So PNC, Fifth Third and Huntington in particular have been successfully setting up shop in Truist territories, the Carolinas, Georgia, Florida even Texas poaching Truist clients and many employees. So Bill and his minions expand Truist presence in Ohio, Pittsburgh and other home territories of these banks and have hired from these banks in their home territories. This seems more of a f*ck you than a sound business strategy.
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@am Absolutely spot on.
My guess of why investors are so accepting of poor performance at Truist is this: any investor who is even remotely performance oriented fled SunTrust/BB&T/Truist long ago.
Look at BB&T’s stock price performance over Kelly Kings entire CEO tenure. Makes sense why Kelly spent all his time preaching to you about how YOU should live your life - took the spotlight off how HE was performing relative to other bank CEOs.
Fulton
It has never made sense to me how the institutional investors have sat back and basically backed this nonsense. Other than dividends there’s been no return on investment. Why they long ago didn’t force significant change on the BOD and push Bill out is mind boggling.
Truist su-ks. SunTrust was bough by them and suntrust finally started to su-k, too. I moved to a credit union.
I don’t think it matters where Truist expands at this point. Just a new area to alienate more clients. If core to your business strategy is your employees are faceless expenses, and you operate in a consumer service industry, your client satisfaction results will follow wherever you are.
Truist had a huge advantage through its predecessor banks in the fastest growing region in the country. Look at Truist now, mostly an afterthought in their home Southeast. It is mind-boggling how Kelly and Bill were gifted a massive geographic advantage, and botched it into the mess we see now.
It is not only how bad the bank is now that I find sad; it is what it could have become under even mediocre leadership. I am not sure the bank would have performed worse if the actual intent was to ruin it.
Who cares they are setting up to sell the place in the next 12-24 months
No investment in anything and shipping as much offshore as they can