Thread regarding Truist Bank layoffs

Freeman was an absolute disgrace of a human being. Religiously, he would go across the street from the office to one of the 2 watering holes and proceed to get sh-t faced…..daily. Then he would talk sh-t about all of his peers. Like, really talk sh-t! My favorite was he used to call our controller “Little Tommy”. He hated Chancy and would destroy him as well. “He can’t tell his head from his a-s but he is a really good speaker”. I believe he was flagged (told to not return) from the bar by Bill eventually. I remember this garbage because I would repeatedly ask myself how do they keep this lunatic around? Everyone knew!!!!! And Bill protected this dirt ball!

As a BB&T alum, all I can say at this point is “f$@k you SunTrust.”

Freeman is a disgusting pig. His womanizing was a known across the firm as was his affair with VB. “Leadership “ did nothing to address it.

I always thought the merger was dogshit on paper without considering culture clashes. Combining two banks at the top of market share in overlapping footprints doesn’t really get you anything.

Thankful to finally have a post and comments to it that are intelligent and are informative.

I don’t believe the next CEO is in the building. Either the lady coming from Wells (means Bill around a couple years) or outside. I really don’t care for Beau but actually think he would be a good CEO. I would become an investor again if Beau took over. I respect him. The COO gig seems realllllly watered down though. From what I could tell there isn’t much revenue under him. By contrast, when Bill was CEO in waiting as COO, he had nothing but the business lines and Jim Wells had the “other stuff” if my memory serves me. Time will tell!

Quite an analysis by someone who appears in the know of STI premerger. Does the OP think the board will move on from Bill in 24 and go outside for a CEO? Could Beau actually become CEO? This whole fiasco just seems to have no end in sight.

Merger brought either arrogant or incompetent “leaders”. Scott and Ken Myers tango was definitely one of them. They thought they were so good that they could transform the bank overnight. Delusional pricks!

Your analysis of Bill is spot on. Your opinions on Joe Thompson are right on target….he was never a leader, inspired no confidence or loyalty, and is solely responsible for the vast defections from Wealth. I was there at his first meeting with Wealth leaders after the merger. It was a horrific. What an arrogant *ss he was….and it only got worse.

maybe the reason SunTrust needed a merger because of how poorly our tech was led.

We were told on the hBBT side that SunTrust’s tech was light years ahead of ours and we “needed” this merger to catch up. Now in retrospect we know your tech was cr-p, your talent pool was shallow and your leader was dishonest. We’re hosed.

20 year SunTrust veteran, bless your heart. If you survived that you can survive anything.

These posts are finally intelligent. Appreciate your thoughts and they make sense.

Given how long the merger has been given to get it together, Truist is really behind the power curve. The end result is client service is suffering because of all the turmoil. I have never seen so much of an “us v. them” culture. Your point about leadership is spot on. It just feels like if you are over 50 and have a hbbt background you are being targeted no matter your performance. The internal chaos is impacting all stakeholders (investors, clients and associates). It is very difficult to perform effectively while looking over your shoulder waiting for bad news to come your way.

The Regional Presidents are suppose to be the chief integrator for bringing to market all the products/services to the clients and community. Now all they seem to be doing is passing out checks and getting a photo. Do not see much leading from the front.

All of the chaos rests at the feet of Bill Rogers. He waited way too long to start right sizing the ship. The staff reductions should have been given much more thought and executed in a more gradual manner. To really focus on non-performers regardless of their background. Bill has a history of lackluster performance. His participation in the last few earnings calls has been an embarrassment. The optics of creating a bloated Operating Council followed by giving away huge pay increase while so many associates are being hammered is just the latest in the “Bill and Friends” show.

The resumes of these investment bankers aren't impressive either. We aren't talking the cream of the crop here. These are the ones that have only been doing mid-sized deals at SunTrust their whole lives. Never in the running for the big deals of their now big bank "competitors" so staying safe in the Truist bubble of mid-size deals feels right for these guys. Moving them around is just a way to keep friends in their safe space.