Truist sells Sterling Capital to Guardian Capital Group. Deal closes Q224. I’ll be interested to hear the rational for this divestiture
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No idea on buyers. We may not even be up for sale yet as bill is still busy streamlining the organization just like you’d fix up and clean an old house and paint it to make it look presentable and at its best before you put it on the market. Could be a while too before anything happens but I doubt Truist will be around in 3-5 years.
Rationale was they were a pi-ple on an a-s. Made sense.
To the post suspecting we are being streamlined to sell… let’s vote on buyers:
- Chase
- Scotiabank
- Goldman
The sun trust way is:
- Expense cut their way to greatness (or what they see as greatness)
- Change strategy every TWO SECONDS
- Undue anything that was in place at BBT.
I suppose Bill needed the 70 mil to make an interest payment. No other reason to sell this.
Anything related to hBBT will be divested.
Rationale? The rationale is Bill is running the bank into the ground and needs cash, lots of it.
my man this is normal banking business to raise some capital… reeeeellllllaaaaaax brah… The future is bright with people like me.
@omg+1qShCN2w what you say here seems completely plausible. Bill has the BOD in his pocket now and everyone can get another big payday in the next couple of years. His problem may be he runs it in the ground and devalues it to a point it becomes a fire sale. Don’t think he isn’t capable.
Bro……? What the….I mean, Bro
76 billion under management and they sell it for chump change, 70 million. What is Bill and his BOD end game here?
Put the pieces together. Layoffs. Trying to sell the insurance business. It’s all streamlining to line us up for a sale. It’s the only playbook Bill knows. He almost had a merger of equals done in (about) 2015 with Regions. It tell apart last min. Then he switched to BB&T and found a partner. The only thing Bill knows how to do is layoff people, cut all investment in technology, sell assets and play defense and hope for a buyer to come along. That’s been his playbook ever since he took over from Wells in Suntrust. I seriously doubt Truist will be around in 3-5 years. Probably will be a Canadian or European buyer that wants access to US. Not sure what that will mean for sun lines of business that can’t be sold like investment services, etc.