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BB&T Corporation Message Board

  • ucbblue ucbblue Jan 27, 2004 9:26 AM Flag

    BB&T freezes salaries

    I just returned to work from all this lovely ice & have been told that my region has "volunteered" to have our salaries frozen this year in order to make earnings.

    I don't mind being a team player, but I think we are already asking too much of our branch personnel.

    AND:

    1. We'd have to be forensic accountants to know if exec mgmnt did not receive some sort of increase in some form or another.
    2. Are we doing this in order to be profitable or to meet some analysts expectation
    3. Couple this with the COO suddenly retiring and its easy to become a conspiracy theorist.

    Thoughts?

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    • I am truly sorry for you, ucbblue. Knowing how little branch personnel get paid, and how hard they work, you probably just took a significant step backwards.

      Over the last few years management has displayed a callous disregard for its employees. I don't think it's because they're bad or immoral (although I agree with several posters that they have a different attitude about their own compensation). It's because they have a business model that gives them no choice but to squeeze salaries ever tighter. When you are so desparately dependent on loan growth and margins, and both are doing poorly, your only alternative is to tighten the screws on discretionary spending. Had the bank done a better job of growing internally, being more aggressive in the development of non-interest product lines, it would not be in this position now. Instead they depended on acquisitions that mimic growth, and when it turned out that they overpaid for all thise banks and insurance companies, they were in a bind. You, the employee, just got handed the bill.

      Why don't you do what I did--bail? There's a whole 'nother world out here. Find something else. I missed my friends a little at the bank when I left, but I've been able to stay in touch with most of them. And you know what else? I got paid A LOT BETTER than BBT was paying me.

      Either way, good luck.

      • 2 Replies to xbbter
      • Interesting that Allison stated they pay well and reward strong performance with larger pay increases. Did he lie or don't any of his people produce?

      • UCBBLU,

        I too must echo xbbter's sentiments. I too jumped ship, though for more personal reasons, and looking back I can't explain or understand some of JA and KK's reasoning behind some initiatives. While you suffered more than core market employees because of your perceived "expendability", I assure you that all are suffering to some extent.

        Let's put it this way: While the bank I moved to isn't performing very well right now, the management at least gave the employees incentive to strive harder with a pay raise. All BB&T's hiring freeze is going to do is cause more of their employees they have trained (I was in the field for 15 months after exiting the training class) to jump ship because of poor compensation. (OTN, they continue to make their incentive plan harder to acheive). So, in the long run, it might be better for the shareholders if JA and Co. sold out now, so they will stop the bleeding that executive management is giving the bottom line.

    • UCBBLU...ex UCBer? I guess that means you are in an NC region...can you say which one or what general part of the state you are in?

      Management appears desperate eh? not a good sign. I agree that new, fresh ideas are needed.

    • ucbblue,

      If you own any BBT stock check the annual proxy statement throughly when you receive it. It will list salary, stock options, Long Term Incentive Payout, bonuses and other pay of the top six executives. This would be a good indicator if they are sharing the pain of no or low increases in pay.

      You might have to do a little digging and add all the different areas together to get the true picture, but it is all in the proxy statement. Be sure to add all the different areas as the increases do get switched from one area of the above to another area, but the increases have always been there.

      Thought some of the board posters might enjoy the following quote. This is for all of us not anyone in particular
      �It is wise to remember that you are one of those who can be fooled some of the time.�
      -- Laurence J. Peter

      Yours for better investing and great returns,

      Jim

    • 1. Mgt will continue to receive doulble digit increases in total compensation from already ridiculously high levels.

      2. Mgt freezes employee salaries (Reduction in purchasing power = LOSS in real wages) in order to meet analysts' expectations to justify the increase in their own compensation.

 
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