A Voice of Wisdom at SunTrust

The following letter, from an anonymous employee at SunTrust (STI), arrived in the mail this morning:

The SunTruster makes a profoundly important point; the company’s board would do well to consider it. The only way a bank (or any business, for that matter) can truly thrive is if it offers a differentiated value proposition from its competitors. Think that’s impossible in a “commodity business” like banking? Wrong. Look at Wells Fargo and Commerce Bancorp. For that matter, SunTrust’s predecessors were once powerful, differentiated competitors, as well.

Occasional cost-cutting binges are fine I suppose, and are often necessary. But if SunTrust’s management really thinks it can cost-cut the company into a permanent strategic advantage, instead, it ought to save customers and employees a lot of hassle and go ahead and sell out now.

What do you think? Let me know!

Tom Brown is head of BankStocks.com.

Comments

[STI]

If Suntrust wants to cut cost, they should consider the Lower level management teams to go first. There are too many supervisors with good pay and they don't work hard enough. Local supervisors report to Richmond or Atlantic. Management teams in Richmond and Atlanta have no idea what local supervisors doing with their time.

If Suntrust's employees who want to share a story about their supervisors, I am sure shockhoders will be interested to hear.

[STI]

If Suntrust wants to cut cost, they should consider the Lower level management teams to go first. There are too many supervisors with good pay and they don't work hard enough. Local supervisors report to Richmond or Atlantic. Management teams in Richmond and Atlanta have no idea what local supervisors doing with their time.

If Suntrust's employees who want to share a story about their supervisors, I am sure shockhoders will be interested to hear.