Heard a rumor today that every single Grandbridge employee that is in production (i.e. sales/debt brokerage) was told that today was their last day and to turn in their laptop. The company has been bleeding talent fast since the Suntrust/BB&T merger, but then I look on Truist's careers page and see that they are hiring for mortgage bankers (i.e. sales/debt brokerage) at many offices across the country. Truly wild and unprecedented if they literally cannibalized a decently well respected cap market brokerage firm, fired everyone, and are trying to re-hire from the ground up.
Does anyone have any inside baseball either from the Grandbridge side or Truist side on what is happening?
Bump, noticed this too
Confirmed they cut everyone yesterday. I know of another firm that hired all of their top talent.
What is absolutely insane to me is that the firm you are referring to, Colliers, basically poached all of their best offices. Those guys saw the writing on the wall at Truist and bounced. And I'm sure Colliers made some of them great offers. Then, the guys that stayed loyal to Truist, just got the axe yesterday. And it's not like they're just shutting down the division, they're hiring for debt brokers across the country right now. Fire the folks that stayed loyal and then re-build from the ground up, which will take at least 5-10 years, if they're even successful. What on earth is the Truist leadership thinking... Every time a big bank tries to get into CRE debt brokerage they seemingly screw it up. Wachovia in the 90's, Wells Fargo sold off Eastdil, etc etc. Just wild to me. End rant.
Absolutely bananas. Truist/Grandbridge putting on a masterclass of what not to do. Who's going to want to work for that dumpster fire of an organization. They make Dwight and Arbor look like good guys.
Confirmed - everyone was let go. They've been bleeding talent for months. Bad leadership established by Truist (no experience) and that killed the group. The few bankers that were left were high performers.
Wild to see a pretty solid mid-market group completely fall apart in +/- 9 months.
Holy smokes - that is wild.
Is this a way to cut the high-performers that cost a lot and contribute to the expense management plan?
What did the Truist-installed management do that killed it?
Asking from the outside looking in and having no experience in that side of things.
High performers don't cost a lot in debt brokerage. It's the low to medium performers that do, from an expense perspective.
I don't really know what they did BUT I heard a rumor that some of the higher up executives didn't like that the high performing debt brokers were making more than them so they changed the comp structure and a lot of people left.
That is such a Truist move.
Can’t speak to the comp structure change but that is absolutely not why they axed Grandbridge
What I heard was that its not that the "higher up executives" didn't like it, regulators forced their hand. Which is same reason Wells sold Eastdil.
They've let everyone go and told them they can re-apply for their jobs with a base salary + bonus structure like other bank-owned shops (i.e. Key, Wells, etc.)
Had an interview with Truist recently too.. glad I dodged that bullet. Place looks like a clown show
Have insight from Truist IBD heads.
They needed to cut significant expenses this year and most thought it would be IBD or a % cut across the entire board. Leadership had to choose where to cut expenses and while I can’t speak to specifically why the axe was dropped on Grandbridge, I do know the pipeline was baron so it made an easy target.
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