It is my hope that at least one Truist board member checks this site, so here goes. As a board member, you have certain responsibilities to shareholders. Please investigate why so many of the top leadership in this organization have "retired" or left for other organizations (predominantly BBT). There is an issue with current executive management. They lack pricing discipline particularly in service charges related to Treasury Services (commercial), Earnings Credit Rates (commercial), Overdraft/NSF Refunds (retail/commercial, this is a CFPB slippery slope), and interest rates on deposits (particularly wealth and commercial). There could be loan pricing and quality issues as well. Understanding that the fed has increased rates and some rise in cost of funding and a reduction in commercial service charges on deposits would be expected, this has gotten out of hand as 2nd and 3rd quarter results will show - especially compared to peer banks. Current management has dramatically expanded authority. Pricing disciple looks more like the Wild West. There is also clear favoritism of clients and what appears to be quid pro quo. If you fail to ask questions, document these as issues, and deal with it, at the highest level in the organization, Truist could quickly be looking at CFPB and FDIC (governance for state chartered banks like Truist) sanctions.
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VSRP’ed last September. The hSTI management than ended up running our division was arrogant while never actually running anything before at STI. But then again, BBT management thought they were great managers and promoted bankers just because they could close loans. They didn’t have the slightest idea about biz management. So, 2 mediocre banks coming together does not make a powerhouse.
Dear Truist Board Members:
We the shareholders were promised “the best of both banks”, and due to an apparent political battle, ended up with the management team of the lesser performing bank in total control.
This is what we shareholders paid a premium for?!?! At what point do we deserve something better than proven mediocrity? What has this particular management team EVER done, over their lengthy tenure, to earn the salary and leadership role you continue to provide them? Compared to almost any comparative metric, they are mediocre at best, and probably closer to bottom tier. We the shareholders deserve better.
The internal meetings that branch level employees are allowed to listen to sound like a bunch of re----k, juvenile delusions. To think that I actually left a REAL bank to be a part of this clown show is truly nauseating. I’m quite unsure of what next steps are….
Excellent post! BOD will remain silent to protect their status as a “Board member”. Kelly and his minions ride off into the sunset to continue Gods work while leaving BillnBeau to finish the destruction of two former podunk regional banks!
I would love to know how the Board would respond to this.
So, a premium was paid for STI, while the BBT shareholders got nothing. Yet, the management team that ran the bank with the lower multiple (lower valuation) STI will be the surviving management team. So, I the shareholder paid a premium to “buy” a lower performing management team?? How was this in my best interest???
just sell the bank
All y'all complaining about "wokeness" will hate this, but Sen. Warren predicted this shitshow and how it would sc--w over clients.
You realize the board approved all the “Stay Bonuses” which were back door leave bonuses…. Now you will have a front row seat to how great STI management really is.