In January 2019 BBT market cap was 37.26 billion. Combine the two banks and the market cap today is 38.52 billion. Where did all those synergies of size go? When are Bill and the boys going to be held accountable? To late for Kelly the King, he has ridden off in the sunset of irrelevance. Even worse is the fact that we have 1.3 billion shares outstanding. Saying this a remarkable achievement is an understatement to say the least.
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BB&T + Suntrust < BB&T
KK = Craven Dope
This is well stated @2hxg+1mHmB2Wa and yes at some point investors will decide that someone needs to be accountable for the poor performance and putrid return on investment. Don’t be surprised if Bill serves up Beau this year as the sacrificial lamb.
I am agnostic to the BB&T vs SunTrust argument. I can say that in Atlanta business circles, prior to the merger, I heard numerous comments that SunTrust was a poorly run bank. Given this, I was surprised that they were gifted such complete control of the new organization.
We can argue about who did this, who did that, and who was done wrong - but in the end the only thing that matters is Truist is a very poorly run bank. It will be interesting to see how this plays out - even with the stacked board, I doubt this level of underperformance will be allowed forever.
Post from TheLayoff.com
Yet Suntrust runs the whole thing and BADLY.
While many would agree Suntrust was worthless they run this bank in every way. If you doubt it you have been living in a fantasy world. Which excel boy or PowerPoint princess is your fearless leader?
So what you are really saying is BB&T + Suntrust = BB&T
The market cap proves out what BBT folks thought all along, SunTrust was worthless.
Have to agree about the marketing and advertising. Absolutely the d-mbest tv commercials on the air. Really defines the bank, huh?
Even the TV commercials show what a joke of a bank it is. I don't expect it to last much longer.
The reason he keeps the board at 21 members. Easier to control and be rewarded for mediocrity. Reward them and control them.
The big question is when is the Board of Directors going to be held accountable? Despite Truist failing miserably in nearly every objective metric, they decided Bill and team were doing such an incredible job they awarded him a 27% increase in salary.
We can only imagine what huge increase they would’ve awarded him if he was second to last, instead of dead last, in the JD Power client satisfaction survey.