Still a mystery why BB&T took the merger risk in the first place. They were an industry leader in many areas. Was as much ego and insecurity as it was $
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To those saying Kelly was motivated by money clearly didn't know him.
Two bad leaders made an ever worse organization.
I will take answer A: $$$$$
Depends on what side of the stick you’re on… I do believe the people who made the deal got the good end.
BB&T. What a bunch of small town yokels.
Funny seeing all the disgruntled former BB&T bankers on here. We were such a great bank, “we grilled hot dogs in our branch parking lots and really made a difference.” LOL simple mindsets. Kelly King was a joke, “here are my 5 favorite book” “spread seeds of hope”. What a disaster he and BBnT bankers were/are. Thank gosh we ran off most of those podunk bankers
"There was a misplaced idea from Kelly King that BB&T had to both grow rapidly and take a big step forward technologically to compete with the top 5 banks."
Possibly, but I think the only "idea" KK had in his head was a bunch of dollar signs. For himself.
There was a misplaced idea from Kelly King that BB&T had to both grow rapidly and take a big step forward technologically to compete with the top 5 banks. The grifters that ran SunTrust saw a su---r, and convinced Kelly that they were the perfect solution to both problems. Of course, in reality SunTrust was a failing business, technologically inept and ultimately a lead anchor around the ankles of BB&T, but by the time that all became clear, it was far too late.
Want to know why MOE's are rare? Because they rarely work out for investors. Exhibit A: Truist (but it's really not exhibit A, it's exhibit 8000 because it's well known these don't work out.) Shareholders should vote out management if they don't want to have their shares converted to Chase shares during the inevitable takeover.
I came right at merger but in NC BB&T was a very well respected bank. Now it is a joke. Just spoke to someone yesterday from Florida who said he and his wife got tried of how bad dealing with Truist had become (and he was a SunTrust customer). He closed his accounts and went elsewhere.
Totally agree.
It was to line the pockets of KK at the expense of loyal (and now mostly former) BB&T employees and clients. I hope he rots in a fiery pit. I'll help stoke the fire. I also hope every former BB&T employee will stop by his grave and "water the flowers."