Seems like the board has given up on discussing BBT's future. Stock price has been creeping up slowly for the past year; no great news coming out, I predict when the price of BBT is in the upper 40's, prospective buyers will start banging on our doors. If a decent premium is offered, BBT will be long gone.
It appears to me that BB&T is a bit of an enigma. I don't own the stock or work for the company but I have had limited dealings with them as a customer, prospective employee.
Their regional structure is expense. The larger they grow the more difficult it will be to remain "regionalized."
Their internal HR and recruiters leave much to be desired in terms of professionalism and their ability to source talent. They would rather pay headhunter fees than actually recruit people on their own.
The middle managers in many regions and markets consist of the management that was in place or left over after BB&T bought up strings of small community banks and attempted to knit them into a cohesive structure. Needless to say, these guys are inept and have no business in management at a sales organization. If you want to see some real losers take a look at the DC region and and the region that emcompasses Fairfax co. in Northern VA. REAL idiots. Not to mention, all of the upper level management throughout the company is basically good ole boy North Carolinians who all work in the eastern NC markets...particularly New Bern.
Their salary structure appears to be sub-par. They put a lot of emphasis on their management development program which is inadequate at best. The benefit is that it allows them to put inexperienced people into roles and pay them a lot less than a seasoned banker.
The brand is weak. Marketing research proves that no one remembers initials!
They are in some good markets but their footprint is muddied with markets like WV, KY, small towns in the Carolinas. The GA bank disapopints becasue they don't have the skill to compete in ATL. The Florida strategy is about a decade behind.
The employees either love it or hate. There does not appear to be any in between. The ones that are there can hardly keep up with all of the paperwork generated by the "Cohen Brown" sales process. In fact, BB&T is so caught up into this rediculous process that bankers are faced with either managing the Cohen Brown process or actually doing their jobs and generating business. Any process that gets in the way of the later should be scrapped.
The incentive program is laughable.
I am not sure about the future of the company. I don't know if it will ever be bought or continue in perpetuity. And I don't really care. But I would be concerned about any organization that does not put its best foot forward particularly in terms of its employees. Not only are these guys not the brightest candles on the cake but they stink of mediocraty.
And by the way, I have declined their offers of employment on 3 separate occasions. I just can't see myself at this type of organization.
>> Their regional structure is expense. The larger they grow the more difficult it will be to remain "regionalized."
The community banking model, with 37 community bank regions, is outdated. Have already consolidated six regional offices, including a pair in the Triad.
>> Their internal HR and recruiters leave much to be desired in terms of professionalism and their ability to source talent. They would rather pay headhunter fees than actually recruit people on their own.
This has always been a crutch for HR. Firms like AKA Associates and Coleman Lew & Associates feed off HR's incompetence. Why hasn't the "internal revenue enhancement task force" identified eliminating external recruiters for expense savings?
>> The GA bank disapopints becasue they don't have the skill to compete in ATL.
Lars Anderson has been a failure in building the brand in Georgia. Core deposits down in Atlanta, Gainesville, Macon.
>> The incentive program is laughable.
Capped merit-based raises at ~ 1%. Many have already posted the affect on morale and productivity. Read post 9025 by didiwah2112 for a good summary on this.
Current operational issues can be directly traced to the pace and price of their merger strategy. They have overpaid for acquisitions since 1999 when compared to median price-to-book values. Prominent examples include First Liberty, F&M, and Century South at 350%, 295%, and 271% and Community First and First Virginia at 331% and 270%, respectively. Median ratios for these deals normally range 1.9x-2.3x per SNL. Management also underestimated the merger and integration challenges which resultingly have not produced the promised synergies. Allison now induced into slicing costs wherever possible, with employees being forced to sacrifice to compensate for five years of management mistakes.
And they're bright colors too. Interesting how he tried to mask his comments yesterday by suggesting he had limited dealings with BB&T. I don't think he realized that everyone on the board was seeing right through him. Like you, I believe he was either rejected by BB&T or asked to leave. Why else the venomous comments? And of course his irrational and groundless arguments run contrary to what the stock is doing, pushing $43 the last time I checked.
I believe this snippet is as relative today as it was in 1753 when Franklin wrote it. Especially after this last election.
In a letter to the Rev. George Whitefield, written in 1753, when he was forty-seven years old, we have his opinion of Christianity:
"The faith you mention has doubtless its use in the world. I do not desire to see it diminished, nor would I desire to lessen it in any way; but I wish it were more productive of good works than I have generally seen it. I mean real good works, works of kindness, charity, mercy, and public spirit, not holy-day keeping, sermon-hearing, and reading, performing church ceremonies, or making long prayers, filled with flatteries and compliments, despised even by wise men, and much less capable of pleasing the Deity" (Works, Vol. vii., p. 75).
