Thread regarding Truist Bank layoffs

Cagle is a disciple of Beau. At one point in the late 2010s, Malaysia hit the economic map based solely on shipments of palm oil to the US to grease their hair each day.

If you don’t understand the depths of the inbreeding amongst the remaining STI middle managers, you might point the finger at BBT. And for people like David Weaver, he’s an easy target because of what everyone already knows about his skill set. Yes, he was way over his skis from day one. But so was everyone else around him. Not a defense of DW but a practical reflection of the lack of talent that led the merger.

But the mention of Cagle and Cathcart and Kelly and those types, they’ve been licking the taint of senior management for years, and this no-backbone board of directors is asleep at the wheel. You can move Bill out but the bench strength is comprised of DEI hires and, gulp, Cagle and Cathcart and several others who have the same lack of any skill set other than attaching their mouth to the appropriate ni-ple. Christ, Cathcart was head of Florida and I think even the governor knows what a fail that turned out to be. He crawled back to his hole and at least shut his mouth a little more often.

Then again, put yourself in the position of This group of 40-50 mid level managers. Most have 20 years and vesting hold for RSUs, vesting hold on pension. So financially you are tied down to a degree. Then you look at how many people have left in last 60 days, all the talent is gone as other banks have made them whole to leave, easy six figure payouts because these people drive business. Monday well spent based on the market share changes just in last 3 months. The ones left at Truist are the ones who weren’t recruited because they have no skills or relationships to purchase, and this is where those mid-level managers will keep bleeding the bank. As many have pointed out, you lay off 10 people in a lower role and leave one manager in place at the equivalent salary. Those 10 people did something every day. I assure you that manager did very little. Cathcart, Cagle, my god there are 30 others just like them.

There is no change coming to EL. Here's to hoping this company is sold SOON.

If you are Truist customer get out find another bank I have been hacked 3 times and the first 2 were made good the 3rd they got into me for 9 thousand that was enough for me to change banks. I am sorry I waited so long to do so. I recommend anyone that has Truist to look for another bank, I waited to late.

There are several in Mortgage that are considered Sr. Vp and VP's that need to go as well.

The names listed in this post are only a small sample of what ails SunTruist but certainly representative of the overall leadership problem that is a stench from Bill all the way through middle management in all LOB’s. We’ll find out quickly if Lesher has the stomach to do what needs to be done in community banking. I say she won’t and Weaver and his useful id--ts keep marching along and Jenna Kelly keeps playing executive.

Serious question, how is anything Scharf did not the same as Bill at Truist now? Our 401k match was cut. Our health insurance cost increased. Spent money renaming the bank to Truist and blasting purple PURPOSE all over. Layoffs have been ongoing with no clear purpose or strategic vision. Layoffs will continue because there is no execution strategy. Truist expense ratio is high and has not improved since the merger despite claims it would. Bill rewarded himself with a raise and shares.... Scharf was dealing with an asset cap and the worst CFPB judgement in history. What has Bill hardship been? One of the best interest rate environments ever for X quarters and access to cheap capital via the Fed both in COVID and again during the Silicon Bank collapse?

I would agree that Truist has a very big leadership problem. I disagree that Scharf in particular is a model to follow. His accomplishments include
Changing the 401k match to one time in December costing employees the benefit of compounding
Spending money to rename teammates to employees
Conducting layoffs every month for at least 4 years
Implementing a forced bell curve of rankings where people get bad reviews whether they earned them or not
Never getting out from under the asset cap
Never managing to improve the bank’s efficiency ratio
Rewarding himself quite handsomely