Thread regarding Truist Bank layoffs

Any offers forthcoming to encourage teammates to retire?

Correct, you need to wait the five years to be vested. You will not automatically be vested being a hSTI employee. Yes you can get the discounted insurance rate when retired.

The heritage SunTrust teammates have not vested in the Truist pension as of yet. Eligible, but not vested until 5 years with Truist. From the responses, it seems the Executive team is not considering offering teammates based on grade level and tenure with the heritage organizations an option to choose to early retire with the enticement of paying severance and allowing teammates who elect to retire to continue to buy healthcare at the teammate rate instead of the higher retiree rate. Is this correct that this option is currently not being considered?

If your part of a RIF and your 55 Plus and vested, you can draw on your pension early. Keep in mind, they want you to draw it early as the monthy pension will be about half. If you wait till 65, you can collect the whole amount that you've earned. They are not offering this to entice you o retire. It's only if your part of a RIF, losing your job due to them eliminating you position.

Let's face the facts, if your 60, It would be hard to get a position with another institution making the same salary that you earned being a faithful career employee with BB&T or SunTrust. You may need to draw on your pension early.

Is it being considered to offer early retirement based on a set criteria to those that will qualify?

The pension will remain for now. Truist's intention is to get rid (RIF) of vested employees early, before retirement age (65) hoping you'll take early retirement and start your pension monthly payout. This will reduce the amount to about half you would get if retiring at 65. They are not worried about new employees because Truist is of the understanding most millennial s will not stay with the bank for five years as they move around frequently to different institutions trying to get higher pay. All the diehards who made the bank with it is today will be gone.

That is not a true statement, the pension plan is still being funded.
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That's the point. Still being funded...FOR NOW.

I don't think we are talking about the same thing. We are saying the Pension Plan as a whole will no longer be funded. Doesn't matter who manages it. No more pension. They are a relic of a past time that most companies have realized long ago, are too expensive. As with everything else...BB&T is playing catch-up.

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That is not a true statement, the pension plan is still being funded.

"Truist pension and 401k plans went to Fidelity several months back and are not part of what will be moved to Ascensus and Empower."
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I don't think we are talking about the same thing. We are saying the Pension Plan as a whole will no longer be funded. Doesn't matter who manages it. No more pension. They are a relic of a past time that most companies have realized long ago, are too expensive. As with everything else...BB&T is playing catch-up.

Truist pension and 401k plans went to Fidelity several months back and are not part of what will be moved to Ascensus and Empower.

So when they sale the people pension plans and then ultimately do away with it
Maybe they will offer pension buyouts at that time?????

401k / RIS / Pensions are being sold off to Empower and Assensus. Wont be long before internal pensions are gone as well.

Pensions will be GONE when King Kelly leaves. They are already cutting people out of it.

Correct. It would be treated as a termination from truist. so your friend will have to wait until retirement age. Or to see if when KK leaves if the pension stays. Pensions are KK's baby.

There are no pension buyouts, you just wait until early or full retirement age to draw your pension.

I don't want to sound dodgy but since the layoffs are not public yet I don't want to get anyone in trouble (I know this is anonymous, but still). But the clues are in your question.

I'm not aware of any buyouts for pension unless you are retirement age and can roll over your pension to an IRA. What department was your friend in?

How do pension buyouts work? Friend is vested and his entire department was just sold off to the highest bidder. Not getting a job offer.

Yeah, but we got we got seeds tho...

Attached is a link of what Truist Senior Executives receive for compensation. This puts in perspective where their minds are at: https://www1.salary.com/BBandT-CORP-Executive-Salaries.html
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Kelly King's comp ratio is 125:1 to average employee. Pretty strong.

Attached is a link of what Truist Senior Executives receive for compensation. This puts in perspective where their minds are at:

https://www1.salary.com/BBandT-CORP-Executive-Salaries.html

As an hSTI I can confirm that I am paid significantly more than my HBBT peers. I’m not sure why. It will be interesting once they complete the re-grading to see if there are any significant increases/decreases in pay on either side. I doubt it. Feel bad for the hBBT folks.

