Okay so if threatening to fire approximately 3000 f us was worth thirty cents a share… how many of us would he have to fire to get the stock price back to pre merger level?
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The market has certainly been impressed with Bill’s plan. Down over 4% today.
https://www.mycustomer.com/service/management/watch-out-cx-leaders-there-are-only-35-ways-of-reducing-costs
"While you may be sacrificing customer happiness in the short term, your competitors may not. They will make it their business to find out where you are cutting costs and how that affects your customers. They will then go in and empathize, taking share from you. You then wind up with a predictable but unanticipated revenue problem, just as your cost-cutting exercise finishes. So, the next round of cost reduction starts. And so on."
I cannot see any investors or analysts believing the mess that Bill rolled out this week. The entire presentation was regurgitated buzz words from the announcement of the merger. This man has driven the bank into the dirt. What is the board thinking leaving him in charge? Suntrust came in with a cumbersome, outdated and expensive operating model and they were totally unwilling to believe anything that came from BB&T was worthwhile. The entire EL team should be fired.
The stock price is not going back to $65 a share over $300M in savings. The market does not trust TRUIST business plan. Terminating employees and consolidation of business is a short term kick the can move designed to distract from the underlying core issues