At least David Weaver is admitting that we did 'some' of this to ourselves ('most' :cough cough:) -- with regard to our lackluster results. As others have said we're an Investment Bank now. So I dunno why I'm even talking about CCB lol. Carry on.
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The original reply here is spot on. Weaver is still here only because the ST leaders (I.e.——the entirety of who’s really running this dumpster fire) don’t give a sh*t about Commercial or Retail banking. They were humoring the hBBT folks all along. They touted the “synergy” of the merger by saying how great hHBT was at “community banking”, because they’d completely walked away from it. They don’t believe in it, other than a means to gather deposits. They pat Weaver on the head and let him play banker, while they run the bank into the ground doing “real” (investment) banking.
We did it to ourselves? They did it to ourselves. Ray Charles could see this train wreck happening since January of 2021.
Wow, hot take! If you think hBBT was only qualified for those areas you must be team Rogers. The SunTrust executives are some of the most incompetent I've come across in my career. There was a reason SunTrust was acquired but the HUGE mistake was making it merger of equals. Truist would be in a much better spot if this was a typical merger and the SunTrust trash was thrown out.
Weaver was in over his head from the jump but BBT only had so many seats at the dinner table they could assign when merger was announced, at least as it relates to senior leadership. Just like a draft, the Suntrust people took control of investment banking and BBT grabbed commercial and business banking roles, which is all they were qualified for. Look back at the original filings and you will see that Weaver had a very lucrative employment contract way through the merger completion when he was assigned the role. He was amongst a very select group where their contracts had to be disclosed in SEC filings. He was treated as irreplaceable financially.
Of course we saw immediately that he was a bumbling business banker, that’s well documented. And in typical fashion, he let the buck stop with his direct reports, happily passing the blame along as they shuffled deck chairs around the titanic. Success at Truist is defined by being able to fail at your job repeatedly but being able to get reassigned elsewhere to fail yet again. That’s the entirety of executive leadership, recycled waste from Wall Street. Look no further than Beau.
Does anyone remember the sound of children’s laughter?
Stop to smell the flowers yall
I'm impressed that old goat made it this long at SunTruist. He knows how to play the game with a hBBT target in his back.
Anyone placing a bet on when Weaver is going to retire? It must be tough on him to witness what has happened to SunTruist. Having to look in the mirror and keep playing the game. Maybe he did not go to the right school to be invited to join the G-n Club.
At least Weaver is admitting we are somewhat at fault unlike BR who seems to think the MOE was a tremendous success. If you haven’t listened to the recording of the Goldman Sachs financial conference interview with BR from earlier today, you should. Weil BR did provide a number of comments regarding the overall industry, I was surprised at a few of his comments including when he said that our Employee Engagement surveys are excellent.
@sub, how dare you
Someone needs to bash that purple surfboard over his smug mug.
It is quite surprising that Bill n Beau haven’t replaced Weaver with one on their Suntrust people. The fact he remains in his position may be a testament to how little regard they give CCB in the grand scheme of things or they will let Lesher bring her people in after she comes on board.