Thread regarding Truist Bank layoffs

Haha, where’s all the Elmer Fudd bankers from BBnT who spread rumors about false negative claims. I’m sure they can go on their phones during their lunch break at Tobacco Credit Union to post more highly educated content about Truist! ;)

But they have $70 million to three new jets for themselves. So all is well...

Don’t worry all is well:
Wells Fargo analyst Mike Mayo on Thursday pressed Rogers on select executives being given special awards on top of compensation awards they already receive, while the bank’s stock has underperformed. Truist said last month it’s giving Maguire and Dontá Wilson, the bank’s chief consumer and small-business banking officer, “leadership awards” valued at $4.5 million.

Rogers noted the bank’s proxy filing lays out “quite clearly” that compensation is based on performance, with the primary measures being return on tangible common equity and growth.

“Don’t assume that we don’t have that mentality at this company,” he added.

The CEO has said the bank plans to continue investing in payments and middle-market lending, and the bank made several hires in its commercial banking, corporate banking, investment banking, wealth and payments businesses – many from larger banks – during the third quarter. Truist will continue hiring to bolster those segments in the fourth quarter, Rogers said.

Increased spending on Truist’s risk infrastructure includes investments related to data, cybersecurity and artificial intelligence, he noted, to “build a more enduring, consistent infrastructure.”

Rogers referred to it as a “continuous investment” for a company of Truist’s size “with the responsibilities and the obligations we have to our clients, our regulators and our shareholders.”

He noted Truist has “seen the elevation of expectations of how we manage data, we’ve seen elevated expectations in AI and investments that we want to make there, we’ve seen elevated expectations in terms of cyber.” The bank aims to “be responsive to the opportunities and challenges that exist in financial services.”

We’re doing so awesome that branch managers have already gotten an email saying next year prepare for heavier sales and more accountability

All banks are beating in terms of investment income. They are just riding the wave.

“EPS/Rev beat, down 3.5% at close. What a tu-d of a bank.”

Yep. It is a farce. I found the question about the “special bonus” paid to the two executives interesting. Basically asked why are shareholders paying these two, on top of all the extra compensation they already get, to fix a problem Truist itself created?

I also found it really sad when Bill was asked to attach something tangible to his vague growth promises, he couldn’t or wouldn’t do it.

TFC investors deserve to have a management team with at least some definable performance expectations, and this call underscored they don’t. The total lack of oversight is laughable.

Investment Banking grew 79% YOY but every single other segment/lob was flat to down…
If you’re in CIB sure it’s a great quarter. If you’re in ANY OTHER area it’s not a great quarter.
In case you thought EL cared at all about CSBB and CCB, no. It’s just a pool to steal resources from and funnel them to CIB.
Gaslight 99% of employees to make them think we “care” and just minimize the bleed so CIB can use all their resources.
What a great bank lol. We are sc-mbags and steal from the poor to give to the rich.

EPS/Rev beat, down 3.5% at close. What a tu-d of a bank.

So if all is well why has the market reacted negatively. Stock is down over a dollar as I type. Why?

Lots of departments are already cut down to federal minimum on shore staffing

50% layoffs in December...jump ship now

@ Extra money for new jets, hooray

It’s only funny until you know that they’re actually in process of buying new jets…

Did anyone get laid off yet or is it happening tomorrow?

Extra money for new jets, hooray