Sincere questions here:
From the outside it looks like a game of Whack-a-mole.
I’m concerned about the security of this bank
I find SunTrust business people pretty sharp. Technology wise however they are close to bottom tier.
And vice versa in BBT - strong tech folks alongside mediocre (at best) business people.
Perhaps there was a chance at picking the best of two worlds, but I dont think its gonna happen
Two words, Kelly King. Kelly either willingly allowed Suntrust to be the King (pun intended) of this MOE or Rogers and the members of Suntrust BOD were so much smarter than BBT BOD that they basically pulled off a coup. The real leaders behind this bank becoming SunTruist quite possibly was the SHR group. Never seen a more arrogant bunch in my life. They actually run the way bonuses and future promotions are handed out like a damn draft in football. If you think women and minorities fare well in this scenario you are as d-mb as Kelly. Those of you never exposed to this group of elites consider yourself fortunate.
As Nelson on the Simpsons would say..."HA ha!"
The early aughts was the era of John Allison and he was well known as luddite. And technology isn't the most important element in being able to pull off a merger by a long shot. For all of the issues with BB&T, and there were definite issues around technology, it was definitely an organization that could successfully pull off acquisitions because they had the right people and processes in place to make it happen.
@nlr Surely you jest. I'll never forget my efforts to drag BBT, kicking and screaming, into the modern age of file transfers back in the early 00's. They were still doing modem-based transfers, and didn't yet have encrypted files over ftp/sftp/etc... on the roadmap. Woefully behind the times. No ETA, no desire to even learn more about what other banks had been doing for at least a couple years at the time. It cost them a multi-billion dollar customer back then... And any future shot at my personal business, too. I wouldn't trust them to merge onto an interstate.
Sith Lords. Obviously.
Honestly, I think the "Y'all Are Nuts" person is probably on the verge of a nervous breakdown like many of us before we finally left. Of course there are people trying to oversee the hot mess - very, very incompetent SunTrust people.
I agree with the other person that BB&T should have been allowed to lead the merger process since BB&T had a very long and successful history of acquiring and integrating new banks into their systems.
And it would have been best for BB&T folks to take over the merger. Accenture added to the mix has not helped at all, but that SunTrust. BB&T’s experience should have been brought to the front. And this from an exST person who took the VSRP, and very thankful for it.
The call themselves the TMP. They really don't know anything about mergers. They know a lot about spreadsheets.
I’ve seen some stupid statements here but this one is the worst.
YES. THERE ARE ENTIRE STEERING COMMITTEES THAT GOVERN THE STATUS OF THE MERGER. UP TO AND INCLUDING THE REGULATORS.
How insulting to your fellow teammates who are working their as--s off on this effort to come and say such a stupid statement. Literally not one of those teammates would ask such a question.
If you are THAT unhappy and worried send Bill an email and tell him your concern.