I know your ID implies you have a doctor of "philosophy" but I think it's more like doctor of "phlatulence". SunTrust does not have to sell out. Things aren't anywhere near as desperate as you want to make them sound. All we have to do is get our expenses under control and things will be fine.
SunTrust's biggest problem right now is having listened to the financial analysts over the last few years. All we heard was that revenues weren't growing fast enough. So, Phil goes out and hires a TON of people to grow reveunes. The only problem is expenses grew even faster. It's going to be tough and you're going to see a bunch of whiners on this board, but the bottom line is people are going to have to go. Time will tell if Phil and the Policy Committee can make the tough decisions. Here's hoping they can.
So in other words you don't think that SunTrust bought banks where there were very large shareholders who then became shareholders of SunTrust?
Since you claim to be from Washington, DC, do you have any idea of how many large shareholders there were from Crestar and the banks they bought before SunTrust came along?
I bet you never did too well on reading comprehension tests, did you?
I personally know people holding shares in SunTrust that can be measured in the millions. That's what I said. Even your pea brain should be able to figure out that when SunTrust bought other banks those shareholders became SunTrust shareholders. That gives me a little bit of insight as to how shareholders look at this situation.
The problem with that is that a company should find itself in the position of having to do it.
How did it come to have "too many" employees in the first place? Was the company being mismanaged?
I understand that the "peer group" comparisons show SunTrust with a salary expense that is too high compared to others. The problem comes when you cut too many lower level jobs you create customer service problems. The large trust account that is being lost at SunTrust is in part for that reason.
And from having been there, when you start cutting jobs pretty soon that "fear" infests the entire company and everyone is trying to keep quiet, hide, lay low,not rock boats, etc., and hope to keep their jobs by doing that. And that results in a company being in neutral. That's where SunTrust is I'm afraid.
Phil needs to do something. You and I are in agreement on that. And I mean something other than just eliminating jobs. That's how you end up with unflattering "nicknames" like "UnTrust".
What you say is true. In many cases this is compounded when highly skilled personel are released. When things become better and those skilled postions are really needed they cannot be hired quickly enough to avoid service issues with clients. Then management complains and applies additional pressure to overcome their error in judgement of a few month ago. IMHO!
PROVE that I post under several different aliases, as you claim. PUT UP OR SHUT UP!
As for being a democracy, I didn't claim that it is; I simply said that the old guard is afraid to do anything new, and the stock price is reflecting that reluctance to change.
C'mon, self-appointed "watchdog", where are you? You gonna make the name caller PUT UP OR SHUT UP, or do you only do that to people you disagree with?
Can you do anything but call other people names!?!?
Your maturity since fifth grade has done the same as STI stock has done for the last five years...stagnate.
I feel sorry for ANYONE who has to work with you or for you (I shudder to think that you could be in a position of any authority whatsovever). I feel even more sympathy for anyone who listens to or agrees with anything you have to say.
You claim that the company would be better off without the people who are brave enough to seek change, yet you and your ilk are the ones resisting change because of your arrogance and refusal to accept that things could be done better.
Grow up and argue like a man, not a prepubescent pipsqueak with Tourette's.