Thread regarding Truist Bank layoffs

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(Deep Breath)
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Don't understand of the point of these sponsorships when there is a lot of things the company could do to improve their processes.

they are so desperate for brand recognition on such a surface level, they keep taking big losses and not doing enough to modernize BBT's anemic processes that were streamlined under SunTrust.

Lots of whining and complaining on this thread, like most others. Last I checked, you’re free to leave, and my guess is Truist would be happy to see you walk out the door as I’m willing to bet that a lot of the folks whining and quasi-threatening are like cancers to your team. If it’s not the tournament, it’s layoffs / outsourcing, org design, new management, etc. You don’t like things? Leave, and see if the grass really is greener elsewhere.

As for the tournament, while there is some sticker shock at the $ amount and I agree that the timing is not ideal (big golf tournament sponsorship while there are major layoffs and cost cuts), a few things caught my eye: 1. This cost likely isn’t totally incremental, but rather will replace other marketing spend. 2. Use this as a positive, and think about how you can (a) get involved to help leverage the impact of it, and / or (b) actually enjoy some of the possible perks.

Quit worrying about Bill and co., and take some agency for yourself and your career / wellbeing. Making threatening remarks on an anonymous website is pretty pathetic, try taking real action - leave the company, find a new role, or actually step up and lead positive change.

From PGA commissioner Jay Moynihan. This has been in the making for awhile:
On the start of his friendship with Truist CEO Bill Rogers: It was a Presidents Cup reception (in 2022). And that was the first time with Truist as a headquarter company in this community [Truist was formed in December 2019 through a merger of BB&T and SunTrust]. I got to hear from him about their commitment.

Johnny (Harris) said — I think there was a recognition that should there ever be an opportunity, that might be a perfect partner to have. But that wasn’t like we were sitting there talking about (a sponsorship at the time).

I have a lot of admiration for (Rogers) as a leader.

We stayed in touch because (Truist) supported the Presidents Cup (through hospitality and client entertainment at Quail Hollow) and also supported the (Wells Fargo Championship) since they headquartered (here).

We have a lot of mutual acquaintances. So, I have stayed in touch with him but, obviously, got closer to him ov

I hear the announcement in the ITC was crazy expensive. Upwards of half million?

The real number is likely to much higher than 200 million with all the real advertising that goes with it, TV ads, signage and all the ancillary spending associated with being a title sponsor for any major event. 300 million will not be out of the question. No worries, SunTruist has about 48 billion in cash so this is pocket change, do not expect any to be spent on you “Teammates”!

Will be interesting to see what the ROI will be. Maybe spending $200mm over 7 years makes sense. Regardless of what the folks in here think, the bank needs to market itself. Whether or not this is the way to do it is yet to be seen. But I sure hope Bill, Beau and the rest of the “leadership team” are not the ones getting spots in the Pro-Am events. Let’s save those spots for clients and those that are out in public having to spread the good word about Truist despite the ongoing problems

I still don't know who was the larger of the two. Everything appears to be catered towards SunTrust and not Bb&T so I think SunTrust bought BB&T.

And let’s not forget the MILLIONS on Truist Park.

We were told the reason teammates are not provided coffee is it would cost $8M per year, how about a little less spots sponsorship and a little more coffee?

There goes the bonus.

Surprisingly, this did not take place after the survey,
but I guess there wasn't enough characters for me to voice my opinion anyway!! I'm appalled at this information. As another person stated... we have been cutting and slashing everything associated with Teammates causing other teammates to be over worked, overwhelmed and under paid with a mere slap in the face with these coins for raises. $200MM could have purchased the garage downtown and provided free parking!!!! But I guess that wouldn't benefit the ELITES!!

In case your wondering where your merit and bonus $$ went…

We should be able to sc--w up the tournament like everything else .

If I could get a penny a pound for the BS that Rogers spews, I could sponsor this tournament too. He drops in a few meaningless buzzwords - "purposeful" seems to be his favorite - and thinks it covers all of the nonsense coming out of his mouth.

