Thread regarding Truist Bank layoffs

One of the major problems is pushing this ESG cr-p, going woke means broke! Why not hire people based on their ability to perform, on merit, not skin color (which is racist and I thought that is what we are against) This is one of many issues but important. This company is being totally taken apart by poor management from the top down. The lack of management and understanding of the people on the ground working in the bank is amazing. How long will it last?

Bill becoming CEO was a joke then, and a bad joke now. Screwed up everything he ever ran at SunTrust, and “ restructured” his group to mask his miserable failures. Beau is always in Cashiers, fancying himself to be the leading ladies man there. This company needs new and effective leadership before it’s too late.

At merger Suntrust was rated Baa1and BBT was A2. Suntrust was raised to A3 and BBT lowered to same at that time. Another sign of things to come in this alleged MOE.

Bank stocks getting beat down today after the Moody report. Truist leading the way down 4 percent. The hits just keep on coming.

More potential good news for you “shareholders”:
Moody’s Investors Service lowered credit ratings for 10 small and midsize US banks and said it may downgrade major lenders including U.S. Bancorp, Bank of New York Mellon Corp., State Street Corp., and Truist Financial Corp. as part of a sweeping look at mounting pressures on the industry.

Yes! “Stakeholders” is just another way to BS their way around saying anything concrete. Actually calling out Shareholders as an important audience would add some accountability for stock performance. EL certainly doesn’t want to be held to that

To shut up Mayo they will hire him, double his compensation, put him on CNBC every couple of weeks. He will fit right in with that group of smartest kids in the room. MD’s are the best and the brightest!

“Stakeholders” is the term used by management to describe all those people Truist has made happy. The huge group of poor souls wondering aimlessly until they were given the Truist “purpose”. Also, all of the communities made better by the job cuts and stellar customer service.

In other words, “stakeholder” is the Truist executive’s term for the total farce they are pulling off to fleece shareholders. What is amazing is to this point shareholders have been ok with it!

If Bill is relying on a Mike Mayo article to realign the ship we are more fu---d then I imagined 😂

So who are these “stakeholders” Rogers and his minions are constantly referring to? What in their mind makes this corporate speak so important? He cannot be talking about the “communities” and “SunTruist Purpose” in them can he? Someone enlighten us “Teammates” on this “Purpose” please!

As I type, management is creating a check sheet to address the items Mayo and other analysts are discussing to ensure they are appropriately handled in the future. Yes even the executive leadership team has checklists little people.

It is more than a possibility that Rogers and the BOD are going to serve up one or more executive leadership members this year. Beau and or Weaver are my bets.

No chance on Henson coming back - he doesn’t have the ego to need to be in charge, plus with all his friends having been run off, he’d be trying to clean it up on his own. Even more importantly, institutional investors would push for an outsider

too much useless management
need to go: rogers, tony coley, jenna kelley, cagel, weaver
that's just for this week.

Mayo cited five specific issues facing the company:

Expenses: It’s “time to get expenses under control,” he said, citing increased costs as well as a lack of improvement on efficiency from the two banks that combined to form Truist.

Missed financial targets: Mayo cited the company’s stock performance and key performance metrics that missed guidance or are headed in that direction.

Compensation and accountability: The incentive-based compensation at Truist “lacks enough realism, accountability and urgency,” Mayo said, with executive-performance rewards coming in higher than expected for 2022.

Governance: Mayo and his fellow analysts wrote that Truist’s board is larger than the industry average and in need of a refresh, with the average tenure for a board member coming in at 12 years.

Stockholder orientation: Discussion of the bank’s stock price has been absent from the company’s annual letter and earnings calls, Mayo said, with more of a focus on “stakeholders” rather than shareholders in the 2021 and 2022 annual letters.

Any chance Henson would come back as CEO? He was the heir apparent before MOE.

Anyone have a summary of that Mayo article? I can’t access

Bill rogers needs to go.
Problem is there is no successor. Bill fired anyone who could hold him accountable.

Mayo is right…

https://www.bloomberg.com/news/articles/2023-07-31/truist-primed-for-activist-push-on-costs-governance-mayo-says

Bank analyst Mike Mayo continues blasting Truist leadership and BOD for their failure and the lack of trust and transparency in running the bank.

zero culture. zero leadership.
leadership is good at paying themselves and that is all.
operations broken. technology? hahahahahha. that is funny.

Seems the most recent earnings call has been a watershed event of sorts; those outside the organization now getting a peek into what those inside have been witnessing for three years.

One particularly critical analyst report questions Truist BoD’s oversight, as well as calling into question the ongoing credibility of the executive team. It highlights the current poor operating performance, failed merger promises, and a management team seemingly big on excuses, but short on articulating a plan to address these issues.

Will be interesting to see if any of this spurs shareholder lawsuits. Particularly from BB&T shareholders, who paid a premium for a 60% haircut (and a bank now with roughly the same market cap as they had before the merger).

So they managed to make their technology worse than before the merger, go from one of the top rated regional banks to dead last in JD Power, customers fleeing in droves, but Bill got a 27% bump in comp. Perhaps the opex conversation should start with that.

"@Donta Make Me Do All the Work, you could have just said "Seeking Alpha" to the person asking for the source. It would have literally taken less time to say that instead of typing that a-hole piece you wrote."

Yeah, but where's the fun in that? :)

Pension is a valid concern. Remember they put a billion in last year. There was a reason for that. The ole preacher probably made a deal to keep in place for let’s say 5 years, or maybe after Kelly leaves the BOD later this year. Pension funding was mentioned in the BS call yesterday.

I worried about the pension

@Donta Make Me Do All the Work, you could have just said "Seeking Alpha" to the person asking for the source. It would have literally taken less time to say that instead of typing that a-hole piece you wrote.

It's the expense ratio Bill. You cannot promise merger efficiencies and lower operating costs yet have one of the highest expense ratios of peers after 3 years. Selling assets to lower funding costs and support the dividend is short term magic. The market knows...

From the same article he throws Rogers a bone as if he wasn’t part of management from day one. Sounds like he laying a lot of current problems on King and Bible. We all know PNC has raided the Triad in particular of some major talent and customers.
“How much of this issue can be laid at the feet of current management is of course debatable - it's looking more and more to me as though prior management underinvested in technology and ran a model that was more focused on maximizing near-term results at the cost of longer-term competitiveness - to that end, rivals and regional newcomers like Pinnacle (PNFP) seem to have had some success hiring away productive employees and/or poaching clients.”

Source? I’m sure the OP made it up. Teammates what we have here with the question “source” is symptomatic of what’s wrong at this bank! SMDH Do you work in compliance? Make another useless check sheet to check your previous two check sheets!! Unfingbelieveable! SME no doubt…….

"source?"

You could have Googled the topic heading and found the source yourself in literally less time than it takes to type "source?"!

You must be an AVP. Or perhaps you work in Audit or Compliance?

source?