After closing hundreds of branches through merger and project star, the latest bright idea to save the bank is to build hundreds of new branches lol. Analysts (particularly Mike Mayo) promptly p-o-p-o these plans as too little too late, pointing out the plan doesn’t actually solve for the banks primary issues.
Looking in my crystal ball, I can see in ~ 2 years time we will have new leaders whose “bold” idea to save the bank will be to consolidate/close branches.
@f9 purple thumbs r us
Truist is just keeping pace with regional peers. PNC Financial has doubled its branch network in some key markets. Fifth Third Bank plans to add ~200 new branches by 2028.
Huntington is expanding through strategic acquisitions like Veritex in Dallas. Peer banks have been pursuing physical expansion in thriving Sun Belt and Southeastern markets for some time while Truist sits on its thumb. This expansion is touted like Truist is curing human disease and landing on Mars. Good grief......
@ba "strong capital position"??? I was told the company has a 40+ million dollar short fall so start looking for cuts. This place is nuts.
Improving customer service and the digital experience would be a much better investment. Robinhood and SoFi have no physical branches.
@ba "purpose to inspire and build better lives and communities."
The fact he keeps saying that is nauseating. How does opening a retail branch do that? What is the service provided that does that for new depositors?
How is my life inspired and community improved by having a checking account with Truist?
Weyland Corp.- Building Better Worlds
We all know what happened to him......
"This significant investment demonstrates Truist's continued commitment to grow with our clients at every step of their financial journeys and strengthen market share in some of the most dynamic areas of the country," said Truist Chairman and CEO Bill Rogers. "Our strong capital position and momentum enable us to invest confidently in our growth strategy and fulfill our purpose to inspire and build better lives and communities."
@OP - And the BR clown show rolls on—who needs vision when you’ve mastered the fine art of being proudly myopic? Guess ‘Strategic Thinking 101’ was too early in the MBA syllabus.