I saw some posts on here some weeks ago talking about a possible merger between the banks—that supposedly execs from USB were in Charlotte meeting with Truist HQ? Is this real?
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The only way a merger works is if the bank is acquired. Toss out the bank's completely useless management structure and toss their crummy, antiquated computer systems into the bin.
PNC will have its choice of merger partners, Truist or Regions, and they will not have the baggage or clueless leadership US Bank brings to the acquisition setting, US Bank having completely botched the Union Bank acquisition while PNC snapped up and quickly closed on smaller but more significant banks, not particularly in its own existing footprint, to use acquisition to grow market share, footprint and earnings, while US Bank couldn't meet any of its objectives in the Union Bank acquisition.
Hopefully all the antiquated and siloed TOS cr-p is abandoned for more modern systems.
Buy side analysts are now openly talking about the possibility of USB merging with a like size bank as it is the only way to increase market share and portfolio size. Organic growth takes too long and costs too much money for shareholders to wait - they want to see immediate, short term progress and the only way that happens is via merger. If USB doesn’t do it soon, someone else will. Banking has become a game of size and scale.
With all the layoffs happening, I wonder how they would support a large merger when all the work is being done by contractors in India.
I think that was literally someone trolling.
When jpm took over first republic they signed their death warrant. We will be getting big bank breakups a la AT&T. Jpm to be back to chemical, chase, bank one, manufactures Hanover, bear stearns etc. Nothing will remain above a trillion in assets. Too much moral hazard, too big to fail is too big to exist.
Our newest board member is former SunTrust which is now Truist. I’m not saying that’s a signal either way. Just a connection.
The more likely merger would be PNC and Regions Bank, which would give PNC a solid presence in the South that would compete in all business sectors with Truist from Virginia around to Texas, U.S. Bank's definition of the "South" are the banking operations in St. Louis, Louisville and Cincinnati, PNC is a well run banking operation which touts itself as "Brilliantly Boring since 1865", however, look at the PNC BBVA merger time frames and expansion with the USB UB merger time frames and expansion for a comparison of what to do and more importantly what not to do in terms of attempting expansion through merger.
This rumor has zero basis in reality. Stop all the pearl clutching over things that are not even real.
Its a done deal
Ridiculous
Absolutely no chance of a merger of this size getting approved. Not to mention USB proved itself to be totally incompetent during the UB merger. Not sure Truist is any better...regardless, zero chance this gets regulatory approval in this environment.
There are talks of a potential merger- not confirmed for Truist per say.
Don't read too deeply into it. USB has office space in the Truist Tower building in uptown Charlotte. Even if meetings took place, it may have been to introduce Gunjan to the Truist C-suite types.
That said, they could have talked about a lot of topics such as the weather, restaurants, the yield curve, the Federal Reserve, and the gad-awful Carolina Panthers.