The stock price has been battered under Bill Roger's watch. What should happen is total decapitation of the management team - I just don't think the Board has the ba--s to do it. The only two people who know what they're doing are Mike Maguire and Tarun Mehta - everyone else is worthless. they inherited a sh*t sandwich. There's a lot of lifers in Atlanta/Charlotte that are fat cats, paid comfortably well and could never make it at a top 15 bank. They have nowhere to go. they get shifted around from group head position to group head position - without any real accountability. The new head of wholesale will need to make hard changes to the Commercial and Community Bank.
Look at the wealth management organization - the fact that Joe Thompson still has a job is just laughable. He is a co--y, pathetic and lasted two years an investment banking analyst/associate at Morgan Stanley before getting the boot! HAHAHA He couldn't cut it in the big leagues. It's so funny that people in the wealth management organization think he could be the next CEO - LOL. Talk about delusional. Now he has a compliance position and is waiting to be taken out to pasture like old yeller
We think Bill has lost the locker room, but not the board. The most talented people will continue to leave the firm. Watch what happens in the next couple of months...
Truist will be the target of either PNC, USB or some other European/Canadian bank that wants the south. SunTrust has the South/Southeast on lockdown. BB&T was a fine organization - it was a good brand name that had a few good teams but not the deeply engrained. they were double A players
PNC and Truist have way too much overlap although PNC is hellbent on a large Acquistion. USB bought Piper Jaffray once upon a time - and culturally that didn't work out. If USB buys Truist, only a slimmed down portion of the investment bank comes with it - maybe only sales and trading and research. That would make sense - the investment bank leadership have proven they are not serious, particularly with one DEI hire from RBC
There was one exit interview with a senior hire from CS who left after a few months and a cup of coffee. He torched Tom Hackett and Michael Carter on his way out, telling them "you have no idea what it takes to build an investment bank". Boy was he right. The whole Street knows about this epic exit interview. I only wish it was shared with us peons...