BB&T "Wealth Management" Position

I decided to take a look at some of the positions open at a couple of banks. Earlier, a reader made note of the "CA" role at SunTrust Bank. After reviewing this position on the SunTrust "jobs available" page, I looked at similar positions at other institutions. It appears to me that one person came up with this job function and spawned a sea of mediocracy. Several banks use this position in their "Wealth Management" or "Private Banking" departments. There is no originality or creativity to the method of delivering the bank's services and products. Each bank will only be as good as the person you happen to be lucky (or unlucky) enough to have as your "relationship manager".

In addition to the similarity of the position across companies, one should examine the qualification for holding such a position. Just take a look at the example below. The position requires the employee to "provide on-going service for financial products and services" for retail deposits, SMART Money Manager, Retail Credit, Mortgage Loans, Trust and Asset Management, Insurance, Investments, Retail Financial Plans, etc. All it takes, apparently, to amass this knowledge is three to five years in banking, "investments", or financial planning along with two years of retail lending. And this is only 1 of 13 requirements. Who are they kidding here. Not only does the position require this knowledge, but you also have to be a salesperson and sit on boards and develop relationships with centers of influence.

This concept doesn't seem feasible, although I guess some consulting firm managed to dupe several banks into this model. Good luck with this process. Five years from now we'll see if following the herd made any sense.

External Description:
Line of Business: WEALTH DIVISION

Professional Primary Purpose:

Responsible for identifying, soliciting, servicing, delivering or coordinating the delivery of a broad range of financial products and services (i.e., Retail Deposits, SMART Money Manager, Retail Credit, Mortgage Loans, Trust and Asset Management, Insurance, Investments, Retail Financial Plans, Scott & Stringfellow, etc.) for clients in BB&T's Private Banking segment; creating and delivering retail financial plans; proactively developing new client relationships; and delivering exceptional, high-level relationship management to clients and prospects.

Essential Duties and Responsibilities: Following is a summary of the essential functions for this job. Other Duties may be performed, both major and minor, which are not mentioned below. Specific activities may change from time to time.

1. Serve as the primary point of contact, integration and responsibility for assigned Private Banking clients and prospects. Coordinate, deliver, and provide on-going service for financial products and services for assigned clients (i.e., Retail Deposits, SMART Money Manager, Retail Credit, Mortgage Loans, Trust and Asset Management, Insurance, Investments, Retail Financial Plans, Scott & Stringfellow, etc.)
2. Establish and maintain an understanding of assigned clients' financial needs through frequent interaction and continuous use of the BB&T profiling model.
3. Create and deliver retail financial plans to clients and prospects using financial planning software.
4. Develop additional business, both internally and externally, for the Region; meet growth goals for Private Banking clients (loans, deposits, fee-based revenue) as assigned.
5. Embrace the BB&T Decathlon Sales Process, which includes, but is not limited to, the delivery of the Gold Seal Client Service Standards, support of the BB&T segmentation models, full use of the automated sales process and support of referral processes and guidelines.
6. Establish and maintain excellent working relationships with various specialists (IRM Integrated Relationship Management Partners) designated to support client service and client development efforts (i.e., Mortgage Origination, Investment Services, Trust and Asset Management Services, Insurance Services, etc.) Serve as an advocate for clients with other business units.
7. Develop and approve retail loans for clients and prospects within limit of authority. Prepare and present/recommend to higher authority any loans in excess of lending authority.
8. Evaluate and extend credit and terms in accordance with BB&T lending policy and lending authority.
9. Assume responsibility for proper documentation and proper review of clients' financial statement.
10. Establish and maintain mutually beneficial referral and business relationships with outside centers of influence such as CPAs, attorneys, local advisory board members, civic associations, and other individuals and organizations that will enhance business development efforts.
11. Stay abreast of changing economic, legal, financial planning, investment trends, and general market and business issues impacting Private Banking clients. Serve as a personal financial advisory resource for clients, their attorneys and CPAs.
12. Work within the existing audit, compliance and regulatory framework to ensure a high quality, compliant book of business.
13. Participate in the on-going improvement and refinement of the Private Financial Services brand, processes, products, services and operating policies and procedures.

