I’ve been with Truist for many years (20+) and now have a new opportunity that’s about the same pay. For those long time teammates, how did you know it was time to go and how did you get comfortable with your decision knowing you would lose your RSU’s and growth in pension benefit?
10 replies (most recent on top)
It’s the same at every company. Read all big banks comments and you will see the same issues, concerns, complaints. Move for yourself, period.
Don’t walk, run to the new opportunity. Truist doesn’t care about you and will most likely not even try to get you to stay. You local leadership will totally understand and probably support your decision privately but they are powerless, and EL simply doesn’t care about you - your just a number on a spreadsheet to them. I was in a very similar position recently so I understand how you’re feeling. You’ll question and second guess yourself many times, but once you get settled in you new company you’ll quickly see just how toxic things are at Truist. It’s almost like having PTSD when you go somewhere else, because it takes a little while to realize what it feels like to work for a normal company. Take the leap and enjoy the better mental health that comes with it because you can’t put a price or salary on that.
I think if you have an opportunity to leave you go at this point. Truist may get better but it’s going to take a few years to right this ship and no one in the finance world doesn’t know the place is an absolute mess right now
I left after 10 years, and agree with the first response. If your RSU’s are sizable enough to be a factor, perhaps your new employer could help offset the loss. Re: pension, you won’t lose the value, just the future accruals. That, too, may be sizable but I received a letter confirming that even after leaving I still had a pension benefit due once I turn 65. Forgive my assumptions here, and apologies: compensation isn’t always money. What I’m paid at new job is a little less, but my family is happier because I’m happier. You won’t miss the difference, trust me. You’ll adapt, you’ll (probably) be happier, and you might put yourself in a better position to eventually advance than you are today. Good luck with your decision!
You weigh out all the advantages and disadvantages. You have to decide what is best for you (and family if applicable.). Go with your gut. It is never wrong.
And for the poster who said “just go find another job.” I’ll let you come to my rural area (2 hours to a major city.) and let’s see what you think. Not all of us are in Atlanta, Charlotte or Richmond. It is a personal decision for everyone to stay or go and we all have our reasons for what WE chose.
Person was asking a good question seeking advice. Why not help?
“Now I’m here praying for new leadership“. It’s not going to happen. Roger’s is doing what he is told. Look at Bank of America. Ran Merrill Ly--h into the ground and employees can’t stand him. He’s still there with his rubber stamping BoD
I’m long-term as well. Not 20 years, but long enough. I’m at the point I’d like to get out, but for those of us who have been here a long time, and don’t live in a banking hub city, the options are few and are likely salary neutral at best. So, I feel your pain.
But, this place isn’t getting any better. Just listen to senior and executive management, it’s getting worse! That light at the end of the tunnel is now an oncoming train and I’m jumping first chance I get, even if it’s lateral.
Easy decision! Get the he-l out of there.
Really not an easy decision. I had that recently, back in March and chose to stay. I’m bitter sweet with that decision. I have 5-7 years left and the pension growth was too much to lose. The fact that Bill and his cronies cut my 401k match does not set well with me now. Those last 5 years do make a difference to the numbers. Now I’m here praying for new leadership and dissatisfied with the path the bank is on.
It’s not an easy decision and every situation is unique. I would talk to my boss and ask some hard questions before making that final decision. If your boss is worth a sh*t they should do everything they can to keep you. If they are not willing to fight for you then leave with a clear conscience. Truist does have some really cr-ppy leadership and I’m not seeing that change quickly.
Hope this helps.
My new company bought out my RSU. I also think about if I wasn’t an employee, would I have ever bought this stock? Don’t burn bridges when you leave. If anything you’ll learn something new after 20 years. I’m glad I left