Thread regarding Truist Bank layoffs

The biggest difference between this and Twitter is that this has gone under the radar. The communities where Truist treated (and treats) employees so poorly were/are generally small towns in the South, and those don’t get the media sympathy they would get in California.

The thing that bothers me the most about this whole merger is how the executives have made out like bandits, and have faced no public scrutiny for the mess they have made of employee lives and communities.

Anyone else thinking the biggest difference between this clusterf* merger and the s*show at Twitter is the speed? Elon is a psycho but at least he's destroying the company in a matter of weeks instead of years.

I think the hardest thing to accept is that the destruction of two formerly solid banks and the careers of thousands of really good people - was literally all for NOTHING (except to pump up an old man’s ego).

Truist is no closer to being a nationally relevant bank than either BB&T or SunTrust - and by all objective metrics is a significantly lower performing financial institution than either. I would think the Board should take note; there is a decent amount of frustration in the community and sooner or later they will likely face (long overdue) questions about a really unnecessary and bungled merger.

Don’t count on this BOD to pressure management or force major changes in management. They are at worst complicit in this fiasco and at best ineffective in their fiduciary duties. They aren’t suddenly going to grow a set and force major changes in leadership. They’ll blame the evangelist for another year as if Rogers had nothing to do with this mess. Patience they say, the technology being implemented will change everything. It has already changed things and not for the better. Remember, purpose, trust and technology!

I remember those days well. The whole bank on edge for a few months worried about layoffs. In hindsight, they were the fortunate ones.

Also, Truist stock price does look pitiful compared to the regionals, but also compared to national (Chase) and supposed closest peer (PNC). Not sure what the end game is going to be, but I’m assuming the board isn’t blind to the performance

LOL, yeah I remember Kelly's "Disrupt or Die" phase. Then someone complained to him that "Die" was too scary a word, so he changed it to "Disrupt and Thrive". What a doofus! (PS - I still have my packet of "Seeds of Hope" somewhere...)

This is worse than the Wachovia/First Union merger. That was epic.

The bank is terrible. Leadership is terrible. Will merge again in under 3 years

Rogers played the old tent evangelist like the proverbial fiddle. Sadly there are still sycophants, a number of them still working here, that hold him in high regard. They tell the world the merger is virtually complete and nothing could be further from the truth. Templates being used and documents being sent to customers still with hBBT or hSTI letterheads 3 years later. Utter nonsense that simple things like that have not been changed. Leadership is well, purposeless, full of something but it isn’t purpose, truth or trust!

I remember the time our team met with Kelly King, and us all later agreeing that he might be the least intelligent executive we had ever met. His lack of financial knowledge (and for a bank CEO!) was shocking to all of us. When you look closely, it is obvious his entire leadership “schtick” was based on regurgitating and plagiarizing corporate psychobabble. He is a fraud.

Think about it. “Disrupt or Die” - does anyone really think Kelly came up with that? How about his sermons on artificial intelligence - Kelly barely knows how to turn on a computer! Someone (likely a consultant) got in his ear, played on his ego and lack of intelligence, and the rest is history…

Absolutely agree! Regional banks are not dying and Truist is just another wannabe big bank. Still not big enough to compete with BofA, Chase, etc but now too big to be quicker and flexible as a smaller regional bank. It was all a story because he really did not know how to lead the bank forward, and he thought doing a huge merger would give him the legacy he so desired.