Why is Truist having so much wire fraud? I searched for the same type of issues at other large banks, and did not find nearly as many instances.
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It's a big club and you ain't in it.
In my opinion, because of 1) antiquated compliance oversight systems, 2) antiquated executive team and 3) arrogance.
I do believe both legacy banks needed to modernize their technology, and that was a good reason for a merger. The problem - to lead the new bank, you chose an executive team that created the very problem you need to solve!
As a number of people have commented, I would love to know how the Truist Board of Directors defines “success”? Is it simply not being in last place? How in the world do you justify Bill and Beau as the two people to navigate us through the financial revolution? What is funny, is their results were bad even in their old-school bank environment!
Because Truist Cybersecurity and Truist Digital are one of the most clueless and overpaid dinosaur people.
Client identification is a joke, developers are a joke
I assume you guys are talking about Eduardo the magnificent?
This was on the CTO Gone comment:
They are having major difficulties combating wire fraud, especially in the DC area. Now that most H BB&T people are gone, major protocols are not being followed. It may lead to a Federal Investigation because of the frequency, clients have lost thousands of dollars and Truist isn't responding fast enough to satisfy the clients nor the Feds. This could be their downfall if this continues. The Chief Technology Officer is responsible for overseeing that safety protocols are followed. Easy to blame the CTO rather than admitting failure.
Possibly because hiring the best technical people costs more money than hiring the, uh, not-really-the-best technical people. Just possibly.