I am SunTrust newbie (less than a year, but 15 years in other financial industries) and come to the table with a non bank background and wished to make one comment.
My observation is that there is a lack of focus on the customers both internal and external. We spend much money trying to grab the mega wealthy in hopes of locating the one client that might make up for months of lost business. We have created a referral culture that has employees making up client prospects in fear of being labeled as not a team player.
I personally believe that there are many non producers that are making big salaries while living on past clients or those that they picked up from someone else's hard work.
Communication is sadly lacking. Don't expect to get a return email or call without name dropping the name of some higher powered person. Last time I checked we are all on the same team, trying to acheive the same goal. Bulid relationships, capture business, improve the bottom line, increase market share. The different regions seem to be run like 15 little kingdoms, not sharing knowledge or practices.
I don't know enough about the top management, either current or past. However, I do know that employees today are mercenary. They will go to the highest bidder and take their clients, customers and business with them.
Wake up and smell the coffee, we need to rework the mission, put customers first, create a creative open door mindset. Get the ideas flowing and treat every deposit, mutual fund, mortgage, or whatever like it's worth a million dollars.
These are all opinions. I truly have no inside information, and certainly am not a most high grand puba of SunTrust wisdom. Like I said, It's all opinion.
Actually, I'm disappointed I did not get a package. If I had, then they could have written me off at $25m x 2 + x for 18 months. And I'm sure the little robots like you could answer all the questions I'm getting now from the remaining DS&P folks and the LOB's as to what their level of service really is.
You must be in Management STI-invest to have such a callous attitude about people getting downsiized. If you are then you are the exact company line yes men that are in charge. If that is so, believe me when they do your eval as we are being acquired you will be gone. Yes men always go the same way out the door in an aqcuisition after they have done the hatchet job.
What do I need to rebut. The earnings are what they are. Most of the comments about the earnings are factual. I'm only here to point out when people like you spread information around that is not true. I know you're pissed about getting that layoff notice in the EIS reorg but you need to just move on with your life.
The only misleading thing I saw was how people are talking about how earnings were down which really depends on what periods you're comparing. Compared to a year ago they were down but compared to last quarter they were up. Personally, I'm more interested in the current trend rather than comparing them to last year. However, any way you slice it they're not what they should be.
One thing I do know is that we'll at least be saving the $25 grand a year we were paying you.
This is not really a reply to Sti_invest1, but a question.
Where are all your rebuttals to the message board now that earnings have been announced?
Your boy Phil thought he would buy Wachovia to show Jimmy he had the cojones. Wrong.
His message to the troups had no relation to the earnings announcement, unless you had a chemical dependency.
Fortunately, I can cruise out of this fiasco/company quite comfortably. Have a fun time sti_invest1. I will retain 1 share of stock to hear your apologies at the shareholders' meeting.
You marketing guys are good. I hope you do your own taxes, when you figure your cost basis. The government needs the money.
Don Downing, that's right. The gentleman who made some less than flattering remarks about a female first vice president from South Fl during a meeting in Atlanta. How could I forget.
You didn't remember Sr management foregoing raises, you probably didn't remember the announcement there would be no Incentive Compensation for the employees even though the company accrued for it through September 2002. They handed out a whopping 3% when your annual review came up. Except for those folks in the last quarter who were do in October, but it has been put off until November.
You probably don't remember the statement by TS that its not about jobs or people, but reorganization.
Why stop at 5 years? Probably because that's all the further back the Yahoo charts go.
It's also a pretty decent comparison to the timeframe that the current "management" team has been in place. If there were charts to show that STI had a "better than peer" return previous to the 5-yr charts, that would do NOTHING to bolster an argument that the Bank is a good investment and has competent management NOW; it would reflect what the Bank was capable of when it had decent management in place.