Thread regarding Truist Bank layoffs

Truist sees Q2 earnings drop over the year amid economic uncertainties

https://www.bizjournals.com/charlotte/news/2022/07/19/truist-recession-loan-loss-provisions-earnings.html

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Post ID: @OP+1hNJqCDJ

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I love how in the earnings call Bill trumpeted improving client service metrics and industry-leading efficiency ratios. I was shocked not one analyst called him out on those statements.

Our client service survey results are so laughably bad they have gotten us media attention over the last two months. But
I did notice one analyst didn’t totally swoon over the “Truist stands for care”, and “Truist stands for better” mantra. He called Bill out on one area of our financials, saying it wasn’t even in the same ZIP Code as what was promised at merger time.

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Post ID: @1lry+1hNJqCDJ

@1xnd, such an accurate post. I cringe when I hear him deflect answers and spin it back to care. Analysts aren’t d-mb though, would assume they can see through it

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Post ID: @1soe+1hNJqCDJ

If only employees got the same latitude Bill and Beau get with poor performance. Always an excuse, always will be better tomorrow, just trust us wink, wink.

And when poor performance is questioned by analysts, predictably reframe the discussion by reminding them that “Truist cares”. This bank has now moved from mediocre, to a point where its client service failures are becoming a public embarrassment.

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Post ID: @1xnd+1hNJqCDJ

Actual employment is down from 59k plus to 51k plus. What percentage from each heritage bank would be an interesting stat of the 8k missing.

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Post ID: @xzs+1hNJqCDJ

I love how they say "one time items", What they need to say is one time "bonus payments" to the EVP's."

Excluding merger and restructuring charges along with other one-time items, Truist says adjusted earnings per share were $1.20, compared with $1.55 in the same quarter last year.

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Post ID: @kze+1hNJqCDJ

Truist Financial Corp. (NYSE: TFC) reports today that its second-quarter net income dropped 7.6% year over year and revenue remained essentially unchanged.
Truist says net income for the most recent quarter was $1.53 billion, or $1.09 per diluted share, on revenue totaling $5.68 billion. That compares with net income of $1.66 billion, or $1.16 per diluted share, on revenue of $5.67 billion in the same quarter last year.
Excluding merger and restructuring charges along with other one-time items, Truist says adjusted earnings per share were $1.20, compared with $1.55 in the same quarter last year.
The uncertain economy and the possibility of a recession had its impact on the bank’s financials.
Loan-loss provisions then versus now
The biggest difference in the earnings from a year ago involved provisions for credit losses. In the most recent quarter, Truist added $177 million into those provisions. A year ago, Truist showed a $434 million benefit from lower provisions for credit losses.
CEO Bill Rogers called it a strong quarter in a difficult time.
"Truist demonstrated much progress this quarter for our stakeholders,” he said in a prepared statement. “Our solid second-quarter performance reflects our improved momentum post-integration and the resiliency of our diverse business mix in a volatile market environment."
Rogers noted that strong loan growth contributed to increased interest margins as rates increased.

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Post ID: @ptr+1hNJqCDJ

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