Required Skills and Competencies: The requirements listed below are representative of the knowledge, skill and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
1. Bachelor's degree, preferably with a concentration in business, accounting, finance or banking.
2. Three to five years of progressively responsible experience in banking, investments, or financial planning, as well as a high aptitude for client relationship management and business development, or equivalent experience in outside sales and/or relationship management
3. Minimum of two years of retail lending experience 4. Excellent working knowledge of fundamental retail credit and deposit products and a fundamental understanding of basic personal financial planning and investment concepts; or, clearly demonstrates the ability to rapidly learn such concepts through training
5. Strong interpersonal and relationship management skills, with a demonstrated aptitude for sales
6. Strong written and verbal communication skills
7. Working knowledge of Microsoft Office desktop applications
8. Ability to travel, occasionally overnight

Desired Skills

1. Completion or enrollment in professional-level certification programs such as Foundations for Financial Planning, Accredited Asset Management Specialist, Certified Financial Planner, Certified Trust and Financial Advisor, or Certified Public Accountant; life/health license or property/casualty license a plus.
2. Completion or enrollment in an established management or career development program such as BB&T's Leadership Development Program or BB&T Banking School.
3. Ability to mentor other Private Bankers in retail lending.
4. Industry applicable licenses as appropriate.

Thursday's News of the Day

More Stress Test Mumbo Jumbo -

http://www.moneymorning.com/2009/04/30/bank-stress-tests-2/

Good Stress Test Article from Reuters

http://uk.reuters.com/article/burningIssues/idUKTRE53T5KW20090430

More Money for the Attorneys

http://www.reuters.com/article/ousiv/idUSTRE53T7IB20090430

Most Unsuccessful Robbery of the Day -

http://www.newsday.com/news/local/wire/connecticut/ny-bc-ct--bungledrobbery0430apr30,0,2771069.story

It's Crappy to be Wachovia in Wells' World (and in a recession - No sign of Wells Fargo at Quail Hollow)

http://www.bizjournals.com/charlotte/stories/2009/04/27/daily42.html

Fifth Third branch manager takes things into her own hands - and bank account!

http://www.news-press.com/article/20090430/CRIME/90430005/1075

News of the Day

Best Article Headline from Bloomberg - Dawn of the Dead?
http://www.bloomberg.com/apps/news?pid=20601039&refer=columnist_gilbert&sid=ao0Hxx8jSCaA

Banks Have Poor Reputations (Surprise!) - Wells has the Best Showing
http://www.forbes.com/2009/04/29/america-finance-reputation-leadership-banking.html

Evercore to Buy Bank of America’s Fiduciary Services
http://www.bloomberg.com/apps/news?pid=20601087&sid=aVx_3SLviLdU&refer=home

Wells Hit by Skateboarder
http://www.kcra.com/news/19325915/detail.html

Best Article on BoA Shareholders Meeting
http://www.bloomberg.com/apps/news?pid=20601103&sid=aNoJiP.Je8WI&refer=us

Lewis is Split
http://www.bloomberg.com/apps/news?pid=20601087&sid=a8Zmbuv21mH0&refer=home

Finger gives Lewis "The Finger"
http://www.bizjournals.com/houston/stories/2009/04/27/daily36.html

Banks "Nickel and Diming" Consumers - Get it?
http://www.keprtv.com/news/local/44030087.html

Banks Fantasizing
http://www.bloomberg.com/apps/news?pid=20601039&refer=columnist_reilly&sid=aABZp8ZfHvTA

Stress Test - Stressing me out. Nobody knows at this point in time - just like there is no system for winning at craps. Don't worry about it until we get the news. Latest article from Bloomberg.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aiz06xRmmeOQ&refer=home

Wells Fargo - "Mums the Word"
http://www.reuters.com/article/ousiv/idUSTRE53R7UF20090429

SunTrust Bank - Robbed -
http://www.tallahassee.com/article/20090429/BREAKINGNEWS/90429002

Fifth Third - Upgraded
http://online.barrons.com/article/SB124087375527161171.html?mod=googlenews_barrons

Morgan Stanley - Boring
http://www.google.com/hostednews/ap/article/ALeqM5gM8C6M37I55VoBDEKRN3XI15qZeQD97S7NDG0

Compilation - Notes on Stress Test

Below are brief quotes from various articles about the banks currently undergoing the "stress test". In general, it seems pretty hit-or-miss.

