I guess he didn’t retire to be with family
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I too need to complain about how my free money is given to me. Darn it I didn’t get any rsu’s
Just be happy that you’re getting them
The annual RSU stock bump is happening as it does every year. Those of you who have been around awhile recognize this yearly stock price increase. I'm not sure how it happens but you can count on it each year before RSU's are handed out. Market forces, don't make me laugh.
For those who don’t know what a tracking stock is:
A tracking stock is a specialized equity security issued by a parent company to "track" a certain segment or division of the corporation.
A company's tracking stock will trade in the open market independent of the parent stock.
The tracking stock's performance will largely be tied to the success of the division it tracks, not the overall company.
Companies issue tracking shares in order to raise capital and to give investors the opportunity to gain exposure to one specific division.
Tracking stocks carry the same risk as any other stock and typically don't include shareholder voting rights.
My guess is some manner of tracking stock so that the insurance group can get rewarded with stock units in their business while the bank stock languishes
@cjnr - will be very interesting to see 1- if it happens and 2 - how it’s justified.
For years, management has touted the reliability of insurance and how it helps hedge the bank during tough economic conditions.
I could see if Truist had a need for a higher margin use of the capital - but since we aren’t growing what would be the point of spinning it off? Well, other than a short term distraction from the actual performance. And of course spinning it to analysts how the funds are used to invest in “Innovation”
Will Rogers and his gang of bobble heads announce the sale of some or all the insurance arm before the 4th quarter earnings? Will the BOD allow them to break up or off load a profitable segment of business to prop up the bank short term? How does this make sound business sense? Any insight anyone?
@6jww+1kcDCgg6 - so true. A group of failed investment bankers who build up their egos by looking down on their employees. They know deep down they aren’t even on the radar of Wall Street - except for one thing - the laughably poor way they are running Truist and the abysmal stock performance.
I’m amused every time I see Truist Financial has up graded a stock or recommended a stock as buy, that old STR group thinks the bank exists because of them. Trying so hard to play in the big leagues. You’re not in the ATL anymore Beau. How’d that buy Rivian it’s going to double in 23 work out. It’s about a dollar now. They are arrogance personified!
I worked for Truist as a branch leader. I started at BB&T. I was very happy working for BB&T. Truist is a complete $hit show! I'm so happy that I left. Terrible leadership.
Let’s be honest - the “search” (ahem) for the new CFO only had one real requirement (and it had nothing to do with financial or accounting skills). It was selecting an applicant that Bill and Beau knew would blindly embrace the “anything you say, however you want it sir” mentality. Now, why the Board continues to turn a blind eye to poor performance on top of the obvious efforts to quell opposing views or objective oversight is another question altogether.
The new CFO has ADHD, trust me. A boy in an adults game.
My thought has always been he was pushed out because someone had to take the fall for poor financial and stock performance, and it wasn’t going to be Bill. He was kept on as consultant because Bill knew that in reality, he actually needed him. Playing both sides of the fence
“To the comments saying Bible was let go, if he was, then why would they keep on as a consultant for so long? That really doesn't make sense to me.”
May or may not make sense, but he was fired. I heard two people who absolutely have insight pontificate about why he was let go, but they all 100% agree on one thing - he was fired.
To the comments saying Bible was let go, if he was, then why would they keep on as a consultant for so long? That really doesn't make sense to me.
So who do Biil n Beau take out next in the old hBBT group? 2023 is the year it all gets real. No more integration to excuse the terrible performance. Will the BOD actually start holding executive management accountable? Did Bible disagree with the Texas pay day loan purchase of 3 plus billion? Is that what got him fired? It was about that time when the announcement was made, make no mistake he was let go hence no immediate replacement being named.
I am not sure how to feel about this - there is some real hypocrisy at play here. Yes, the “work for a bank that cares about people” comment is 100% a middle finger to Truist. But kind of interesting we hear this from Daryl now, isn’t it? Who does it help?
Before Daryl himself was fired by Bill/Beau (he was), I never heard one peep from him about the terrible treatment his BB&T co-workers were receiving. Just like his fellow BB&T executive team (Henson, Yates, etc.,) they were all perfectly fine ignoring their long-time BB&T “co-workers” as long as THEIR big checks kept cashing.
"@ssh+1kcDCgg6 I noticed the exact same thing. " As did I. It struck me as meaning that Truist doesn't care about people so I am going elsewhere.
Appears Bible found a new “Purpose”.
@ssh+1kcDCgg6 I noticed the exact same thing.
This is what giving Bill n Beau the middle finger looks like, Kelly too for that matter.
His LinkedIn post said he was glad to be at a bank that values people first….that’s pretty telling IMO