You know what, I am really sick of stupid comments like that. I hope to hell you are not a SunTrust employee.
One of the first things I ever did was to give Ted Kennedy "in person" notification of a major bank failure that was a matter of interest to him, many years ago.
My knowledge of banking is actually quite significant and extensive. If it were presented here, you and others would be shocked.
SunTrust at one time was a very fast-growing bank years ago and acquired many other banks along the way, sort of like Wells Fargo is still doing today. I would imagine that many posters here have SunTrust stock as a result of an acquisition of another bank that they worked for and/or owned stock in. Let's just say you can put me in that category.
My last comment was that a well managed business doesn't have more employees than needed at any time. The more employment turnover any company has, the more "bad" things happen. During the late l980s and early l990s, the "in thing" for management was "downsizing". A lot of companies over-did it in a big way. They stressed out their remaining employees and over-worked them. They didn't have the employees needed to run their businesses properly and many suffered.
Probably the very dumbest thing that companies, and banks especially, seem to do is to lay off the most experienced employees and then hire replacements for less money. When this is done, the "institutional memory" suffers. Enormous damage has been done to many companies by following this practice.
I know of one situation where an acquired bank's long-time manager of its most successful branch was terminated by the acquiring bank. This woman was enormously competent and was extremely popular. She personally had built an enormous business there over the years by focusing on very wealthy customers. She brought the bank deposit business, loan business and trust business. She was a "super-star" employee.
Well, the customers of the bank were horrified when she was fired. First they held a "retirement party" for this person at an elite country club. Then this lady was hired by another bank and when the dust settled she took maybe $100 million or more in business to her new employer. But, that didn't matter, since the acquiring bank followed its "policy" by terminating her. Of course, that policy was designed for the purpose of saving money.
Just cutting some jobs at SunTrust is not going to solve all the problems. I would bet that senior people are being let go because they have the higher salaries. Tell me I'm wrong.
What is lacking at SunTrust is a "vision" of where things are going. That's what Phil needs to focus most on. Where is he taking SunTrust? That's the major criticism that I have of SunTrust. Based upon the movement (or lack thereof) of SunTrust stock over the past several years, the stock market seems to agree with me and not you.