Lots of talk on this forum about maybe the bank being sold off again once the merger is done or the quality just continuing to deteriorate as more people leave.
Does anyone actually expect to still be employed with Truist 5 years from now? He-l even 1 year from now?
2 outcomes
Problem is there is a lot of cr-p to get to #2. And is it worth it for the average Joe/Jane? Probs not. Shareholder will be ok.
My .02
It will be sold to another bank. This merger is only being done to strip bbt and suntrust to bare bones, prob up stock prices and lots of stock buy backs so a big bank will come in and buy it. Its all about the people at the top making more money. Not about updating or improving the bank. Thats why every system is just old suntrust systems.
I don’t see Truist being competitive in 5+ years. The environment is changing fast and Truist isn’t that forward looking. It’s all about meeting metrics right now... short-term mindset.
I don't!
Get real. It’s over Johnny
There is a lot of truth in this thread. The great irony is “technology” is not simply “inventing processes” - it is also a mindset of being open, and adapting quickly, to evolving delivery channels and payment methods.
The Truist executive team could literally be given the “golden playbook to the future”, yet their paranoia and burning need to exercise superiority over the “little people” would ensure they still failed. I can see it now - Bill and Beau are gifted by divine powers the technology blueprint to guarantee their success. So, they immediately: a) silo the execution teams for maximum control and to stifle teamwork, b) create unnecessary reporting processes to salve their paranoia, c) discard ideas/feedback that bubble up from the workgroups because nothing useful could ever come from “the lowly losers out in the field”.
When you step back and think about it,
the Truist “executive management” style is polar opposite in almost every discernible way from the leadership style of even moderately competitive companies...this bank is in BIG trouble.
I don’t know that it would necessarily get sold again. I guess it depends on the makeup of Congress and if such a huge deal would be allowed and pass the regulators.
That said, I think the bank will just limp along as more good people either leave or get RIFed. The financial world is changing rapidly especially as fintech, crypto and DeFi potentially reach more mainstream adoption which will cause brick and mortar banks to have to play catch up even more.
I mean who knows if physical branches will even be a thing 10 years from now.
What I do know is that the way things have been going at Truist we are not in a position to adapt quickly to this changing environment. Having overbearing archaic processes that cause people to drown in paperwork will just continue to hamper any real innovation. Customers lose. Teammates lose. But executive management continues to cash in and that’s all that matters to them.
Two paths, one destination. One, Truist spirals somewhat quickly. Bill, Beau and lackeys (“BBL”) sell Truist to create an even more “exciting new technology bank”, and walk away for another big payday - and employees pay the price. Second, the bank’s issues are hidden longer. “BBL” milk big salaries by constantly laying off employees and cutting benefits - and employees pay the price. Either way, Truist serves as nothing more than BBL’s cash machine.
Two things: First, our future is set at Truist. Regardless of which of the two paths the bank takes, we are simply pawns to be cashed out in this boondoggle. Second, why should I trade my sanity, talent and time to better allow truly bad human beings to further enrich themselves and treat others poorly? If we were going through this horrible mess for decent leadership and a common goal it would be one thing - why in the world are we doing it for people who think it is acceptable to treat our teammates this way???
Eh, I think Truist will still exist, but it will definitely be a mediocre bank with less than mediocre performance. In hindsight the folks who decided to do this merger will realize trying to bring together these two radically different companies wasn't a good idea. If you've got stock, get rid of it ASAP. Your returns won't be good in the long term...the market will eventually catch on to the mess that is SunTruist.
The bank has already lost its core depositors and personal clients are leaving in droves. There is no way this bank can stay afloat with mass exodus of long time employees after their workload tripled after mass layoffs of older, better paid employees. I give it one to two years after banks assets are striped and pillaged.
The bank will be flipped and you will all be working for BoA or Mogan Stanley by 2026.
Nope not planning on staying
In 5 years SunTruist will be plodding along. King Rogers will have sailed off into the sunset and Beau will be the new chosen one. All levels of hierarchy will have turned over by then as will have 70 percent of the work force. Beau will convince the puppets on the BOD to sell to Wells in the larger bank deal since, well, STI and BBT