Since Kelly was fleeced in the merger Truist stock is down significantly, thousands of employees have been let go and a lot of top talent has bailed and taken clients with them, total assets has shrank, major revenue producing business has been sold, community banking has been destroyed, executive churn has been high and a culture of fear and paranoia has prevailed. Rogers has taken control of the BOD by continuing to remove BBT directors. When will some combination of board and stockholder pressure lead to major change in leadership and don’t tell me Beau is the answer although admittedly he could not possibly be worse. Now we have a major data breach that was either hidden or down played made public for the first time in 8 months. If that isn’t enough what will be?
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Enough? How about this -
There was an all hands meeting and they encouraged people to go into the office. That same day there was a mass shooting in the ATL office food court and a commuter bus was hijacked.
The leader of the meeting then bragged about how nice his high-rise NC office was and didn't mention the traumatic events that day in ATL. The following week we got an email for plans to move back to the office.
“ The only play here is to make the bank bad enough to get bought.”.
And I believe this is the design and has been from day one. Truist will get bought out, the C-levels get a massive payout to go away, the rest of the bank is rebranded and the carcass stripped of anything useful. The people who built the bank, the employees, will be burned at the alter of corporate greed and tossed unemployed into a sh---y economy.
Kelly sold us down the fu--ing river and knew he was doing it the whole time. What a piece of sh-t he turned out to be.
It all boils down to character. It was known for years at Suntrust that Bill and most of his minions had none. The true character of Kelly has been exposed since the merger. The character of Weaver, Starnes, Dontae and our alleged Chief Teammate Officer has shown itself now. No need to talk about the BOD as they are only stooges making a big payday while watching it burn down! Credentialed business people, supposedly, but merely bobble heads when it comes to fiduciary duties.
No management has ever had to pay for underperformance. Keep dreaming.
FCB up 3X since taking over SVP. Recent article noted that FCB made very few changes after the take over and thus contributing significantly to the surge in their stock price. I realize you can’t really compare the BBT/STI merger to the FCB takeover of SVB, but I have to think that if BR and others not been so quick to rid itself of BBT people and culture, we would be looking at a much better stock price.
@1vsm+1t5JmXof Remorse? What a joke.
Here are the two choices he was faced with: merge with Suntrust and it go down as employees were told, or he lied to BB&T employees and sold them down the cr-p shoot. If you still believe #1, if he was truly taken by surprise, then he is/was extremely incompetent as head of BB&T as well as overseeing the takeover. If he was truly lied to, then tell the truth.
Where I am, former BB&T employees (who haven’t been culled to be replaced by hST or overshoreing, know exactly what King did.
Do you know him personally to claim he shows remorse? Highly doubt it.
If I’m wrong, prove it with actual FACTS.
Kelly wasn’t fleeced. He got exactly what HE wanted. He never cared about employees or the bank, it was all an avenue for money and self-promotion.
I am at a loss as to why his followers still can’t accept they were taken, or that it was all an act. He is televangelist that preyed on a bank instead of a church, nothing more, nothing less. At some point you have to judge people on their actions, and not on their ability to deliver sermons made up of regurgitated self-help babble.
I also find it hilarious that people think he has any remorse. If he cared there were a million different ways he could’ve acted to show even a minimal level of support or empathy towards employees while he was still Truist’s CEO. Did he show one ounce of compassion or respect on a personal level? Absolutely not, but if there was a microphone, cameras and a purple stage, you couldn’t pry him off of it.
@KKtrustedBillyBoband - you couldn’t possibly be more spot on!
Executive churn has been high? Lolz. No executive leader has been held accountable.
F Kelly
F Kelly and his remorse! This debacle lies at his feet. His remorse was softened with millions and millions of dollars. The thousands of loyal BBT employees whose lives he disrupted and caused them to lose their jobs are remorseful also, remorseful that they ever believed this tent preacher fraud. Yet he still has sycophants that hang on his every life lesson. Again, F Kelly King!
Kelly and the BBT management team and an agreement with Bill and the SunTrust team. As soon as Kelly retired, Bill went a separate direction and ignored the agreements and began running the bank the way he intended to anyway. Kelly isn’t happy about it and has remorse. But there’s nothing he can do about it. Nothing shareholders can do either since a majority of shares are owned by institutions (e.g. vanguard). So until the board decides to do something about the weak management team we’re left with, nothing will happen. Bill will continue running the bank into the ground…with purpose and passion. He’s unstoppable. Purple power.
To the person mentioning SVB and getting so many upvotes… You don’t know capital and liquidity like you think you do.
The only play here is to make the bank bad enough to get bought.
The stock sunk during the SVP collapse and it seems TFC was seen as another vulnerable regional bank, although during that time the corporate numbers were acceptable, not stellar, but not terrible. The stress test and the fed requiring more capital reserves didn't help, but there are no excuses now. If the next couple of quarters aren't solid, don't see how they will survive.
White collar crimes should be investigating EL!!!! Report them to NC attorney General!!!!
Are you suggesting EL is purposely tanking the stock price to scoop up at a discount and sell later? 🤔🤔
It’s a shame. Bill and his cronies have no idea how to operate a bank. They continue to miss the mark in many areas. Bills comment about “shocking the system” just showed how completely out of touch he is. Perhaps Bill needs a shock to HIS system. And if I hear somebody say “Purpose” again, it will be all too soon.
Chuck Jones newest post about SunTruist:
Truist’s performance has become the Washington General’s of bank performance. Stock price is down 33% since the merger. They continue to underperform their peers and the market as a whole. While their dividend per share is adequate; the continued churn in leadership, lack of accountability, and Bill Rogers statement that he had to shock the system to get better performance shows this is a mediocre leadership team. The fact that executives are buying the stock as a “bottom feeder” raises more questions about this company. #BottomFeeder #WashingtonGenerals