers, a nice guy, is in way over his head. He has proven he can't lead the big ship. Both Tom Hackett and Michael Carter have been abysmal failures (to put it nicely). No one on The Street knows either of them and they are not liked by their people. Some of the top investment bankers at the firm have left within the year (Hayes, DC). The technology group hire of Stellar Tucker shows the Michael has NO IDEA what's he's doing. One serious tech M&A banker on the Street said, "When I saw Michael was hired at the head of CIB and Stellar Head of Technology, I stopped talking to Truist - it was clear they were not serious about building a real investment bank"...Ouch....It's clear Equity Capital Markets and Leveraged Finance are also in need of a dire upgrade. And the whole Credit/Risk apparatus here su-ks. Oscar and Huff also on notice.
And don't get me started on the Commercial Bank. With a new head of wholesale starting, if I was David Weaver, Jason Cagle and Scott Cathcart I would start dusting off my resume.....people in CCB Credit and Risk hold way too much power, but that will certainly change in the coming months. Bad CCB actors like the team in South Florida better take notice (heritage BBT)...CHANGE IS COMING
Feb 6 by Anonymous