IN GENERAL

“At least one firm – under the [bank] stress test assumptions – will require more capital,” the source said.

April 24 – in Money - Traders turned optimistic after the government said that most of the 19 big banks passed the "stress test" with enough capital and that none would be allowed to fail should the recession deepen. Better-than-expected earnings from Ford, American Express and Microsoft also fueled the rally.

NEW YORK (AP) — The head of the Federal Deposit Insurance Corp. on Monday linked the results of recent "stress tests" on the nation's 19 largest banks to the government's belief that it won't have to ask Congress for additional bailout funds in the immediate future.FDIC Chairman Sheila Bair said she didn't want to reveal the test results before they are made public but added, "I do believe the current resources of the Treasury will be sufficient. For now, we have the resources that we need."The banks received the test results last week and have until Tuesday to appeal any of the government's findings. The government is expected to release the results on May 4.Before the government shared the results with banks on Friday, Treasury Secretary Timothy Geithner last week told a congressional panel overseeing the federal bailouts that "the vast majority" of banks have more capital than they need.There is about $109 billion remaining in the government's $700 billion financial rescue fund, which has been used to buy preferred shares in banks to get them lending again, and to bail out American International Group Inc., General Motors Corp. and Chrysler LLC. The Treasury Department has said it also expects to get $25 billion in repayments from banks over the next year.

April 27 (Bloomberg) -- Japanese and Australian stock futures climbed after the U.S. said most banks being given stress tests have adequate capital.

WASHINGTON (MarketWatch) April 28 - At least 17 of 30 regional banks that have less than $100 billion in assets may need to raise additional government or private capital, according to a report by Oppenheimer & Co. Inc. on Tuesday. According to the report, a conversion of government and private shares to common shares at most of the 30 banks would, on average, bring their capital levels to levels that bank regulators would consider satisfactory based on stress test scenarios released by bank regulators. However, it is unclear whether these banks are voluntarily conducting government stress tests on their financials. These banks are somewhat smaller in size than the 19 largest financial institutions bank regulators are examining with stress test results expected for those banks on or around May 4.

As for sorting out which banks are still at risk consider the following from Martin Weiss, who warns that despite reassurances from the Fed that the Big 19 are well capitalized, his research shows:

None currently merit a rating of B+ or better, a level that we believe would generally correspond to capital levels well in excess of needed amounts.

Only three, representing 6 percent of the assets of the 19 — have a rating of B- or B, — considered “good.” They are Bank of New York Mellon, Capital One and State Street.

We consider eight institutions, representing 63 percent of the assets, to be at risk of failure. They are JPMorgan Chase, Citibank, Wells Fargo, SunTrust, Goldman Sachs, HSBC America, National City and Countywide Bank.

Notice the number of "healthy" banks (Goldman, JP Morgan) on that list. Weiss says hefty ongoing exposure to derivative risk is part of the problem, and concludes both the stress tests and their results could be "very misleading."

Company/ Assets $(Billions)/ TARP Funding

1. JP Morgan Chase/ 2,175/ 25

Bair also defended the Treasury Department's $1 trillion plan to get toxic mortgage investments off banks' books, saying it's the "appropriate structure to address troubled assets."Earlier this month, JPMorgan Chase & Co. said it wouldn't participate in the program because it did not need to. Bair said a bank could opt out of the broader bailout program only in consultation with the government. "Some banks have rosier views of their capital positions that what they actually are," she said.

