Going to be a long winter. Anyone heard of bonus reduction?
17 replies (most recent on top)
I would rather have a yearly "real cost of living" raise.
Truist raises are a bad joke even at top performer levels.
Bonuses are nice but you lose almost half in taxes.
A real cost of living raise based on inflation and job performance metrics instead of a suckers bonus would be MUCH better in long run as you could choose to invest in other areas that lower your tax burden and regular pay increases would not be taxed nearly as much as supplemental .
Truist reported mixed year-over-year results among the other nine key fee-income segments, including: wealth management down 7.4% to $324 million; investment banking and trading income falling 29.7% to $222 million; residential mortgage income dropping 59.8% to $72 million; investment banking and trading income falling 31.8% to $257 million; service charges on deposits down 5.9% to $257 million; and card- and payment-related fees up 9.4% to $245 million.
Insurance, as had been the case with BB&T for several years, was the top revenue producer at $766 million, up 5.6% from the third quarter, but up 15% year over year.
PURPOSE
“Last year was a strategic turning point for Truist as we began to shift our focus to executional excellence and purposeful growth,” Rogers said.
“I look forward to further realizing our potential in 2023 as we fully leverage our increased capacity, expanded capabilities and talented teammates to actualize our purpose.”
While you peons may take a 30 to 50 percent cut in your bonus and rsu’s the executive’s will be rewarded for the fabulous fourth quarter they achieved. They have righted the ship, created their own momentum and tailwind and made a purposeful change in the company’s future. Your purpose is to trust leadership and the process going forward and keep working hard to achieve your purpose in the company. Also get back in the office because purpose can only be achieved with collaboration of your “Teammates” and leadership.
This:
The consensus estimate for investment banking and brokerage fees and commissions of $223 million indicates a 40.8% decrease from the prior-year quarter. We project the same to tank 44.5% to $209.3 million
For any of you who have worked in this group or deals with this group (Beau’s baby) they think the bank exists because if them. Full of MD’s who are borderline mentally challenged. The leadership of all this group and BUs within it are far from the smartest kids in the room but not in their minds!
I wouldn't say they're smarter, but they are playing an entirely different game.
We're down here trying to do a good job like poor Bob Cratchit while they're not even Scrooge, they're Max Bialystock from The Producers running a con to deliberately fail but still get paid.
"If the business did not do well why do the senior leaders in that business get more $$$$?"
Because they are smarter than you.
I'm only half joking.
They have figured out how to win at the game, and always come out on top.
You (and I) were not smart enough to figure out how to win; therefore, we get less money.
They may not be smart in the sense that they can do our jobs. But in the end, all that matters is the money, and they figured that part out better than we did.
If the business did not do well why do the senior leaders in that business get more $$$$?
A holdback is shaving off a % of all teammates bonuses in the business. Most of that money is redirected to senior leader bonuses.
Sorry, but this should not be a surprise IMO. AIP was always based on your segments profit for the year. And since most if not all segment profits are down, and the overall bank profit is down; this should not be a surprise! Is the ‘less than stellar performance because of higher management’? You know it!
If the rank and file had any idea what certain poor-performing “leaders” are getting bonus-wise (while they get reductions) - there would be MANY more teammates taking “staycations” than there are now.
Let's hear it for our Top Tech Leaders! True visionaries!
What are “holdbacks” for AIP?
I’m sure the top tech leaders will do just fine. As they should for all the great work they’ve done.
I was a branch leader in Columbia, SC. I started with BB&T and really enjoyed working for them. After the disaster of a merger, I had to leave. I never experienced stress like working at Truist in my life. HORRIBLE LOCAL AND UPPER LEADERSHIP!! I am so much better off now. For those who need to hear this, there is so much opportunity out there! Believe in yourself, apply to jobs that will make you happy and drop Truist like a used rubber!
Don't worry, the big boys at the top will be well taken care of!
Now get back to work, peon!