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Old 02-07-2019, 06:33 AM
 
Location: Washington DC
4,980 posts, read 5,394,499 times
Reputation: 4363

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Quote:
Originally Posted by DreamerD View Post
I wonder why they didn't keep Atlanta. Could it have been because Charlotte is cheaper?
No. Or else they would’ve moved to BB&T headquarters city of Winston.

I think Charlotte probably just makes since for the new company. Plenty of talent, especially fin-tech, in the middle of Winston/ATL....

 
Old 02-07-2019, 06:38 AM
 
859 posts, read 2,120,113 times
Reputation: 975
Quote:
Originally Posted by -thomass View Post
https://www.wsbtv.com/amp/news/local...deal/916033270

SunTrust has such a huge impact DT. I wonder what this means for Atlanta-based employees.

Good question. According to the Metro Atlanta Chamber of Commerce's website SunTrust employs around 7500 people in the metro area. In deals such as this there will probably be some layoffs but I did read from another article and as B2R mentioned the new company's wholesale banking operations will be HQd in Atlanta, so hopefully that will buffer some of the blow to the employment numbers in the metro.



This move really does solidify Charlotte as the financial services capitol of the Southeast and removes from Atlanta and places a feather in their cap. Obviously from a marketing and recruitment standpoint no city wants to lose a Fortune 500 company but companies are moving and bringing jobs to Atlanta all the time and who knows they might grow to be another Fortune 500 company. While SunTrust has a storied history with the city, obviously because of where they operate, outside of the southeast I don't think many think of Atlanta when you say SunTrust. If Coke, Delta or even Home Depot were to up and leave then that I feel would be a major blow to the business climate in the city.
 
Old 02-07-2019, 07:10 AM
 
1,057 posts, read 868,076 times
Reputation: 792
Well yes, Charlotte is a huge player in the banking industry. I guess it makes sense for this new bank to headquarter there. I did find it interesting that the bb&t ceo will be the new ceo of the combined bank until 2021. Then the current SunTrust ceo will take over.
 
Old 02-07-2019, 07:19 AM
fzx
 
399 posts, read 511,763 times
Reputation: 292
Suntrust is a 20B +company but the synergies are expected to be 1.6B by 2022 from

o Sourced from facilities, IT/Systems, shared services, retail banking, and third-party vendors
o 12.5% of combined expenses

These items sound like big backoffice cuts. Suntrust only had $5.6 non interest expense in 2018. Both are retail banking which means a lot of overlap.

This is the second merger announced recently. Firstdata will be acquired by Fireserv with an expected synergy savings around 900MM. Firstdata is half the market cap of Suntrust.
 
Old 02-07-2019, 07:41 AM
 
32,025 posts, read 36,782,996 times
Reputation: 13306
Does this mean Charlotte is going to get a giant new office tower?
 
Old 02-07-2019, 08:03 AM
 
5,110 posts, read 7,139,842 times
Reputation: 3116
I think that they chose Charlotte because it's such a hub for that industry though I think the Suntrust name would have been the better name to keep...
 
Old 02-07-2019, 08:48 AM
 
Location: Sweet Home Chicago!
6,721 posts, read 6,481,316 times
Reputation: 9915
^ "A new name will be chosen before the deal closes in the fourth quarter."


wow, that's a big one. Anyone remember Pathway Financial? Believe they got absorbed into Wachovia.
 
Old 02-07-2019, 09:03 AM
Status: "Pickleball-Free American" (set 3 days ago)
 
Location: St Simons Island, GA
23,462 posts, read 44,083,751 times
Reputation: 16856
Quote:
Originally Posted by flamadiddle View Post
^ "A new name will be chosen before the deal closes in the fourth quarter."


wow, that's a big one. Anyone remember Pathway Financial? Believe they got absorbed into Wachovia.
As did home-grown First Atlanta (fka First National Bank of Atlanta).
 
Old 02-07-2019, 10:04 AM
 
9,008 posts, read 14,055,812 times
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I still can't help thinking if Atlanta did something better, the executives would have fought to stay here and not move to Charlotte.
 
Old 02-07-2019, 10:15 AM
Status: "Pickleball-Free American" (set 3 days ago)
 
Location: St Simons Island, GA
23,462 posts, read 44,083,751 times
Reputation: 16856
Quote:
Originally Posted by ATLTJL View Post
I still can't help thinking if Atlanta did something better, the executives would have fought to stay here and not move to Charlotte.
I really don't think Atlanta had a choice in the matter. This was not a merger, but an outright purchase of SunTrust by BB&T. It was their call.
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