As for sorting out which banks are still at risk consider the following from Martin Weiss, who warns that despite reassurances from the Fed that the Big 19 are well capitalized, his research shows:We consider eight institutions, representing 63 percent of the assets, to be at risk of failure. They are JPMorgan Chase, Citibank, Wells Fargo, SunTrust, Goldman Sachs, HSBC America, National City and Countywide Bank. Notice the number of "healthy" banks (Goldman, JP Morgan) on that list. Weiss says hefty ongoing exposure to derivative risk is part of the problem, and concludes both the stress tests and their results could be "very misleading."

By Andrew Ross Sorkin – April 20 -Another day, another attempt by a Wall Street bank to pull a bunny out of the hat, showing off an earnings report that it hopes will elicit oohs and aahs from the market. Goldman Sachs, JPMorgan Chase, Citigroup and, on Monday, Bank of America all tried to wow their audiences with what appeared to be — presto! — better-than-expected numbers. But in each case, investors spotted the attempts at sleight of hand, and didn’t buy it for a second. JPMorgan Chase reported a dazzling profit partly because the price of its bonds dropped (theoretically, they could retire them and buy them back at a cheaper price; that’s sort of like saying you’re richer because the value of your home has dropped);

2. Citigroup/ 1,947/ 45

The Wall Street Journal reported that both banking giants were told to raise more capital, based on early results of the stress test. Executives at both are objecting to the preliminary findings.

April 28 (Reuters) - Citigroup Inc:
* Says cannot comment on stress test until results are announced
* Says regulatory capital base is strong, and as previously announced is
conducting exchange offer to improve tangible common ratios
* Says continues to focus, make progress on reducing assets, reducing expenses
and streamlining business for future profitable growth

April 23 - Vikram Pandit, the chief executive of Citigroup, the third-largest U.S. bank and a recipient of $45 billion in emergency government funds, pledged on Tuesday to repay "every dollar" of government capital. He sought to counter speculation he would be replaced if Citi needs another bailout with a vow to shareholders to see the bank through its troubles.

As for sorting out which banks are still at risk consider the following from Martin Weiss, who warns that despite reassurances from the Fed that the Big 19 are well capitalized, his research shows:
We consider eight institutions, representing 63 percent of the assets, to be at risk of failure. They are JPMorgan Chase, Citibank, Wells Fargo, SunTrust, Goldman Sachs, HSBC America, National City and Countywide Bank.

By Andrew Ross Sorkin – April 20 -Another day, another attempt by a Wall Street bank to pull a bunny out of the hat, showing off an earnings report that it hopes will elicit oohs and aahs from the market. Goldman Sachs, JPMorgan Chase, Citigroup and, on Monday, Bank of America all tried to wow their audiences with what appeared to be — presto! — better-than-expected numbers. But in each case, investors spotted the attempts at sleight of hand, and didn’t buy it for a second. With Goldman Sachs, the disappearing month of December didn’t quite disappear (it changed its reporting calendar, effectively erasing the impact of a $1.5 billion loss that month); Citigroup pulled the same trick.

During an Intelligent Investing panel discussion, Vincent Farrell Jr., chief investment officer of Soleil Securities and a member of the Forbes Investor Team, forecasted that, depending on how the government administers its "stress test" of the major banks, two to four public financial companies could have to seek extra capital.
Under the most generous terms of the test, Citigroup ( C - news - people ) and Fifth Third Bank Bancorp will need to raise capital after the stress test results are revealed, says Farrell.

3. Bank of America (w/out ML)/ 1,822/ 25

The Wall Street Journal reported that both banking giants were told to raise more capital, based on early results of the stress test. Executives at both are objecting to the preliminary findings.
Bank of America Corp. needs $60 billion to $70 billion of capital, according to Freidman, Billings, Ramsey Group Inc. analyst Paul Miller, who cited stress tests performed by his firm. Bank of America should consider converting its preferred shares to common stock, including $27 billion in private hands “as soon as possible,” Miller wrote in a note to clients today. Miller said his firm’s versions of the stress tests were “somewhat tougher” than those performed by U.S. regulators.

