goodandbad, I agree with you especially in the IT Section. However IT is one area JA felt should stay a step behind versus forward, and that was fine up to a point. Now its not fine and is being addressed along with your other points. If the M and A folks in here looked around they would see that most other large Corps have been are in the process of doing much the same as BBandT. What they should have done is invest in companies such as Speer and Assoc about 6 months after 9/11.
I used to work at BB&T, but chose to pursue other opportunities.
I really doubt that BB&T is shaking in the shadows.
Although I agree that BB&T has certain challenges facing it, the possiblity for the compand to do well still exist. However, in order to continue operating as it's own bank, BB&T will need to do the following in my opinion:
1) Cut the dead wood. There are a few very good employees at BB&T. However, there is a large number of people in the back offices that really do not have a clue. The biggest examples I have seen of this primarilly are in the IT area. The fact is, quite a few very good employees are leaving due to the incompetence they need to deal with.
2) Change the culture. It is very difficult to find people who are willing to take ownership in this company. Every decision is either made by a steering committee or one finds people who work very hard to avoid taking on new work.
There are a number of other issues as well. However, I think that BB&T still has a future if managed effectively. Obviously, the company did not get to it's current size if executive management did not have a clue. I am just concerned that with their inability to take on new technologies to enable there business, outdated workforce, and culture of doom and gloom, it will be difficult.
It is time for the company to get back to the basics..Hire good employees, and retain them.
In the meantime...I am holding. Wheather there is a sale or not, I think things will work out well for the investor.
Well since Allison announced well over a year ago, no more acquisitions thats a pretty safe statement. Of course if a strategic one came along he would be foolish not to. The Wachovia merger of a few years back was done because both banks were in deep trouble and both had strongly developing bad reputations with Wachovia having the least worst, but in that deal First Union is the controlling interest. Their major interest is increasing mortgage, and currently that area is showing signs of improvement for last few months.
What does the IDIOT Flavor of Kool-Aid taste like? I know; you know.... There is no reason to "shake in the shadows." If a sale does occur, it will be for a solid premium. There is nothing to be scared of.
"Allison" is scared. Thats who.. He knows BBT is in trouble and the only way out is selling. He let BBT trip over its own feet by piss poor management and kool aid party's. The only thing he can do is sell it and retire... Face it guys BBT doesn't have it anymore! They can't compete in the market and they are the laughing stock of the bank industry.