Tuesday, April 21, 2009

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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6 comments:

  1. AnonymousApril 23, 2009 at 7:32 PM

    Well, Peters isn't the only one to have left the bank lately. Several others in the area were terminated in another round of cuts.

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  2. AnonymousApril 23, 2009 at 10:28 PM

    Peters was a failure at day one. Rogers missed this one....Of course, Bill noted in his introductory comments that he had really checked Mark out...never forget that one...and that should have been the first signal....TRAIN WRECK AHEAD..........Bill should lose stock options and take a salary cut for this mistake.

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  3. AnonymousApril 24, 2009 at 1:01 AM

    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!!!

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  4. Banker DanApril 24, 2009 at 4:58 AM

    Thanks for the input!

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  5. AnonymousApril 24, 2009 at 7:39 AM

    I hadn't thought about the economics of that position. However, I think they have overloaded the position and greatly reduced it's effectiveness. They don't have time to service the client and meet sales expectations. A lot of the CA's also don't have the depth of knowledge or experience for what they are asked to do, through no fault of their own.

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  6. AnonymousApril 24, 2009 at 4:37 PM

    Many of their CA's are not bankers...they are investment brokers. The true bankers, left a while ago.

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