By Andrew Ross Sorkin – April 20 -Another day, another attempt by a Wall Street bank to pull a bunny out of the hat, showing off an earnings report that it hopes will elicit oohs and aahs from the market. Goldman Sachs, JPMorgan Chase, Citigroup and, on Monday, Bank of America all tried to wow their audiences with what appeared to be — presto! — better-than-expected numbers. But in each case, investors spotted the attempts at sleight of hand, and didn’t buy it for a second.

Bank of America sold its shares in China Construction Bank to book a big one-time profit, but Ken Lewis heralded the results as “a testament to the value and breadth of the franchise.”
Sydney Finkelstein, the Steven Roth professor of management at the Tuck School of Business at Dartmouth College, also pointed out that Bank of America booked a $2.2 billion gain by increasing the value of Merrill Lynch’s assets it acquired last quarter to prices that were higher than Merrill kept them.

4. Well Fargo/ 1,310/ 25

As for sorting out which banks are still at risk consider the following from Martin Weiss, who warns that despite reassurances from the Fed that the Big 19 are well capitalized, his research shows:

We consider eight institutions, representing 63 percent of the assets, to be at risk of failure. They are JPMorgan Chase, Citibank, Wells Fargo, SunTrust, Goldman Sachs, HSBC America, National City and Countywide Bank

5. Goldman Sachs/ 885/ 10

As for sorting out which banks are still at risk consider the following from Martin Weiss, who warns that despite reassurances from the Fed that the Big 19 are well capitalized, his research shows:
We consider eight institutions, representing 63 percent of the assets, to be at risk of failure. They are JPMorgan Chase, Citibank, Wells Fargo, SunTrust, Goldman Sachs, HSBC America, National City and Countywide Bank. Notice the number of "healthy" banks (Goldman, JP Morgan) on that list. Weiss says hefty ongoing exposure to derivative risk is part of the problem, and concludes both the stress tests and their results could be "very misleading."

By Andrew Ross Sorkin – April 20 -Another day, another attempt by a Wall Street bank to pull a bunny out of the hat, showing off an earnings report that it hopes will elicit oohs and aahs from the market. Goldman Sachs, JPMorgan Chase, Citigroup and, on Monday, Bank of America all tried to wow their audiences with what appeared to be — presto! — better-than-expected numbers. But in each case, investors spotted the attempts at sleight of hand, and didn’t buy it for a second. With Goldman Sachs, the disappearing month of December didn’t quite disappear (it changed its reporting calendar, effectively erasing the impact of a $1.5 billion loss that month);

6. Morgan Stanley/ 659/ 10
7. MetLife/ 502/ 0
8. PNC Financial/ 291/ 7.6

During an Intelligent Investing panel discussion, Vincent Farrell Jr., chief investment officer of Soleil Securities and a member of the Forbes Investor Team, forecasted that, depending on how the government administers its "stress test" of the major banks, two to four public financial companies could have to seek extra capital.

If more stringent terms are applied, PNC and Bank of New York might have to raise funds as well. The issue is whether or not banks will be able to use existing reserves in order to demonstrate a 3.0% capital ratio under dire economic circumstances.

9. U.S. Bancorp/ 267/ 6.6
10. Bank of New York Mellon/ 238/ 3.0

Bank of New York Mellon Corp (BK.N) CEO Robert Kelly said on Monday that he thinks most U.S. banks are healthier than people may realize and urged the government to let the public know results of its stress test. "I don't know the results for the other banks but I have a suspicion that the average bank is healthier than most people realize," Kelly told a session at the Milken Institute's Global Conference.

As for sorting out which banks are still at risk consider the following from Martin Weiss, who warns that despite reassurances from the Fed that the Big 19 are well capitalized, his research shows only three, representing 6 percent of the assets of the 19 — have a rating of B- or B, — considered “good.” They are Bank of New York Mellon, Capital One and State Street.

