Curious if anyone can provide any insight into how BB&T CM & STRH will look after combined. Is the majority moving to Charlotte? I think I saw that Truist bought one of the skyscrapers there for its new HQ.
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The bank's headquarters is moving to Charlotte but the HQ for the corporate & investment bank is staying in Atlanta pretty sure. Pretty much all legacy STRH from what I've heard
The merger was already experiencing some setbacks from a synergy perspective, then COVID hit and put a wrench into everything. From my understanding, they aren't investing much into Truist Securities until this merger is totally complete and the stock rebounds.
I've heard two perspectives / rumors about the larger organization's plans going forward in terms of IB, (1) they aren't that committed to the Investment Bank and won't invest a ton into it in the next few years. The merger was all about the commercial / consumer banking synergies, STRH and BB&T CM are afterthoughts and they aren't that committed to growing this segment, especially in the near-term. And, (2) Truist wants to play in the sandbox with the big boys. They want to look and be structured like a BB / top 10 bank by assets. These banks have a sizable % of overall revenue from IB fees and capital markets activities, and Truist has a very small % of revenue derived from these sources. This person said they want to invest in IB in the future to diversify revenue and be more of a complete bank to compete with the larger balance sheet banks. Both could be true, timing is the issue when it comes to wanting to work there now. Overall still a solid MM platform with respectable M&A deals getting done (depending on the team) and a reputable Lev Fin team, BB&T CM doesn't add much to this equation.
Source: Used to work at STRH and have friends who still work there.
Great outline though sounds like due to covid/merger pains they won’t be looking to invest in IB for at least the next 1-2 years
I have chatted with a few of the analysts and SA's. STRH has become "Truist Securities" and will primarily/almost entirely remain in Atlanta. BB&T which is mostly community focussed is likely to remain based out Winston Salem. The new HQ will be in Hearst Tower, Charlotte but mainly focussed on commercial banking.
As a boutique IB analyst in CLT this was disappointing to hear. Unlikely to have as much of a wave of opportunity for IB in Charlotte as was originally expected from the merger.
A good friend of mine working for STRH said there was a solid amount, 1/6,1/5 roughly, of senior bankers laid off on both sides of the merger due to redundancy & possible COVID pains
Definitely seems like there's been a carousel of bankers since the merger closed. Senior bankers laid off, senior bankers leaving for other banks, verticals changing, M&A junior bankers getting moved to coverage, etc.
I think most of the layoffs from the merger in terms are done. From what I’ve heard, many employees from BB&T either were laid off or placed into STRH’s groups. That said, I’m interning with Truist this summer and my SA class size is 90 people (with 47 categorized as pure IB and the rest in ER/AM). This definitely makes Truist’s SA class one of the largest in the MM field and a little smaller than some of the BB’s
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