I've been through layoffs before, but rarely when there was so little information available even as it was happening. I'm not sure who's responsible for this, but I really hope that person or people are held accountable at some point for all the stress and anxiety they caused us.
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Never knew we had so many of these damn corporate strategists. Why we need BCG when we have our own set of geniuses in house?
What about our hotshot corporate strategists and journey rooms. This should be right in their wheelhouses so why aren't they being leveraged?
A colleague sent me this as a joke to check out. I work in CAC and feel obligated to respond. Not saying which site I am in but have been an advisor for years and part of your “200”%” club. I can’t do what I do without Kevin. We are in shock. This is something like 100 people are saying the same thing. The 3:30 call today did not add confidence and Tim is doing his best but he’s dealt a bad hand. Whole thing is about to implode. Who and where are these decisions being made? Neville? Rusty? Icc too and they are short staffed. I’m so confused.
For starters if I was an EL I'd like to think I know the business and my organization. If I'm looking to save 300 mill in employee costs I'm not bringing on 100s of pricey consultants to do it. Guess our leadership team can't and wants to use BCG as an excuse of who got the axe. But who am I, I work at a sh---y regional bank going down the toilet.
To the last poster asking how we should do it. First of all, it’s one thing to restructure a company when we adopt a new model. We find something better and change to adopt and improve efficiency or client delivery and some people get displace and let go. It’s sad but that’s business. That’s not what is happening now. We have no plan. There is no new model. We are cutting and cutting and using consultants that only know flow charts and not the business. We are trying to cut and meet numbers so bill rogers can work a few more months as ceo. All investment and long term plan don’t matter. Nothing matters but Shiite term cuts. Long term that destroys shareholder value. We have no plan. Just cut and figure it out later. People being let go are often asked how they do their jobs and what they even do. Long term this is a disaster for truist but one analyst from Wells Fargo made a comment we haven’t cut enough and since their bank has never made any fraud or mistakes, our ceo is trying to make him happy and get a buy recommendation on the stock. Long term value is gone but he only cares about his bonus now. Hope that answered it. No thought Given to long term.
Would someone actually provide an alternative on how EL should have proceeded with this? So many confident people thinking they have it figured out. Let’s hear it! I’m not suggesting the current path is the right one btw!!! If everyone’s an id--t and incapable, I’ll take your word for it. Just want to know what you’d have done specifically.
Murdock was an a--clown. Everyone knows that. Complete tool.
Wealth is so mismanaged. I see a lot of posts here critical of Joe T, and they are all valid. What none of them are mentioning is how inept Vonnie Pridemore and Bryan Cram have been since the merger. FA's leave all the time and this management duo score a 1 out of 10 on the "inspire teammates to work hard" scale. Joe T loves them, so it all stays dysfunctional and they support each other. I just heard one of the best managers in the company, Murdock, who basically ran the CAC was let go. What id--t thought that was a good idea? Bring him back and give him Vonnie's role and make changes at the top of the house. I'm a FA and thinking about exiting this firm in 2024. Its just not a good place to work and my book of business is profitable and there are a lot of recruiters calling frequently.
Except the for short notice (less than an hour), the all-hands call for my group in Wealth went well. The leader showed true empathy for everyone involved and pledged transparency. This is how you're supposed to do it. Granted this is someone two steps below Psycho Joe and who came up from being an advisor.
Ready! Fire! Aim!
Nothing about the merger was done right so no surprise here. Once KK solidified sacrificing BBT to ST this place was doomed. The inmates are now 100% running the asylum.
What's the saying-"Shuffling the chairs on the deck of the Titanic."
Three meetings yesterday in my LOB on the reorg. Again, just shuffling the EL around and now the next announced level will do the big cuts in Jan. (in our LOB, anyway). That's MHO.
Classic SunTrust methodology and reaction to the crisis. Round and round we go, see you at the bottom of the ocean.
At least they’ll pay your travel expenses to get an abortion!
We all know who’s responsible but to have your smiling chief Teammate Officer handle it in the manner she has is the biggest disappointment. No one has benefited more from DEI than this lady and this how she treats us? Never saw anything like the clown show going on now. Telling people that you don’t know what their job situation will be come January or even if they’ll have one? If anyone thinks or has thought that HR is a help you’re an id--t. They have been tasked with carrying out this clown show and have failed miserably. Hopefully when all is said and done the majority of them including the head clown Teammate Officer are shown the door as well.