I guess Truist figured out it's legal to force people to become contractors and employed by Accenture to skirt paying out severance. Super sketchy moves. The brain drain in tech is going to be monumental and the folks retained as FTEs are well aware no one is safe. Best of luck
20 replies (most recent on top)
@1awj+1r5WzbU9 - BB&T Wealth was growing at a SIGNIFICANTLY faster pace than SunTrust Wealth prior to merger. That is an unarguable fact - and no, I am not a “pro-BB&T” employee.
While allowing the struggling management team to take total control of Wealth was a head-scratcher, putting Joe Thompson in charge was an absolute disaster. I have never seen one person so universally disliked (by BOTH groups), and so efficient at single-handedly destroying a division.
Wealth is in shambles, and yet Joe Thompson receives a “trophy” $$ position from neighbor Bill Rogers to (basically) stay out of the way. In an environment of massive layoffs, got to love the Board oversight.
@1awj+1r5WzbU9 is just more proof this merger and the cultures will never work. Sell it soon so those of us who aren’t delusional about what has happened here can be part of a successful organization again.
@1awj+1r5WzbU9 Hate to break it to you but what you said is 100% WRONG. Advisors were leaving in droves and their wealth division was in the toilet. Scott & Stringfellow? The exact opposite. Get your facts right.
Wealth won’t fail because jobs are being sent to Accenture. Suntrust did this and was superior in the wealth field compared to bbt.
Looks like 1/3 of people in Wealth Tech are being retained by Truist, 1/3 are being offered positions at Accenture. And 1/3 are being RIF'd. All contractors will be gone--and we have a ton. This is only the beginning. No one is safe--
Richmond folks - employment law firm LawrenceQueen is hearing from a lot of Truist employees. They can review the Accenture letter quickly and for what seems a reasonable fee.
I'm from a different part of the bank, and we just had a round of layoffs on Tuesday. To my knowledge, none of this Accenture funny business happened to those who were laid off here, and what's happening in Wealth seems insane. Am I missing some context? Or are they really telling people "Accept this Accenture contractor position or quit without severance"? Is the Accenture contractor position supposed to be a "comparable position" per the severance guide, or are they justifying this in another way?
I am no expert, but it would probably be smart for those impacted by any “accenture scheme” to at least consult an attorney before agreeing to anything. I know nothing, but forcing you to go contract to eliminate severance would seem to me to be (at least) flirting with employment law.
If nothing else, a PI attorney can educate you on your options - and most are smart enough to instantly recognize the optics of this. The last thing in the world “Truist cares” wants is tactics like this put out for public consumption (thru legal discovery).
It is time for this executive team to lose their free pass of hiding behind “Truist Cares”. Nothing would make me happier than to see one of my impacted teammates making a fortune by bringing the truth of this mess to light.
Now with more people out of the way, I can work my way into becoming an AVP!
A faux grasp of power and title to impress my friends and family!
Always add “for now” it’s never over
Number one AVP Bro here to report I am spared 🏄🏻 sorry for those impacted it wasn’t you, show yourself grace.
FYI, Accenture contractors working for Google recently organized with the CWA and are classifying both companies as dual employers. This is the same union organizing Wells Fargo.
https://www.cnbc.com/2023/11/07/group-of-google-contractors-who-work-on-win-union-vote.html
Pretty sweeping in wealth. Waiting for the dust to settle. Thought being RIFed was bad, now they make you a contractor and if you don't accept the new role you get no severance
Terrible.
This Accenture type model is just starting in wealth, and I have strong feeling that this will be extended to other areas as well in coming months or quarters.
Accenture doesn't even bill low, so I wonder how this saves money for the bank. One consulting firm is paid to cut headcount, and they recommend another consulting firm to absorb remaining jobs. Money for some trunks everything else.
Are wealth technology team impacted as well? Who leads the wealth business , operations and technology?
What call and who in wealth is impacted? Operations?
Someone mentioned this today after our call that these people would just be employed elsewhere. As someone wrote on another thread: you will train your replacement and then will be shown the door.
@hcw+1r5WzbU9 How the heck will tomorrow be better? More people losing their jobs? This isn’t over. Remember these days when Rogers comes out with his next “Remember your purpose” BS or Joey T pontificates about how wonderful he is. Their salaries go up while good, hardworking people are being shown the door.
@ysz+1r5WzbU9 Would you just shut the he-l up already! You aren’t funny and aren’t worth less than the bugs on my car bumper. Go crawl back under your rock and live. The rest of us will do our jobs and feel horrible for people being shown the door.
Anyone spared? AVPs perhaps???
That was surreal hopefully tomorrow will be better