Writing to his sister, Mrs. Jane Mecom, five years later, he says:
"It is pity that good works, among some sorts of people, are so little valued, and good words admired in their stead. I mean seemingly pious discourses, instead of humane, benevolent actions. These they almost put out of countenance by calling morality, rotten morality; righteousness, ragged righteousness, and even filthy rags, and when you mention virtue, pucker up their noses; at the same time that they eagerly snuff up an empty, canting harangue, as if it were a posy of the choicest flowers" (Works, Vol. vii., p. 185).
Yes, it was grace for our meal. However, it had no place in such a diverse audience of employees of the bank. By open bar, do you mean that showed the leadership was more "liberal" than the prayer suggests? That must be a southern baptist view. It was not an evangelical event as you read my post. It was meant to demonstrate that here is a man in a high level position who has no empathy for anyone who may feel differently than he. It demonstrates a lack of sophistication on his part that the newly acquired bank may have employees whom don't have the same type of background and that this is their first impression of the bank. I assume you would have had the same impression as me if he had given a muslim prayer and thanked Allah for the food we are about to eat. I can say this about Eastern NC, they have the best barbeque in the country.
>>It doesn't bother me. I love to battle wits with those whom come unarmed.<<
For someone who criticizes others for their lack of "reading comprehension" you should know that it is "*who* come unarmed" and not "*whom* ... " ("who" is for nominative, "whom" for accusative cases).
Sincere question from a Pennsylvania-born feller(and BBT customer, FWIW), whom I might add, IMO is fortunate and grateful to be living in NC:
What are the criteria that make any Eastern NC 'Q good/great? I.e., why is one place's offering "better" than that of another place?
I don't have a family heritage of a multigenerational affiliation with any particular type of Q. So all I can say is, "I don't know Q, but I know what I like."
I've been to Parker's and would stop in again in a heartbeat.
Couple of favorite places and anecdotes:
Clyde Cooper's BBQ, since 1938, Davies St., Raleigh. Now I've just finished a huge and tasty breakfast, and just thinking of that place has my mouth watering. I can't help it; that's my reaction. Is it the "best?" I dunno, but it is my favorite.
So anyway, I sat at the counter with a basket of hush puppies, glass of tea, and a plate of 'Q with collards and slaw on the side.
Said to the Gent next to me, "This is the best idea I've had all week."
He says, "This place hasn't changed in 15 years."
Me, "Sir, I just left the rest room, and I'm here to tell you, IT hasn't changed in FORTY years."
I moved here and took over the service of a major client's account in Raleigh. We were riding to a few jobsites on a raw drizzly day, and found ourselves on NC Hwy 50 between Garner and Benson about lunchtime. I told him I would set him up with the best plate of 'Q he could ask for. Stephenson's BBQ off Hwy 50.
Him, "How do they make it?'
Me(Uh-oh mode), "Well there's a wood pile involved, and a pig meets an untimely demise, and..."
Him, "No, I mean do they put that vinegar on it?"
Me, "I sure hope so!"
Him, "Eew! I can't stand that stuff."
Ate a cold MonsterBurger with cold fries at a Hardees, and I was depressed for the rest of the day.
I have an internet chum in Texas who ran a Texas BBQ joint for many years. Brisket, of course. Says he can't envision pork BBQ.
Told him I decided long ago, "When in Rome, do as the Romans do." Meaning, if one eagerly partakes of the "best" of local indigenoous epicurean delights, one will usually find some real good chow.
When I lived in the mountains of central PA, I was in the Lions Club and we had 4 Chicken BBQ's annually. Every one sold out and people fought over the tickets. If you worked the pit for 6 hours, you would go home with smoke and grease in your hair and skin and clothes, and dive into your chicken dinner before taking a shower. It was that good, I swear.
HMMMM, what's for lunch?
I wouldn't give you two cents for Great Falls, Va. and even less for your Muslim religion. If you can be critical of the good people of Eastern North Carolina, I could give a hoot whether you were bother by Kelly King saying grace. So you think you can criticize and then hold someone else in contempt. Please, take your religion and thoughts someone else.
You hit the nail on the head. Isn't it interesting how the politically correct Berk finds a Christian prayer to be so insensitive, but then turns right around and disparages the good people of eastern North Carolina.