During an Intelligent Investing panel discussion, Vincent Farrell Jr., chief investment officer of Soleil Securities and a member of the Forbes Investor Team, forecasted that, depending on how the government administers its "stress test" of the major banks, two to four public financial companies could have to seek extra capital.

If more stringent terms are applied, PNC and Bank of New York might have to raise funds as well. The issue is whether or not banks will be able to use existing reserves in order to demonstrate a 3.0% capital ratio under dire economic circumstances.

11. GMAC/ 189/ 0

No comment on this one!

12. SunTrust/ 189/ 4.9

April 28 - In looking to the future, Wells said “we know economic recovery is out there,” but he added that the bank did not know when this cycle would end. So he is fully expecting that “2009 will be another difficult year.” On a more positive note, Wells said that he believes that SunTrust “will emerge from this period in a strong competitive position.” He reinforced the theme of the bank’s new marketing campaign: “Live Solid. Bank Solid.” During the question-and-answer period, a shareholder asked Wells about the federal stress test on banks and whether SunTrust would need to receive more capital from the federal government as other major banks are expected to get. It got $4.85 billion in U.S. Treasury Troubled Asset Relief Program funds in 2008. “Unfortunately, the stress test is a regulatory issue,” Wells said explaining that he is restricted on making any public comments on that. “I find it interesting that others can.”

Bernstein Research told clients that among the mid-cap banks it covers that were subject to the test BB&T Corp. (BBT) is in the best position. However, it listed Regions, Fifth Third Bancorp (FITB) and SunTrust Banks Inc. (STI) as "likely to be in need of either incremental capital or conversion" of capital from the Troubled Assets Relief Program to the Capital Assistance Program.

BMO Capital is also concerned about KeyCorp, Regions, Fifth Third and SunTrust, cautioning that banks "with large exposure to commercial real estate in the Midwest, the Southeast, and Florida may be the most heavily scrutinized as these loans are currently considered especially weak." BMO noted KeyCorp, Regions, Fifth Third and SunTrust "have significant exposure to these areas."

13. State Street/ 177/ 2.0

As for sorting out which banks are still at risk consider the following from Martin Weiss, who warns that despite reassurances from the Fed that the Big 19 are well capitalized, his research shows only three, representing 6 percent of the assets of the 19 — have a rating of B- or B, — considered “good.” They are Bank of New York Mellon, Capital One and State Street.

14. Capital One Financial Corp/ 166/ 3.5

Bernstein sees Capital One and KeyCorp as falling "somewhere in the middle, with the severity of the loss assumptions being the determining factor as to whether they will be required to raise incremental capital."

As for sorting out which banks are still at risk consider the following from Martin Weiss, who warns that despite reassurances from the Fed that the Big 19 are well capitalized, his research shows only three, representing 6 percent of the assets of the 19 — have a rating of B- or B, — considered “good.” They are Bank of New York Mellon, Capital One and State Street.

15. BB & T/ 152/ 3.1

Bernstein Research told clients that among the mid-cap banks it covers that were subject to the test BB&T Corp. (BBT) is in the best position. However, it listed Regions, Fifth Third Bancorp (FITB) and SunTrust Banks Inc. (STI) as "likely to be in need of either incremental capital or conversion" of capital from the Troubled Assets Relief Program to the Capital Assistance Program.

16. Regions Financial Corp/ 146/ 3.5

Bernstein Research told clients that among the mid-cap banks it covers that were subject to the test BB&T Corp. (BBT) is in the best position. However, it listed Regions, Fifth Third Bancorp (FITB) and SunTrust Banks Inc. (STI) as "likely to be in need of either incremental capital or conversion" of capital from the Troubled Assets Relief Program to the Capital Assistance Program.

BMO Capital is also concerned about KeyCorp, Regions, Fifth Third and SunTrust, cautioning that banks "with large exposure to commercial real estate in the Midwest, the Southeast, and Florida may be the most heavily scrutinized as these loans are currently considered especially weak." BMO noted KeyCorp, Regions, Fifth Third and SunTrust "have significant exposure to these areas."

