How do 2 profitable banks become a loosing money pit? Just get senior level management that has no background in tech make the tech direction decisions ... To heck with price performance models used by largest manufacturing companies in chargeback models for 100 plus years.... Senior lever "leaders" want to boast about the shiny acronyms ... Presto. Costs skyrocket, customer service tanks, productivity becomes a see-saw
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Truist is forest Gump without luck
Truist has a culture problem because of poor leadership. I have been back in the office three days a week since Jan and my manager comes to our cubicles maybe once a month to check on us and engage and it's for a very brief amount of time (10-15 minutes a month). Leadership is unfamiliar with the term "Engagement" with the teammates. They only engage amongst themselves. Leadership lacks connecting with teammates across the footprint and they keep in their own silos. Who wants to go to Town Hall meetings where all they do is spout out metrics, metrics, metrics. It's not what is done, but how it is done. It's obvious Truist is not doing a lot of things correctly and I would point my finger at "POOR LEADERSHIP."
We need a non-executive chairman and general or admiral in the CEO seat. The work needs to focus 100% on culture.
The bank is in tactical he'll.
You've seen leadership at multiple levels. Youve seen leaders make devastating business decisions, yet accrue more influence and pay due to political connecteness. +$100mm errors, imploding entire lines of business, betting on long term rates. You've seen the toxic in fighting as one heritage bank tries to crush the other. People on different sides feel superior to the other. Youve seen the exasperation, and mistrust if teammates. Peoples spirits are broken. Trust your insight or that of analyst in the vortex of management's BS.
Gotta love it when someone with an EVP says they are the ones make money for the bank but it's endemic of the contempt they hold for workers and their own grandiosity. Meanwhile workers quit or let go and they hire more highly paid grandiose deviants who don't do actual work.
It's not over until SLT accountability exist, servant leadership becomes a rule, and a single team exist. That tone has to come from the top. A 7.5% dividend doesn't save you from massive capital losses, you really want to risk more than 10 years just breaking even.
Truist is a short term buy if the plan is selling off assets to maintain the dividend and lowering expenses via RIFs. However, as others have mentioned, the long term impacts of not investing in technology, quality employees and Customer facing service will not lead to long term share appreciation
Not surprised at the buy recommendation. They are assuming that dividend is relatively secure, and at todays price, locking in a 7.5% yield is very attractive. Now if Bill & Co. have to cut it, all bets are off, and they would receive extreme scrutiny. that’s why selling remainder of TIH is probably on the table: self preservation. Gotta keep those capital ratios up
Gonna make some of mad but seeking Alpha just rated US a strong buy. Don’t shoot the messenger. I am aware this situation su-ks for us all.
On measurement. 4-4 beats to misses which is sad given that management sets expectations for the street.
Truist Financial Corporation currently has a Forward P/E ratio of 7.69. This valuation marks a discount compared to its industry's average Forward P/E of 7.99.
Meanwhile, TFC's PEG ratio is currently 1.72. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. TFC's industry had an average PEG ratio of 1.35 as of yesterday's close.
Sep 2023Scheduled Oct 19
PreviousEPS Revenue
Jun 2023Miss -10.37%Miss -0.21%
Mar 2023Miss -4.87%Beat 0.97%
Dec 2022Beat 1.66%Beat 1.81%
Sep 2022Beat 1.21%Miss -1.18%
Toxic leadership is a cornerstone in our culture. Good luck fixing that!
The dichotomy between how employees are measured and how executive management is evaluated at Truist is staggering. The expectations of employees are laughable considering the personnel /operational mess (that the executives created btw) they have to deal with; and then they are fired on a whim. The executive team, who could not have mismanaged the bank any worse if they had tried, are untouchable. I have seen bad examples of this in other companies, but this is the most egregious example I have ever seen. It is becoming apparent the board is going to sit on their hands until a group of shareholders has finally had enough and starts pursuing legal action.
To the longer post with the questions, they are valid. All I’ll respond is look at Merrill Ly--h in 2008. The BoD only cares about money. Everything is about money. They will be lie, gaslit and other clever things to keep the money rolling in. Great book on what happened to ML before the “great fall” as I call it is “Crash of the Titans.”
I would love to ask the Board these three questions:
First, what objective metrics do you use to evaluate executive team effectiveness (particularly in light of Bill Rogers 27% salary increase)?
Second, how do you justify paying-out large “merger success bonuses” to executives when share price, financial results, employee satisfaction, customer surveys, etc. all point to a failed merger at best, and a disaster at worst?
Third, doesn’t the payout of these “success bonuses” represent a type of fiduciary breach to your shareholders? Said another way, your executives arranged a merger and then they essentially paid themselves bonuses for conducting the merger (no one can claim “success” with a straight face, surely not shareholders).
We won't remove any senior leaders. This is why the company is in shambles and wont be around in 2-3 years. Look at all executive turnover, everyone left on their own terms.
Sadly these people were put into those positions on purpose for a reason. Nothing will happen to them beyond retiring on a multi-million dollar retirement package.