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BB&T Corporation Message Board

  • sugarfox98 sugarfox98 Dec 13, 2006 11:12 AM Flag

    Downgrade to Sell?

    Whats up with the Citicorp downgrade to sell? Anyone have access to their research?
    My conspiritist theory is Citicorp will watch the stock price go down, make a bid, JA will call it a merger of equals, then Citicorp will have their name on the #2 car next year.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • BofA passed Citi in market cap and some discussion of divesting units in the WSJ. Don't have more in depth info.

      Fan

    • I've had a little bet with a friend that BBT will break its 52 week high of $44.54/share before 12-31-06. One cent will count.

      • 2 Replies to scarbrobill
      • ...and if they get a new partner in a so called MOE, meaning a strong parent who wants a footprint in the SE, I can see some groups of people lasting maybe 5 to 23 seconds before being axed. Wont even make it to 30 seconds as it is that obvious, so JA might think, let the dead wood stay and not pay up for replacements and sell a "fully" operational bank. So buyer beware, but the market is often not so foolish.

      • I agree, as at some point this company is going to go along with the market and the company is likely in play at some point at a higher price than where it now trades. So i say hold and go along for the ride until a take out is offered somewhere higher. If you buy here, I am not sure the upside rewards you for the risk of waiting months or longer given a $44-45 type price we now have.

    • boardnazi_is_a_company_schill boardnazi_is_a_company_schill Dec 13, 2006 2:19 PM Flag

      Maybe it is because BB&T is sucking wind? All banks are having a tough go right now, but BB&T has got to be faring worse due to its reliance on development/construction loans in the NoVA/Atlanta/Charlotte markets. I live in NoVA, and know many in the residential construction group, and things suck up here. I have said it many times, but if BB&T did not have the insurance group to offset its banking woes, there would be no BB&T today.

      Look, JA is a good guy, he is actually very impressive. The problem is you have a bunch of regions that are run like fiefdoms, where people are promoted simply because they are "yes" men or women. Combine that with uncompetitive pricing on commercial and residential mortgage loans, and you are left with a good retail bank with an excellent insurance company. With the horrible leadership in the field, the good commercial and mortgage employees leave (also because the matrix is a joke, the company nickels and dimes the employees - $30 cell phone reimbursement, $0.35/mile travel reimbursement, etc.), and again all you have is a good retail bank (at least in my market). My area may not be indicative of the entire bank, but I hear it is. Turnover is insane. Hard to make relationships when the bank is rotating 20-year old commercial bankers from NC into a VA market every two years. It is like taking candy from a baby for the other banks in town.

      BB&T has a lot of strengths, and being a great commercial bank used to be one of them, but not anymore. The company needs to get rid of all the dead wood managers that are holding back the real producers from getting the positions. As long as there are non-performing managers that are denying the good employees opportunities for advancement, the bank will continue to have talent bolt out the door. Commercial banking has too lean a management structure to allow having any bad managers in charge.

      For all of BB&T's strengths (again, mainly the retail bank and insurance ops), I think the other problems are too big to fix anytime soon. Especially with the RP's and CE's in charge. JMHO.

      • 2 Replies to boardnazi_is_a_company_schill
      • "Fiefdoms" you say? True, you are.
        Old men, hanging on. Producers, see writing on wall from old men...
        saying "my way or highway"
        Producers choose highway to Wachovia, BofA and others.
        Beat BBandT at own game. Loss? BBandTs.
        Old ways, not work. BBandT, hide from truth.
        Hire "newbies", immature, reckless are they.
        MDP--Management Deficient Plebes. LOL
        Skimp on better (mileage, cell), lose best producers.
        $ goes to inexperience, like pouring water in dessert,
        NOTHING will grow.
        NVA, hmmmm? Reckless.
        Others??? Regions, fiefdoms?
        Many, they are, few good too find.
        JA? "a" Blind? Or, "b" wise to sell?
        "b" wise to sell.

      • All these issues just point to bigger problems with a culture that is apparently not healthy. When you have top producers, they are called Sterling Performer's, walking out the door as management is inept among otherthings, you have a real problem. So the revenue producers who can leave are gone, or on their way, and you have adverse selection with the dead-wood dweebs hanging on just sucking this culture and earnings dry while bad managers try to justify their existance one more year. JA is a good and smart man, but if he is not swift to correct this problem, and he has not been so far, he will have no choice but to sell to a bank who wants a footprint in the SE as his people are not helping him grow and stay an independant leader. You dont compete in the world of banking with a second string who does not have the potential to rise to the next level. I have seen it all, no longer have an axe other than the stock I own, but am just calling it the way I see it as i wish them luck.

        SN

    • Yep, this is just a big game. Downgrade to sell. Give me a break.

 
BBT
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