17. American Express/ 126/ 3.4
18. Fifth Third Bancorp/ 120/ 3.4

Bernstein Research told clients that among the mid-cap banks it covers that were subject to the test BB&T Corp. (BBT) is in the best position. However, it listed Regions, Fifth Third Bancorp (FITB) and SunTrust Banks Inc. (STI) as "likely to be in need of either incremental capital or conversion" of capital from the Troubled Assets Relief Program to the Capital Assistance Program.

BMO Capital is also concerned about KeyCorp, Regions, Fifth Third and SunTrust, cautioning that banks "with large exposure to commercial real estate in the Midwest, the Southeast, and Florida may be the most heavily scrutinized as these loans are currently considered especially weak." BMO noted KeyCorp, Regions, Fifth Third and SunTrust "have significant exposure to these areas."

During an Intelligent Investing panel discussion, Vincent Farrell Jr., chief investment officer of Soleil Securities and a member of the Forbes Investor Team, forecasted that, depending on how the government administers its "stress test" of the major banks, two to four public financial companies could have to seek extra capital. Under the most generous terms of the test, Citigroup ( C - news - people ) and Fifth Third Bank Bancorp will need to raise capital after the stress test results are revealed, says Farrell.

19. KeyCorp/ 105/ 2.5

Bernstein sees Capital One and KeyCorp as falling "somewhere in the middle, with the severity of the loss assumptions being the determining factor as to whether they will be required to raise incremental capital."

BMO Capital is also concerned about KeyCorp, Regions, Fifth Third and SunTrust, cautioning that banks "with large exposure to commercial real estate in the Midwest, the Southeast, and Florida may be the most heavily scrutinized as these loans are currently considered especially weak." BMO noted KeyCorp, Regions, Fifth Third and SunTrust "have significant exposure to these areas."

Too Large to Fail? Bair wants to limit bank size.

Attached is an article concering the FDIC's Chairman's comments on bank takeovers. The earlier article indicated Bair wanted to limit the size of banking institutions. Sounds like it's the same concept of limiting a bank's overall percentage of bank deposits. The decision will have to be made to either allow any institution fail, regardless of size, or limit the size and scope of the companies.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aeH.c5sqMplw&refer=home

Who's Telling the Truth?

Add you're comments concerning Ken Lewis and the Feds controversy below.

Federal Reserve SCA Program - Design and Implemention White Paper

Federal Reserve SCA Program - Design and Implemention White Paper

http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20090424a1.pdf

SunTrust - Client Advisor Role

Comment on previous post:

SunTrust has some very talented people within Private Wealth Management. By the same token, however, the Client Advisor role is a mystery to me. Other firms also call it a PCA role. The economics seemingly impress executive management by paying lower salaries to these individuals, but you get what you pay for.... The finance folks obviously think that this is a great idea as well. The Client Advisor role can work if the individuals in this role act as a BDO type and drive new business externally and not poach from within. After all the comp splits required to pay for this position, you end up diluting the quality of the team, because you end up chasing off star talent from the brokerage and trust/investment management ranks. Again, you get what you pay for. You end up with average performers. Who wants to be average? So much for the client experience!!!

SunTrust - Sales vs. Service

Anonymous says... "Suntrust has changed its focus lately from being all about sales to all about customer retention. Hopefully, it's not too late. We chased off great talented employees and some pretty loyal clients by turning them off with constant hounding for products. I still think that this creation of the "District" manager is a waste of money. They don't do anything and make too much money for barking out orders to these poor area managers. Quite frankly, the bank is still too poorly managed by unqualified upper management. Until this changes, the upward climb to get back on track is still too high."

Anonymous writes in comments:

SunTrust Bank's head of Private Wealth Management, Mark Peters - leaves the bank. After three years of "restructuring", he leaves the place in a mess without finishing the job.

http://www.jefferies.com/cositemgr.pl/html/OurFirm/NewsRoom/PressReleases/2009/200904141press.shtml

What's new at SunTrust Bank?

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