The bank plans to close about 100 more branches in December and January and continue through 2022.
https://www.bizjournals.com/charlotte/news/2020/10/15/truist-financial-merger-affecting-expenses-q3.html
16 replies (most recent on top)
Big news afoot - what’s the news ? Pls
Big news afoot? Come on...give us details. If you know something, say something.
If this ever had anything to do with a dire competitive need to raise money to invest in technology, the first thing on the block would have been the Kelly King Leadership Institute (oh the irony). I understand it loses about $1+ million a year, and was extravagantly expensive to build. Hmm, strangely reminiscent of another unnecessary and extravagant building purchase in these days of sacrifice...the Hearst Building. Hmm.
Frankly, there is no argument that justifies keeping that ego-driven corporate boondoggle that is the Kelly King Leadership institute open when good, loyal, hard-working productive people are losing their livelihoods. Two things I do know with absolute certainty - this is all about ego and technology is just the excuse, and regardless of what any of us have done for the bank, we are not valued at all.
Lots of savings to be realized by end of the year. IT contractors and retail mid level leadership is next. The SVPs were busy this week completing the reviews and making the RIF decisions. Believe me.
Support functions in Wilson is on the block too. As is training. Virtual capabilities are here. May you somehow find yourself spared.
Yeah seriously can we get more info please????
Big news is afoot....stay tuned
Can we get some more details? Will we get an email, meeting, good news/bad news? Don't leave us hanging :)
Big news is afoot....stay tuned
For all the talk about merger allowing greater ability to increase and speed up the advance of technology seems like mostly BS. Appears that in most instances they are choosing either a STI platform or BBT platform and rolling with it. Neither were exactly cutting edge. The missed opportunities to blow up some systems and really have cutting edge will be missed. MOE has been a joke from the top leaders. Meanwhile at the work level, particularly middle management, HBBT are trying to solve problems while HSTI refuse to participate by passing everything off as someone else’s problem. It has become quite the Charlie Foxtrot!
Yep, that's the trend, Robo-advisers are a class of automated financial adviser that provide financial advice or investment management online with moderate to minimal human intervention. It's a low cost alternative to human advisors. What will be interesting is when these systems get hacked, and you know they will, what will happen. Who do you call when a robot screws up?
In 3 years, with the proper investment, this bank along with others could be run with 60% fewer people. Automation and AI. What i think is interesting is banks Outsource all their systems to 3rd parties. Truist and other banks actually own very few of the applications they use to support their customers. FINTEC will accelerate the RIFFs. They are all just brand names, logo;s and color schemes.
if this has been any sort of lesson, it should be that a merger of equals is a horrible idea. The fact it was with suntrust makes it worse, as suntrust has nothing to offer except some slightly less used u mortgage software and resources.
IF it had been just a take over, this all would have been over, but since it is a MOE, everything is unnecessarily drawn out as so not to step on any toes. When we did take over National penn, this was over in 90 days. We are burning time and wasting a huge amount of money just so we don't hurt anyone's feelings-dress it up any way you like, but at the end of the day, it should have been a take over.
I agree with the post below. This has been and continues to be complete mental torture. Not only are you swamped with work that is a load for multiple people, but you have the constant thought in the back of your head of losing your job. Morale is definitely at an all time low. I’ve seen multiple people say to “get out”, but a lot of people have a number of years under their belt that they can’t say no to a severance package. Not only this, because of COVID most banking institutions and other jobs in this field have hiring freezes. Where are you going to go when you get out? Nowhere.
It is sickening to see this incredible company become what it has. Money hungry and heartless. Everyone is tired, running on empty, and stressed to dangerous levels. It’s a terrible feeling.
It was a great bank until Kelly sold out, it's not a question of being antiquated or not in the 21st century, it's employees made BB&T what it was, without them they would have nothing. It is shameful how these employees were treated, no one wanted this merger and the employees who are still here who use to care are now so swamped with work. You can't keep getting rid of people with the premise who's left can will pick up the slack. The moral is so bad , people are exhausted, miserable and just plug on hoping this will all end.
I think many will agree, times are changing, the real question, is this really a good thing.
Just my 2 cents, I think that was the interest I earned in my BB&T checking account ;))
Stop your b1tchin’ - I am laughing at the irony reflected in your response to the prior poster. What is happening isn’t “21st century business”, it is late 1990’s business. Yes, this stuff “went on for a loooong time”, but ended two decades ago when successful companies realized employee morale = greater profits. The recent events aren’t evidence of these two combined banks moving into the 21st century, it is evidence they remain decades behind the competition.
Why do you think this is the biggest bank merger in such a long time, because Wall Street is stupid? No, It is because they realized decades ago merger of equals were antiquated and never work. And by the way, we ain’t exactly talking Wall Street when the combination exists of a “small town fluffy and backwards” bank merging with another bank that was performing so bad it was acquired by the backward partner...
@1hht+17wLsvb4: This is how the corporate world/public company works. Standard stuff and has been for a loooonnnnggg time. You have been sheltered behind the façade of a company that pitched itself as the 'small town' and soft and fluffy. That was cute. It was never that really and now, even less so. It is a large bank playing in a big boy game. You have been lucky until now. Sorry reality the reality of Wall Street/21st Century business caught ya by surprise.
I don’t know what is more pathetic, these layoffs or Kelly King’s narrative. One minute Kelly is tearfully bemoaning the sad economic circumstances of small business owners, yet the next he can hardly contain his unbridled joy as he tells analysts about cutting employees and realizing cost savings. And then, on Monday morning, he will once again tells those of us in the middle of the cross-hairs (and with all sincerity) that we are all his precious sowers of the seeds of hope. Does he just assume we are all too stupid to actually listen to what he says on the earnings and analyst calls?? Good luck everyone, we are going to need it.