Economic downturn couldn't have come at a worse time with pressure to complete merger related IT changes. The new bank is hemorrhaging cash trying to combine the banks as Covid-related loan defaults are skyrocketing. Layoffs won't come until September 1st so that covid loans can be forgiven. Most of IT is affected. Be ready.
8 replies (most recent on top)
I hear that lots of teammates are being moved to IBM instead of being directly on Truist payroll, then Truist will pay IBM for services.
I couldn’t agree more with the last two post. I left as well after a very long career and I am so much happier. Sad to say but true.
Your right, it's been awful and the leadership chosen is clueless. I left 6 months ago and I feel so much better, they're good banks out there that don't nickle and dime their clients to death. Look how they treat their big depositor's paying zilch for interest. They have a department just for that purpose. Leave, your family will be better off as you will be happier:)
I'm in a regulatory role but we were told that empty positions would not be filled. I feel bad for my manager because I'm getting ready to leave, but I couldn't care less about the broader organization. This merger has been a disaster and I'm ready to move on to a better company. The new Truist organization is not a good place to work or grow one's career unless you are a bloodthirsty shark. It's been crazy to see the number of incompetent people put into leadership positions and the inefficient way work has been divided up.
@2vlf+14T99LaF : +1
This is how the world has been moving for well over a decade. The bank has been fighting it because they are stuck in a 1980s mindset with 1980s people. This has changed. The bank knows it can't be competitive unless it changes. It is why the merger happened and why you are hearing about 'digital transformation'. Digital Transformation is 'MBA speak' for lets get rid of dead wood.
Nowadays, "IT" would mean everything from databases, infrastructure, operations, to mainframes, servers, and PC helpdesk. Heck, even most custom application software and support would make sense given that it's sunk cost and needs to be replaced was modernized cloud-based client-focused innovation. The new model is to re-badge half the staff to the outsourced company and sever the rest.
What is meant by "IT" in these posts? The Enterprise Technology operation that supports a bank of this size isn't just one department. They have already made public the plan to outsource support of heritage SunTrust data centers until they are decommissioned, is that what this post is referring to? I work in Enterprise Technology, so I'm trying to figure out how screwed I am. Thanks.
IT is considered 'overhead'. There is always a desire to make those offerings 'Managed Service' or straight 'Contract'. FTEs getting Pensions to do IT work is an old and broken model, that died with the Brady Bunch.