Truist's Reputation
Can anyone provide any insight into Truist? Mainly about the culture/exit opps, etc and if they hire for NYC or mainly southeast. Thanks
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Trash rep and mainly southeast, although they’re trying to grow nyc more
Would say no rep vs. trash rep.
I had to search the name (very busy since Covid) to know which bank it is, but think STRH was an okay LMM and our DCM team calls them for some loan syndication.
You will mostly be working on financings and have trouble exiting. I would take any strong MM firm over Truist.
Can't speak to southeast but northeast rep is no bueno unfortunately.
Ouch is it that bad? What if you want to be a career banker?
I think any major change or reputation for better or worse will happen over the next 1-3 years as the merger finishes. In terms of IB rep, it’ll heavily rely on how much the new organization prioritizes the IB line of business.
Insight on their LevFin team specifically? Also what about for those specifically looking to stay in the south?
Levfin at a place like Truist is very similar to high grade...you essentially just do best efforts financings for general corporate purposes and refis. You'll also rarely lead a deal. It is like a much smaller Wells Fargo except that Wells often leads deals (just not very interesting ones).
No exit opps then?
They’re decent in Equity Research, depends a lot on the analyst in question though.
Seen a decent amount of exits into the buyside/hedge funds
In the northeast, little reputation if any. In the southeast, primarily Atlanta, they are the biggest shop in town. If you are looking to work in Atlanta long term, I think they exits are plentiful to southeastern based PE shops etc. Similarly with alternative exits such as Corp Dev, if the company is looking to hire in Atlanta then your golden. Outside of Atlanta it's a tougher picture.
Lev Fin is the bread and butter. I would say they punch above their weight class there. M&A is pretty sub par with mostly random lower middle market deals. Deal flow is okay volume wise, but not the highest quality companies for sure.I would say they punch below their weight class in M&A.That being said they have made some significant hires so maybe in 3 years time they will be a bit more respectable.
Management has been very weak during the merger. When it was announced, everyone thought STRH would be untouched. Turns out it's actually been the most tumultuous place with turnover, multiple rounds of layoffs, and just generally poor leadership. They are in a worse position than they were pre-merger which solely speaks to leadership. Again, they have been trying to make up for it with a bunch of hires at the MD level so the hope is that they are on a turnaround and can compete street level in 5 or so years. We
How are their hc and tmt groups?
This comment is spot on. The culture and direction of the investment bank was completely lost during the merger. Add to the fact that they are just a massive organization with what felt like 8 layers of management that never had their finger on the pulse. It was communicated that the IB would be largely untouched, instead rounds of layoffs, restructuring of groups, changes in leadership, etc. Truist really has no idea what they want to be. For the most part, they are very much fine with lending near the top of the bank group and collecting DCM fees (rarely leading). They’re hyper focused on the ROE of their loan book, and given how choppy and inconsistent M&A fees can be, they much rather focus on collecting their capital markets fees which are much more consistent and will boost their returns on loans. Too much of the legacy STRH management was made up of a buddy buddy crew that knew each other from BoA pre-2008, so rather than having effective managers that knew how to communicate, manage people and were actually talented bankers, management decisions and promotions were made on who was friends with the right people. Then talented bankers leave for other platforms. On top of that there was always an endless amount of internal work, memos, presentations that they made analysts do just for CYA purposes and were 0 value add. Tough to be a year in and you are trying to go buyside and all you can talk about is the right lead financings you’ve done and internal approval memos and presentations you’ve done. Not everything is bad at Truist, but if you have other options I would make sure to think twice about you want out of banking
Excellent post - this is a similar scenario at most regionals. One thing I should add is that being a RM in this segment should really be a five hour workweek for what they are doing. Now it may very well not be at the bank due to bullshit busywork and needing to kiss ass.
So is there anything good about being at Truist?
You can put IB analyst on your resume/LinkedIn and finally stop collecting unemployment.
I know nothing about how strong their banking group(s) are deal-wise, but I have worked with a few people from the organization before and have found them to be generally pretty chill. Guess it's a Southern thing.
The SA I talked to in the coverage groups had a much different experience than those in the LevFin group. Not sure if this means anything, but basically the coverage interns had nothing to do while the LevFin ones were getting worked real hard
Not strong in NE at all. Don’t really see them in active bookrunner roles on the marquee deals…wow that was kind of painful to right. Point being I’m not sure how great the analyst experience would be there.
Fuck Truist. Bunch of losers. Treated their employees like shit during the merger, laying off dozens of hardworking people that didn’t deserve it. Then, they ended up giving offers back to a bunch of the people they laid off. Zero common sense at upper management levels. I think a group of fifth graders could just as effectively run the bank. If you’re a Truist MD and reading this, then go fuck yourself. Over the last year and a half, you probably didn’t protect certain employees that you should’ve gone to bat for
Lol yup, myself and others were in a group that was restructured and you would’ve thought someone from management would have had conversations (or at least my group head) with us on what coverage groups we would like to be replaced to / what our preferences were. Nope. Weeks go by of silence then a 1 minute phone call one day letting me know how was fired from my group, my group placement and good luck. Then when were placed in a more niche coverage group that we had 0 interest in, we then left for other shops with actual M&A dealflow. Then they had the audacity to get upset that we were quitting and leaving them shorthanded. Clueless. Yes believe it or not when you make decisions that affect people’s careers and take 0 input from them and show them that you don’t matter then yes people quit
How many analysts from your original group were moved? You guys were move together?
They’re good in Equity Research. Quite a few top-rated analysts.
A lot greater % of the ER team sits in NY relative to IB if that has any weight too
Can you speak to ER comp and what specific sectors they are strong in?
would also like to hear about their rep for ER, specifically pharma/hc
From the other forum like this one and conversations I've had, it seems like the Industrials and TMT groups do well. Consumer group is very chill, not sure how they do dealflow wise.
I’m surprised truist isn’t more popular for aspiring career bankers. No they’re not going to be the most exciting deals but you’ll probably outlast your friends at BBs.
I think they will be more popular in the coming years. Street pay with great LCOL options in a generally more relaxed environment. Now that the merger shit show is subsiding and they are poaching senior talent, the experience at the junior level should get better as well. I think now is a good time to join, personally.
How’s their real estate group?
This is the opposite of what someone wanting to be a career banker should look for.
They do little of anything of importance, never lead in their ‘bread and butter’, and apparently restructure groups without much thought.
Deal flow is light, but still worked multiple weeks with back to back to back 5am nights working on pitch books that never went anywhere. Culture was not conducive to learning at all. Don’t speak unless spoken to and very rigid hierarchy to a fault. “One Team” is part of their motto/principles, which was quite ironic to me.
They are trying to rebrand, and there are definitely some good people in the system, but overall unless you’re really into debt / atlanta, look elsewhere
Avoid Truist at all costs. You won’t develop a true IB skill set because of the endless credit memos, internal ”client planning” and pitching, which isn’t strategic of nature unless you consider throwing dozens of sponsor owned targets against the wall and seeing what sticks (then not getting the M&A mandate if the client does decide to pursue). Regardless, you will be working just as many hours, if not more, than others at BB, EB and MM firms. If you are an analyst hoping to lateral after a year, then you’ll have to hit the books and self-study. Unfortunately, you will already be up late every night moving around logos and doing price updates.
Finally, as mentioned above, management is clueless and handled the merger about as poorly as possible. I worked for a number of years at STRH with positive reviews and “on track” for promotion only to be unceremoniously laid off a few months before said promotion in the first of many mass layoffs. Fortunately, it all worked out better for me in the end. Uptiered to a BB and got my promotion.
Where did you end up?
Can I PM you
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