That started all this. Bill had three jobs reporting to him, Head of Wholesale, Head of Consumer, Head of Insurance. Now he has a COO with to many things to list, Donta as Consumer head and goes outside the bank to WF for wholesale head. The BOD was reduced from 21 to 13 but now we have a 23 person operating council that will make decisions about the bank operations. I’m trying to make sense of this and can’t, oh and insurance is not mentioned anywhere, not even in the operating council.
9 replies (most recent on top)
And still no layoffs in EL. Musical chairs….ridiculous. Is anyone buying this sh*t?
What a disaster
Good luck
Sell the stock on the next bounce
These guys are clueless
"As chief operating officer, Beau will provide oversight of newly centralized enterprise functions and drive Truist's broader transformation efforts. Dontá's track record of results demonstrates that he is uniquely suited for his new role. Kristin is the right choice to take our wholesale banking business to the next level.
“This evolution of our management team speaks to the client-centric, performance-driven company we are building,” Truist CEO Bill Rogers said in a statement Tuesday. “Beau, Dontá and Kristin are talented leaders who bring tremendous depth of experience to these key roles.”
The wording change in Wilson’s title could be indicative of Truist’s larger reorganization, which CFO Mike Maguire this month said would help the bank avoid “any sort of siloed or inefficient decision making.”
Indeed, Truist formed an operating council “to expand leadership opportunities, ensure inclusive feedback and break down silos to enable the company to more effectively pursue its goals,” the bank said Tuesday. Cummins, Wilson, Thompson and Dowhower all serve on the council.
Last Friday I found out Insurance is either being sold off or off to do their own thing, either way 1 of the 2 IS happening. I'm on a team that is actively getting ready to remove them from our platform pretty soon, from what I can gather this is coming early Q1 2024 which will take away quite a bit of work since they always input requests left and right and generate long term projects for us. This is also why they are moving to their own Teams environment to have full Telecom internal and External going forward and all other features unlocked since they won't be behind Truist who locks down absolutely everything. So I also expect yet another round of layoffs once Insurance departs since they do generate quite a bit of work in the IT realm I don't see some of these team sizes needing to be as large as they are now "even though in reality most of our teams are quite small", buckle up, I see another 6 months or absolute uncertainty, a lot of folks are openly discussing finding jobs outside of Truist, even our mangers across multiple teams are extremely uneasy about what is going on. Remember all things are rumors until they happen but I urge you to do what you think is best for yourself, your gut feeling is normally right.
Called Beau to CEO. He is the best for this organization but most are denial.
I don’t know Joe, but judging from the comments over the past few months nobody likes him and he’s a terrible human? Can anyone vouch for him?
Why would we bring in any leader from WF? Isn’t it well known how toxic that whole org is? She was there for years and years and a large part of that.
Appears the stage is set for Bill to exit in next 12 to 18 months and Beau to become Chairman and CEO. Also seems Joe is positioned to become COO at that time for succession.
The gang of 23 that will be 24 in February when Lesher joins. Group dominated by former Suntrust and new outsider hires. So do we an EL and the gang of 23? The analysts are going to have a field day with this 🎪🍿