That's $200MM that won't go to benefit employees in any way and won't be paid to shareholders, but executive "management" will still get their multi-million dollar bonuses and other outrageous perks. At the risk of co-opting an acronym - FBR.

You heard it here first that Bill believes in long term relationships with Teammates, now that’s funny! 😄
Truist Financial Corp. (NYSE: TFC) CEO Bill Rogers said today that he aims to make the company’s sponsorship of Charlotte’s annual PGA Tour event both a marketing success and a community contributor.

The marketing and brand awareness piece is fairly obvious — the tournament will become the Truist Championship for the next seven years, starting in 2025. With a commitment in the range of $200 million, getting the word out should pose few challenges.

The opening event on today demonstrated the company’s all-in attitude: the bank’s Innovation & Technology Center was converted into a golf club environment, with decorative pillars covered in artificial ivy, artificial turf-style flooring and complimentary beverages (Arnold Palmer tea-lemonade mixes, of course) served in Truist Championship logo cups.

As for the second half of Rogers’ equation, that’s still to be determined. Corporate sponsors have increasingly made tie-in philanthropy and community programs part of sports sponsorships for the past decade or more, especially in golf, with tournaments operated as nonprofits.
Predecessor tournament sponsor Wells Fargo & Co. (NYSE: WFC) generated $30.5 million in charitable giving during its 20-year run with the PGA Tour in Charlotte. Those gifts often bled into the tournament itself through visits to schools for reading programs as well as scholarships and pro-am access provided to select golfers from diverse and disadvantaged backgrounds, among other examples.

Rogers hinted at a few new wrinkles, including what he called “Truist Tuesday” during tournament week in future years. The Tuesday of tournament week will include employee perks and participation. He expects a fair number of the company’s 40,000 employees, including several thousand here, will be eager to volunteer and participate each year during tournament week.

The first Truist Championship will be played in Philadelphia in May 2025, making room for home course Quail Hollow Club to host the PGA Championship. After that, the tournament will return to Quail Hollow in its usual springtime calendar slot for the next six years.

“You can hear from Johnny (Harris) and Jay (Monahan), that’s the same shared purpose,” Rogers said today during a joint appearance with Harris, Quail Hollow’s club president, and Monahan, the PGA Tour commissioner, at the bank’s uptown headquarters. “The value for us in this partnership — sponsoring a golf tournament is interesting — having a great shared partnership, or a purposeful outcome is what energizes us.”

Later, during a discussion with CBJ and other media outlets, the Truist CEO said it’s still early in the process and that no decisions have been made on how the bank will carry out the greater-good vision he touted.

The logo, consisting of the city’s crown logo with a stylized heart and Truist’s logo T supporting a golf ball, embodies the community-sports combination the bank and its partners aspire to, Rogers said.

He used the words “accessible,” “inclusive” and “welcoming” while disclosing plans to form a community advisory committee to create a tournament that encompasses more than rich people watching other rich people chase birdies, drives and putts. OK, Rogers may have used different words than those.

Creating “a shared connection” will be the measure of how well they do that, Rogers added. The onus is on organizers to deliver that shared ownership and inclusiveness, as Rogers returned to the theme of more-than-just-marketing again and again.

Harris told CBJ afterwards that having a local sponsor — and one that wants to make a great event even better — resonated with Tour and club executives as sponsorship negotiations unfolded.

Wells Fargo exited in May of this year after a title sponsorship run that began with the creation of the Wachovia Championship in 2003.

Truist’s agreement will begin at $25 million to $27 million, nearly double Wells Fargo’s annual spending.

Harris said today he never doubted the tournament would continue, but he was uncertain whether another local sponsor could be found. Wells Fargo has its headquarters in San Francisco but is considered a Charlotte company because this remains the bank’s largest employment hub.

Some similarities can be found between the original Wachovia-Quail Hollow golf sponsorship and what is now the Truist Championship.

