Become cheerleaders for Bill and his investment banker gang now, or do they continue to criticize the operation of the Purple purpose and trust technology giant formerly known as Truist (now SunTruist)?
5 replies (most recent on top)
It wasn’t Daryl who approved buying the bonds… why do you think his exit was unexpected and TRUIST had to pay him $100k a month for X months before leaving for M&T
we were a technology giant? When did this happen. Only tech i ever saw was them ripping out our technology b/c BBT old af servers couldn't handle it. Between that and the horrible incompetent operations back office, fraud and lending departments imagine have technology and then requiring that you hand sort documents. BBT procedures are trash
Forget what you think of Mayo personally. Objectively, he is one of the few analysts holding this executive team at least somewhat responsible for the huge gulf between actual vs marginally acceptable performance.
Interestingly, even Mayo doesn’t seem to have insight as to “why” the bank is such a mess. You can’t “cut” your way out of poor client service and its resulting client attrition, when the genesis is already over-stretched client service teams. How are big cuts to technology beneficial when clients are already frustrated with our worst-in-class online capabilities?
Even a 10 year old can raise quick cash by reducing their workforce, not updating technology, and selling valuable business segments (insurance). The real question should be how effectively have you deployed the “savings” from your earlier cuts, and how are your existing businesses performing. Forget Mayo, simply based on these basic fundamental questions, it is surprising to me the rest of the analyst community remains so accepting of the vague executive “excuse narrative”.
Oh so someone finally gets around to blaming Bible for all that ails SunTruist. Tell me more since no one has dared speak ill of this former CFO. Is he the scapegoat spoken of on the jet with coffee and bagels in the morning and scotch in the evening? Inquiring minds want to know!
Only if Daryl hadn’t approved buying all these long term treasuries the bank wouldn’t be where it is today.