Dial in and listen to how well things are going while you struggle and worry if today is your day to be RIFed. I’m sure they will tell us how great the marketing deal with NFL is also. I know everyone is proud of this!
4 replies (most recent on top)
Maybe before signing a glitzy NFL contract try to, um, at least pretend to address the fundamental “reason” for the merger in the first place - our impending doom unless we make HUGE technology investments ASAP. The only technology “transformation” I see is this - whichever heritage team is in control chooses their existing (and outdated) system - problem solved quickly, no messy transitions (for them). The result is now we are a larger bank further investing in old technology - how is that not more dangerous than being two smaller banks with antiquated technology?
Hey, make us feel better by trying to at least fake that all the layoffs were about creating a tech bank; as it is, only a fool doesn’t recognize that this was all a massive “marketing” fueled ego trip. SunTrust and BB&T were both fully capable individually of ramping up their marketing, neither needed a merger to do it. And neither would have started from “zero” either, nobody knows what a Truist is. This whole mess reeks of dishonesty, ego, wasted shareholder capital, and damaged families and communities...
They always seem to find money for things that are useless and essentially vanity projects but then will turn around and RIF 1200 people out of necessity to reach those cost savings they promised.
And this NFL thing is a perfect example of that. It’s going to be at least another whole year before anyone sees actual Truist branches or branding on credit cards, mortgages, etc. People who bank with BBT or SunTrust don’t call it Truist. And anyone who isn’t a customer and sees Truist during NFL games will be like “WTF is Truist?”
So, true - the whole merger has been about ego from the beginning, versus building to a strategic goal. Is the NFL connection going to matter to clients when all their trusted contacts are gone, and they struggle with Truist’s 1990’s online technology?
My favorite thing about the earnings call, however, is to hear Kelly tell the public how well the two teams are coming together, and how much we all love our new teammates. I would give anything if someone would call him out for the hypocrite and liar that he is.
To bank the NFL Truist will have to pay a hefty amount of money per quarter for the naming rights. If they were concerned reducing costs, "Synergies" then this is clearly the wrong move. Just shows how inept they are improving the bank and "efficiency ratios". The NFL is more important than keeping good hard-working employees. This is what happens when you hire from outside, Vinoo Vijay, for Marketing. If they hired a marketing director from within this wouldn't have happened. BB&T once was the Bank of the Buccaneers and that failed miserably. You earn your reputation form doing the right thing, not paying for it.