Thread regarding Truist Bank layoffs

Truist Financial exec Bill Rogers on how bank is making changes amid pandemic

https://www.bizjournals.com/charlotte/news/2020/11/10/bill-rogers-president-coo-truist-financial.html
As you can see, many more closures and layoffs. Truist will be keeping LightStream Lending from SunTrust, a digital lending platform, no need for humans.

Merger-related expenses are climbing, totaling about $1.5 billion since the deal was announced in early 2019. Truist expects to exceed its original $2 billion projection early next year. Truist's core conversion is scheduled for the first half of 2022.

The bank has to balance expenses and investments with promised cost savings. Executives pledged $1.6 billion in merger-related net cost savings by the end of 2022. Truist had achieved about 35% of those savings as of this fall. The bank accelerated cost cuts to reach 40% of that goal this year, with plans to surpass the $1 billion mark in 2021.

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| 18601 views | | 9 replies (last November 25, 2020) | Reply
Post ID: @OP+17TCBxOl

9 replies (most recent on top)

You are so right, that's exactly what's happening, It happened to me 5 years before retirement, you have to sign off to get the severance package. Many others I worked with, the same and very good performers.

This is the play book the company is using.
https://www.motherjones.com/crime-justice/2018/03/ibm-propublica-gray-hairs-old-heads/

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Post ID: @dnrm+17TCBxOl

This is the play book the company is useing.
https://www.motherjones.com/crime-justice/2018/03/ibm-propublica-gray-hairs-old-heads/

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Post ID: @dxau+17TCBxOl

Hahaha!!! Well Fla. newbie, You say your about doing what’s right for the client and the bank... well that has always been the BB&T culture so looks like you you do by into the BB&T culture after all. Of course it has been replace the ST culture now so good luck with that.

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Post ID: @3zcy+17TCBxOl

I am Relatively new at BB&T, I walked in and never seen so many managers bought into a culture. It was almost cultist. I thought it was silly but after all, most of these people had no other real world experience since this was their only job for 25+ years. BAM, its all over and now we are building a new culture. These people are walking around like they were betrayed. I believe in doing the right thing for the customer and my employer, i do not need a sign on every wall telling me the have Integrity. You either have it or you don’t. Executives are business managers, they are not your caretakers and somewhere along the way all the seeds or hope and we care about Happiness discussions convinced a lot of people to think otherwise.

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Post ID: @3wkn+17TCBxOl

Funny, seeds of hope, that's why they won't be successful. China was shipping seeds all over the US, and the US said to dispose of them, Great marketing!

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Post ID: @1svf+17TCBxOl

T3 though. Don’t you believe? Plant some seeds of hope! And we are the most socially just bank in the US....I mean, didn’t you watch me cry talking about racism? That was top flight acting! Now give me a few million more.....remember, T3! Not good fo you- but good for me!

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Post ID: @1xdy+17TCBxOl

Your correct toxic environment no one willing to work together as a team. Not what I signed up for 30+ years ago so I waiting for severance, I took my future in my own hands and was the best move I ever made for myself and my family. You know it’s bad, however once you have had enough and finally leave, the peace and joy you feel let you know it was much worse than you ever knew.

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Post ID: @xkb+17TCBxOl

Never seen a culture deteriorate so rapidly. For Suntrust and now Truist to use the word “teammate” insults the intelligence of anyone who truly attempts to work as a team. Morale is getting worse by the minute. The blatant refusal of most of these alleged “teammates” to work together for the greater good is laughable. 360 feedback how very nineties of you haaa haaa haaa haaa

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Post ID: @tmz+17TCBxOl

With all of the bloodletting to come, what sad irony. The two uber-compensated individuals that are directly responsible for our strategic deficiencies in technology (King/Rogers), get fat pay packages to lay off the very people who tried desperately to make the c-appy technology they were provided by these same men work. Wow.

Business 101- The same individuals who dug the hole, will never be the ones to get you out. By the way, I do wonder if the Truist board of directors has any idea what is actually transpiring out in the field? Are they just blindly accepting Kelly’s blatant lies about employee morale? I don’t know about you guys, but from where I sit and everyone i talk to, employee morale is off the charts bad...

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Post ID: @wrj+17TCBxOl

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