It remains the largest "merger of equals" in recent banking history. and SunTrust Banks created the $565.8 billion-asset juggernaut known as Truist. "They need to start getting expenses under control, and if they don't have the right people in place, they need to get the right people," he said. That's the highest projected annual uptick in spending among the large banks, and it's happening at a time when Truist was supposed to start realizing the full cost-savings benefits of the merger, Mayo said. The frustration is largely due to the projected increase in Truist's expenses, which are now forecast to rise 7% year over year. Investors are at "a boiling point" after the company's most recent earnings call, said Mike Mayo, an analyst at Wells Fargo Securities.
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