As you can see from this link, it's all about cutting expenses, not paying more for anything. Truist is targeting $1.6 billion of annualized net cost savings by the end of 2022, a goal that seems realistic given the overlap of the two banks’ footprints. Ways to cut costs include closing about 800 branches, slashing third-party vendor outlays, and trimming staff.

https://www.barrons.com/articles/truist-financial-could-soon-enjoy-the-fruits-of-its-merger-51601060401

Any increase in pay will happen after the first of the year and will discussed during your performance review. If any increase is to happen, it will be for the employees who are not at minimum. If your above minimum you will not have an increase. If you complain you will be told," you were given a one time retention bonus of $1500", that was your increase. Those Life Saver candies are there for you!

The budget hasn't been established since they are still in the process of laying off many more employees and outsourcing positions to third party vendors, this will improve the efficiency ratio and increase their budget for 2022.

Greenville SC was increased to the same as Raleigh with Truist but no pay raises happened. Now I am further from the midpoint than I was.

regarding salaries they are different for the same position. A BB2 in rural NC gets paid less than a BB2 in philadelphia. call it unfair if you want but in the philadelphia area if they paid the same as rural NC whey would have no staff due to their compitition paying more

Last comment was spot on. The opposite cultures is on display daily. One tries to solve issues and gets the people who need to make decisions together and make a decision that is the for the greater good. The other deflects and keeps information to themselves rather than share for a greater good. Leadership is about what’s best for the organization, not the individual. It will be a long time before the greater good is realized for this company!

There are so many good banks looking for good people, I left a long time ago and my family and I are much happier. This has been a dangerous merger of equals because of opposite cultures . They should have developed a new honest culture rather deceit. I left many years ago and myself and family couldn't be happier. I feel for and wish you the best of luck

H-STI here. Earlier this year, when I noticed my new band I Workday and realized that I am 20% above the top of the band... I knew I had to run.
If you are H-BBT with "lower pay" it is likely that you are safer than the your peers.
In my search for a job I realized that H-STI pay was c-ap and H-BBT paid their employees like they were slave labor while brainwashing them.
So happy to be on the way out. My biggest shock was that because of the useless and inflated "officer title" I now have to give a 4 week notice - stupid H-BBT policies that False-ist adopted.
Excited to trade down an SVP title bro a director title (moving to tech, still doing corp finance) and be paid what I am worth.
My only advice is to leave ASAP, take advantage of searching while you have a job and can easily interview through zoom/teams/whatever while WFH

Wouldn’t it better for morale as well as cost savings to know that some one decided based on company incentive to take an early retirement than for management to have to make these difficult decisions of whom to cut?

There are no more early retirement packages, whoever received them are long gone by now. Severance and pension (must be vested) only.

So early retirement packages have begun to be offered? What is used as the basis to identify who qualifies?

Just your basic severance package and pension if vested. If your a SVP, you would have already been approached if they wanted to offer you something above the standard.

Any word on whether there will be incentives such as early retirement packages to encourage teammates to leave to cut costs?

Not all employees without a Truist e-mail now will be laid off but you are correct on the 700 to 1000 a quarter. The layoffs will actually be bigger than predicted , Covid proved you really can operate the branches with minimum staff.

If you have a Truist email, job pay grade, and job description, I would just be thankful you have a job. If you don't have any of that, I would not worry about a pay increase but worry about whether or not you will be one of the layoffs. The 700-1000 a quarter layoffs will continue through next year if not beyond. Kelly king said layoffs and third party vendors were the way they are cutting costs. I've already seen two departments in my building outsourced. Truist just sold hSuntrust CRE loan servicing. I see them selling off a few more of these smaller market departments or duplications on the future as well. So it could also be not just a layoff but a new employer will be taking over. Just be happy you are still working in the midst of this. A class action lawsuit is likely to make them downsize even more to cut costs and cover costs of a lawsuit.