I really hate that attitude. No, they are not all interchangeable, that's just wrong. This company now has a problem with the lack of talented people.
They probably think that talented and good employees are expensive, so they prefer to opt for new, inexperienced ones, which in my opinion is much more expensive for the company.
How Truist intends to continue without some of our greatest experts, I don’t know.
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As said below, Truist will be gone within 5-10 years. This is a classic financial boondoggle. Simple as 1 - 2 - 3.
Mass layoffs (in some cases of critical personnel) to raise money ASAP to snow analysts. Set aside fat retention bonuses. Raise a rally cry of the coming “Fintech Revolution” (Kelly/BCG), but remain an outlier among the major banks as no one in E14 has bona fide tech chops - all are old school bureaucratic bankers. Oh, and instead of investing heavily in new technology (the reason for the merger in the first place), go with legacy/old/cheap technology - but make ABSOLUTELY sure to set aside billions to prop up the stock price through buybacks. Hmmmm....
How this executive team can look in the mirror, fully knowing what this ru$e is doing to loyal employees, tells us all we need to know about them...
Yep. This is exactly the plan. Don’t be foolish enough to miss seeing the evidence. It’s over Johnny.
They don’t. SunTruist will become a footnote in the annals of banking history within five years when the Board and E14 which will be less than 14 by then, much less, merge the company with another equal or sell outright to a larger entity.