All things being equal (level/grade, etc.), who's better paid - SunTrust or BB&T employees?
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Even though it was supposedly a "Merger of Equals", it's not. If anything, they'll being hBB&T employees at least to minimum, if your already above minimum, no, there will be no increase for 2022, that is my understanding.
So what I am hearing is if you are a heritage BB&T person who hung in there for 20 years dealing with mediocre management and living with sub par pay will now keep subpar salary while dealing with sh–ty Suntrust culture. Oh goodie.
That is spot on analysis, I worked for SunTrust many years ago and left because of the toxic culture. When I gave my notice, they forbid me from telling anyone which bank I was going to as other people were leaving to work for the same bank. They were so rude to me I got fed up and decided not to finish my two week notice. I was told I would never be able to work for SunTrust again. That is one bridge I happily burned. They did pay higher salaries but had large turnovers. This was in commercial lending and the RMs never stayed too so they had to pay higher to entice others for those positions.
Spot on analysis by Skanderburg below. Those who survive this sh–eshow the next couple of years will have ZERO loyalty to the cause. Perhaps that is the STI way of keeping fresh and having ruthless people in charge. If you think this isn’t going to get worse when King Kelly gives way to Emperor Rogers you’re wrong.
Just wanted to offer my thoughts. There is a general belief based on anecdotal or several individual examples that hSTI employees are better paid than hBBT employees. There are a few factors that supports this: 1) At least for corporate jobs, the ATL job market commanded higher salaries than the W-S job market due to cost of living and more competition among large companies 2) While BBT's norm was to promote into management from within, at STI it was more common to hire from the outside, particularly managerial jobs. Because the hiring market always pays more than the retention market, salaries at STI were more aligned with market levels. This also explains why at BBT, there were more folks with 10+, 15+, 20+ year careers, whereas at STI this was often the exception. 3) STI seemed to be more aggressive in outsourcing, thus freeing up resources to hire and pay higher for talent. Finally, another commenter also said that the pay difference could be due to culture differences. Generally speaking, one is more willing to accept a lower salary for a collaborative, collegial, nice culture than a higher salary to join a competitive, aggressive, toxic culture.
A colleague (heritage BB&T) has several heritage SunTrust people on her team. She is the manager and several of the SunTrust people that report to her make more than she does.
Now that is pretty sad right there.
A colleague (heritage BB&T) has several heritage SunTrust people on her team. She is the manager and several of the SunTrust people that report to her make more than she does.
BB&T never paid pro quo, Most managers would only give increases to their favorites who would do their managers job. You did well if your were a brown nosier and s—ed up to your boss. That is why it is disheartening seeing good people let go.
Welcome and enjoy your seeds.
I was told the SunTrust employees make substantially more in my area as well. I would hope the reason is painfully obvious to everyone now. Companies that have collegial, supportive and collaborative cultures DON’T have to pay as much as those that are siloed, authoritative, and permeated with distrust. For those that decide to stay at Truist, just make sure you get compensated to put up with what is, in my opinion, emerging as one of the worst employee cultures in banking. Don’t be miserable AND under-paid!
I was heritage BB&T (finally quit about a month ago) and my manager leading up to the merger repeatedly told me how much more Suntrust folks were paid for significantly less responsibility. Before I quit I tried to negotiate a layoff with my new manager. I could see the writing on the wall and just wanted out. Even though my new manager had to cut staff he chose my Suntrust counterpart because he only had to let one person go in that scenario instead of two if he picked me. In other words, I was making so much less money compared to this heritage Suntrust person in the same role that to make up the salary difference in the layoff would have required letting another person go as well. So my manager got two for one by letting the SunTrust person go. I was mad and eventually just decided to leave. I had been with BB&T for a longtime and I had grown to loathe the new company. It was best for everyone, and I'm certainly much happier.