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SunTrust Banks, Inc. Message Board

  • stscworker stscworker May 17, 2001 6:21 AM Flag

    Better lucky than good??

    Kudos to Humann for making such a bold move. He has made a legacy for himself no matter what happens.

    I am amused by claims of how smooth the Crestar merger went, how they value Wachovia talent, etc. All the same things heard when Crestar was bought. Ask any former Crestar person about these "values". You will get a good laugh.

    The fact remains that SunTrust is a good ol' boy outfit through and through. Atlanta good ol' boys rule. They have a inbred network that cannot and will not be broken through. New talent, ideas, technology from Wachovia will not be appreciated--just ignored and pushed out.

    SunTrust had the good fortune of falling into a pot of gold many many years ago--Coke. It wasnt shrewd management or key strategic decisions that got them to this position.

    Hey--better lucky than good though!!

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • Southeast Bank of Miami was insolvent. That is the key word here. It is a regulator's word that means "bankrupt", but banks cannot go bankrupt (although, techniclly, a bank holding company could go bankrupt).

    • let's see, hmmmmmmmmm ......

      ah yes, some of itsallballbearings "can't miss stock" picks:




      hmmmmmmmmm, am i missing something ?

      that IABB, he sure can forecast brilliantly.

    • I suppose Mr.Humann et al have given some thought to what a protracted battle might do to the stock in the short term as well as long. It would be good to hear their views on this question.

    • If you run your own shop, what the hell are you doing posting on Yahoo bulletin boards early in the trading day? You should fire yourself.

    • You need to join the real world.
      If you want to be taken care of
      move to East Germany--oh wait
      USSR--oh wait Cuba yeah thats

      You work for a corp that is insolvent you
      are lucky to have a job much less benefits
      ask the dot com unemployed

    • Viable - yes, solvent - NO. My point was that the employment policies, benefits, etc. of Southeast were still in force. Just because the government was forcing the sale of the corporation does not mean the corporation and all it's rights and obligations no longer existed.

      First Union could have honored the past service of the Southeast employees (for pensions, vacation, etc. purposes) as they were blended into the organization. They chose not to. Ostensibly to save money. It was just another example of how First Union operates when it comes to acquisitions. Whether or not STI would have honored the past service of the employees had they won Southeast bidding war is anyone's guess.

    • FYI,

      ALL Wachovia employees have access to the internet (including tellers) and have had this access for some time.

    • Some of us remember your earlier postings regarding "this is a done deal, there is no way you will ever get WB". Still confident???
      Geezer---- where did you get that info on the Dec. offer???

    • Since you like to criticize others so much, heare are just a few for you:

      1. Some banks are "better" than others, wouldn't you say?

      2. Disgruntled employees exist in any company that employs more than one person (and maybe in some of the one-person companies as well).

      3. Players change in 27 years, don't they? Or, are you basing your expert opinion on 27 year old opinions?

      4. Many companies (banks included) bar their employees from internet access during working hours. I can think of many jobs that have absolutely no need for internet access.

      5. Any employee posting anti-company comments from a company-owned computer SHOULD have fear of reprisal. Where's your head, man?

      6. Check your facts before you categorize STI as a crybaby - it now appears the December STI offer never made it to the WB Board.

      Go write on another board...

    • OK. I'll need to be brief because remember I'm working like "hell". I'll point out a few areas where you're wrong.

      "Employees working there for 8-10-15 years NOW making 28-30k". Where did you get this from? Clerks and admin assistants maybe but not bankers and/or other professionals. While banking in general pays less than other fields (and SunTrust is no exception) your numbers are just not accurate.

      "the ABC rating system instituted to weed out underperformers (people that management doesn't like or are paid too high)." This accusation is stupid. If SunTrust were going to rid itself of people "because they're paid to high" why would we need some special rating system to do it. We'd just get rid of them. No, the real reason for the system was to put pressure on supervisors to do something about deadwood. Like every other company we've got a number of people who aren't too bright or are lazy or whatever and just hang around collecting a paycheck. Everyone knows most poeple hate to deliver bad news so the tendency is to keep these people around and not "rock the boat." This system, although I don't necessarily agreee with all the assumptions, is an attempt to shake things up and rid ourselves of these people.

      I'm out of time so I'll have to address your other inaccuracies later. The point I do want to make is that SunTrust IS NOT a utopian entity. Would that we could all "run our own shop" and be as brilliant as you, then everyone would be happy. What I'm saying is that, on the whole, SunTrust IS BETTER than most of the other banks mentioned and that's why we've been so successful.

      FYI, everyone has internet access at SunTrust, I don't know where you got that tidbit.

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