This man has single-handedly demolished one of the most profitable and well respected lines of business in HBBT. The Wealth teams were some of the most profitable and productive and this arrogant “leader” came in and dismantled most of what made it work. He ran off or laid off the crucial leaders and producers and alienated the rest. Now they are quietly reassigning him as “ Chief of Governance and Control”?. WTF? What’s THAT? Where’s the cost savings there Bill? Suntrust EL = protected.
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From Joe to you:
“As I wrap-up the first week in my new role, I want to express my sincere gratitude and appreciation for our #Truist teammates. I recognize how incredibly hard you have worked this year. I’m grateful for your dedication and am excited for the new beginnings that are ahead. Wishing you all a safe and enjoyable holiday season.”
For Bill Roger’s to fire Thompson would be for him to:
- Fire a friend.
- Admit that he (Rogers) doesn’t know what the he-l he is doing.
- Look up Dunning Kruger Effect, and all of this will make sense.
The Dunning Kruger effect is a cognitive bias in which people with low ability or knowledge in a specific area over-estimate their own confidence and underestimate their own ignorance. This happens because they lack the skills of self awareness to accurately judge their own performance or limitations. The effects can lead to erroneous, thinking, poor decision-making, and inflated self-confidence.
Protection @ all cost! Wait until you see the EL’s salary increase for running down this s---hole down.
@4hfs+1pBJZcRQ - I couldn’t agree more.
If everyone outside of Wealth knew what those inside of Wealth know about Joe Thompson, there would be mass outrage at Bill Rogers for creating a cushy position for him. What makes it positively immoral is it is in the face of the layoffs of good employees that really need their job.
Despite lots of opposing views on many posts regarding this disaster of a merger with poorly executed layoffs, this topic finds total consensus…
Joe Thompson is an arrogant, elitist, tone-deaf man. He ran the Wealth division into the ground and was rewarded with a bailout, made-up position by Bill Rogers.
You cannot overstate the damage done to the morale of the associates, the internal partnerships, the leadership structure within Wealth and important to all…the bottom line, that this woeful excuse for a banker has done.
Joe is now positioned to become COO when Beau becomes CEO which I believe will happen late in 24. Bill will ride off into sunset have completed his makeover of SunTruist and having the line of succession he wants. If the changes made don’t get this bank headed in the right direction he will be gone sooner than end of year the succession will be the same. The analysts are approving of the changes with Mayo in particular calling it Truist 2.0. They seem to think reducing the BOD to 13 is a good thing and also having a 23 person operating council is a good thing. I don’t understand how a body this big can make sound and quick decisions but time will tell.
Interesting seeing the people who are congratulating Joe Thompson on LinkedIn.
Here are three pretty undeniable facts: a) Joe doesn’t just treat people poorly, he treats them as “lesser”; b) he almost single-handedly ran Wealth into the ground and made it a miserable place to work; c) despite failing he is now sliding into a high-paid cushy manufactured position created by his buddies - while hard-working, qualified people are losing their jobs.
But hey, good luck Joe.
LinkedIn post. People congratulating Joe as they slam the door shut after he walks out. #goodriddance #wearesoproud
@1alj+1pBJZcRQ Just wow. Don’t know what position you were in, or may be in now but you certainly speak for real. Can’t just make up what you spoke.
Joe is riding whatever reputation remains of his late father. Old boys club. The reckoning will come. Truist is a charitable organization trying to win the award for most LinkedIn posts. Nothing it does promotes shareholder value. It’s just a matter of who has the ba--s to step in and call it what it is before it goes to zero. But rest assured, Kelly King and Bill Rogers are in the twilight of careers that were completely unsuccessful without this merger working. And it didn’t. My god, David Weaver alone would be worth a decade of Harvard case studies about how to fail in banking. And they let him steer the titanic right into the iceberg, then let him keep his job so he could be sure everyone drowned and there was no hope for recovery. Beau Cummins is a complete disaster and woefully under qualified for every senior position he has held. Sit in 5 meetings with him and you will hear the same cheerleader speech with these terrible (I mean terrible) analogies about cubes and other things he has made up over the years. Same as Kelly, stories about Jesus and the latest book he wants to recommend. Look at the history: Beau put himself in a position to rise to the top by sacrificing himself out of Robinson Humphrey, where he was never ever going to be successful because of his position in line and his chapstick northern banker personality (that doesn’t work in the south) and coming into a completely shattered wholesale business and just getting it to improve from terrible to below average. But he became a savior as the bodies piled up along the road and no one ever really checked his credentials. He isn’t qualified to lead a marching band, and certainly not a bank. It’s in the hand of the investors now. Thankfully I am no longer one of those.
The board should be sued. To allow this shuffling of executives that have torn the company apart with no departures. They are culpable for this continuing decline in share price.
So why is Joe being protected by Bill and or Beau? Anybody have a clue?
What really angers me is with all of the great people being laid off, and people that really need their jobs - they protect Joe Thompson who has made millions single-handedly destroying a division. Absolutely unconscionable.
I just find it hilarious that the STAR initiative is ‘Simplify Truist……’ and our C-level is way more complicated and convoluted now more than ever. These clowns never cease to amaze.
You have been really smoking something to think anyone will take over Wealth and turn it around. That isn’t the marching orders Bill Rogers, et al were given.
Totally agree. Suntrust advisors were a horrible outfit. They lucked out when they bought BB&T and got Scott & Stringfellow in the bargain who was growing year over year. People DESPISE Old Joe, but he gets shuffled off to what? Be in charge of all the ridiculous rules we have to follow now like the new enhanced authentication?
SunTruist, where they fail up!
So many good people in wealth gone. On top of them dismantling wealth lending after the merger which was a solid and very profitable way of lending. So many terrible decisions have been made.
They just let go of a lot of good people in wealth the last two weeks and did a lot of unnecessary and shareholder destruction reorganization. If a new leader is taking the helms, they should rapidly reevaluate all the most recent decisions and have courage to reverse them where it makes sense.