Consider: In May 2003, when the inaugural Wachovia Championship was played, the Charlotte bank was wrapping up a merger between the former First Union Corp. and Wachovia Corp. that put the latter’s name on the combined company. Wachovia had little to no national name recognition and used the golf sponsorship as a way of creating awareness of the new entity.

Truist was formed in 2019 when Atlanta’s SunTrust combined with Winston-Salem-based BB&T. Though the bank ranks among the 10 largest in the U.S. with assets of $520 billion, it’s a company that has a relatively new name and whose heritage is in the Southeast and mid-Atlantic. Truist has branches in 17 states in those areas as well as Washington, D.C.

Rogers’ ambitions and local presence make it much easier to collaborate on better ways to present the tournament to fans, players and the community.

“With Truist, you have somebody that has great resources that we don’t have,” Harris added. “And they have great marketing resources that can look at things and give us statistics and help us approach those areas that are so important to us.”

The one-year hiatus to Philadelphia gives Truist and Quail Hollow extra time to hone whatever changes they conjure between now and 2026.

Monahan, the PGA Tour commissioner, said there won’t be any other disruptions between now and 2031 for the Truist Championship at Quail Hollow. Meaning he expects Quail Hollow to wait until 2032 at the earliest before bringing in a major such as a Presidents Cup (which is PGA Tour-owned) pr PGA Championship (which is not).

“The thing that people don’t realize, and that I’m most excited about, is the tournament is four days,” Monahan said. “And they’re four great, competitive days. And there’s a lot of time and a lot of tournaments that feed into whether or not you qualify to play in this tournament. But the Truist Championship is a living, breathing part of the Charlotte community region 52 weeks of the year.”

Seven years is a long time in the business world — and in sports. For the moment, though, it looks and sounds like Truist wants to become synonymous with golf in Charlotte, a goal that will take years to achieve given Wells Fargo’s lengthy run as title sponsor.

“We also believe in long-term relationships,” Rogers concluded. “We want to have really long-term relationships with our clients, we want to have long-term relationships with our communities, we want to have long-term relationships with our teammates. And this is emblematic of that, as well. That it’s a long-term relationship that we’re all committed to, to make a difference.”

PGA wanted $25M per year for the reeks and Wells Fargo said you can go pound sand. What does truist do: “sure $25m/yr sounds reasonable, where do we sign”. Bill and his crew are the biggest bunch of mo--ns I have ever seen. He so badly wants to be a big timer that it reeks of insecurity and incompetence

The ego it takes from Bill and the Board to do this now is unbelievable. Where are the analysts howls about this nonsense. Where’s that fraud Mayo and his yelping about expenses and ratio numbers now. 20 plus thousand less employees and the ratio is still above 56%. Quail Hollow members can’t wait to see Bill, Beau, Joe and Mike strutting around with other Board members acting as if they own the place.

I certainly wouldn't put it past these tone deaf buffoons, but if they terminate the pension the same week (as some have predicted) that they take on a multi-million dollar PGA sponsorship, that would be the most id--tic move imaginable. Sooooo...that's probably exactly what they will do.

Giving back to the community, right, if you believe that I have ocean front property at the Purple stripper building for sale.

This reminds me of the one (1) year SunTrust was the official bank of Nascar

Look around LinkedIn at all the sycophants reposting and gloating about how great this is, oh and most have less than four years in this sh--e show.

Glad the company performance was good enough for this nice perk for ELT when all the worker bees got 2%.

A financial institution that has been slashing and burning expenses (allegedly) has found 200 million or so to sponsor a golf tournament while cutting anything and everything associated with you “Teammates” including the coming end of your pension is it any wonder SunTruist has become a laughing stock in the industry? That is saying a lot.

I thought we were trying to manage expenses around here?

So in essence, Truist has plenty of discretionary capital to become new sponsor of the Quail Hollow PGA tour but we have to be aggressive in slashing jobs and reducing expenses? Hmmm sounds fishy