Lays at the feet of one person. Kelly King trying to apparently create a legacy convinced the BBT BOD that this was the future. Sold out a solid bank to a direct competitor and then gifted that leader with taking it into the future. Turns out none of them had a clue how to run a bank of this size and you are now seeing the results. I hope all of you who worshipped at the alter of Kelly are happy now!
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Blame Kelly for sure…but only because an inept egomaniac in the form of Bill Roger’s got the best of him. A naive choirboy, chasing butterflies taken in by a fast talking, know-nothing flim-flam man.
Plenty of blame to go around for the deal….what has happened since…..?? The board and Bill hold the bag for this mess.
Earth
Probably being heavily recruited by another bank.
Libbie
Where are you?????
As soon as John Allison retired, I feared for the future of BB&T. I wasn’t wrong and really wish I had been.
Those banking regs from the 1980’s strike again… there’s actually a reg that states you have to keep a certain (and fair) percentage of the acquired bank’s leadership… the failure of this merger should be the case study that those rules need to be revisited.
The last poster is typical of the issue at hand. That's why the merger has struggled across the board and he/she is a good example. Scott & Stringfellow ego's and resentment at any and all things SunTrust. Instead of building bridges or working towards a collective future, many of them still just sit there with resentment and hatred and it burdens the company. Yes, Truist Wealth leadership has failed, but so has most of Truist executive leadership across most of its lines of business. That poster is still living in the glory days of Scott and Stringfellow and who should have been RIF'd in this shakeup. Instead the cancer stays and grows.
In the wealth management world, Suntrust su-ked and they knew it. They got a cash cow with Scott and Stringfellow. WE are suffering as a result of Suntruist
"This is Kelly!"
Calling this a fiasco is both too kind and a massive understatement.
Lost me at Kelly King and great man being used in the same sentence. His legacy is toast but at least he got paid (sad really).
Kelly King was the only great man we had here at Truist. Now he is gone and Jolly Rodgers is doing what he does.
The merger was a good idea on paper. STI was a good bank in the pre-Rodgers days actually. But STI started trying to copy other banks instead of having the ba--s to lead with authority and make their own strategies. BBT didn't do that and now they are getting a taste of it. I bet those folks are pi---d....but BBT spent a TON of money and eventually that needed to be fixed. Fun times
Because of the ineptitude of Kelly no one will ever remember that BBT was the buyer of STI or remember BBT period. Only people who worked for BBT will remember it.
Don't forget, BB&T actually bought SunTrust. BB&T was the larger, more stable, more profitable bank. And then gave the whole thing to inept SunTrust management to run into the ground. It really is the damndest thing when you think about it.