Daryl N. Bible
- BB&T Corporation - Senior EVP & CFO
Absolutely. The other point I would add to that, John, is that with rates falling, we really dont know what our capital levels will be at close. But with
rates coming down where they are, our capital ratio might actually close north of 10%, which means assuming the Fed gives us a
non-objection
to our capital ask, which we should hear shortly about that, we
could actually be in the buyback business sooner rather than later.
Kelly S. King
- BB&T Corporation - Chairman & CEO
So the way to think about that, John, is that, we said were concerned with regard to capital and particularly going through a major combination like this
and there are uncertainties in the global market, they are (inaudible) that could surface, et cetera. Thats why we said, we want to hang around that 10% common equity Tier 1 level. Theres certainly some opportunity down the road with
regard to that being lower, but for now, we want to plan on that. But as Daryl said, I mean, if the rates stay low and the markets tend to be what we think now may look like, we could be pretty immediately in buying back and staying at 10%, so that
can be again, were not promising, but that can be very encouraging.
Operator
And next well take a question from Mike Mayo with Wells Fargo Securities.
Michael L. Mayo
- Wells Fargo Securities, LLC, Research Division - Senior Analyst
Could you elaborate a little bit more on the management announcements in relation to the merger? So by the end of the August, youll have named 75% of the
managers. How many in total was that? And what are you concerned about in making these announcements? What are you trying not to do? And how is the cultural integration going?
Kelly S. King
- BB&T Corporation - Chairman & CEO
So Mike, the managers, its kind of a cascading process kind of going down from the direct reports to executives and then layer by layer by layer. So by
the time you get to the end of August, well be down by the lowest level of operating managers think down to branch managers that kind of thing. And so all of that is going really, really well. And in that process, of course, what were
trying to do is, number 1, make sure were picking the best players. One of the beauties as you know about an MOE is you get to pick the best systems, processes and frankly the best people. So weve got an eye on the best performers
because thats fair, thats just. At the same time, we got a strong eye on equality in terms of being an MOE and on diversity and inclusion. And so all of those factors go into these organizational decisions. But so far, I would say that
we feel really good about the team that is people on the field, the mix in terms of diversity, the mix in terms of SunTrust, BB&T, its going extremely well.
In terms of the culture process, we obviously are learning more about each others cultures as we meet more, not just the executive team, but there are
lots and lots of meetings going on down through the organization, all keep in mind planning for the future, we have to be very careful. We cant make decisions about the future from a regulatory perspective, we are still 2 competing companies,
but we can plan. And there is a whole lot of planning meeting going on. So theres a lot of interaction. And the feedback that Bill and I both get from our teammates and associates is its going really well. Theyre just not any
fundamental differences here. I take a lot of comfort in the fact that when were getting feedback from our employees with regard to the name, I think, we reported to you, we got 10,000 responses in both sides identifying names that
characterize or words that characterize our companies and all 10,000 on each side picked the exact same 4 words.
Bill Rogers and I sat through 2
8-hour
days of listening to community groups talk about our 2 companies, and as I said, over 95% of the comments were extremely positive and a very few, what I call, really negative. But what I found interesting is
when I sat there, I kind of in my mind tried to blank out BB&T or SunTrust and just listen to the comments, you would have thought these were community groups talking about the for the same company. So they are not any substantial
differences in the culture about this company as it is being formed and still there is work to be done in terms of, what Ill call, the operating processes and procedures, there are some differences there for sure, but thats not as
important as the most important, what I call, which is purpose, mission and guidance.
So we feel, Bill and I both feel and our entire team feels really,
really good about where we are in culture, but were not taking anything for granted. Were working really hard to make sure that all of our teammates and associates feel good about this. They feel really engaged, they feel a sense of
belonging to the organization, they are needed, they are appreciated, and theyre going to be a part of fantastic company that the world will come to respect as, Truist, one of the best financial companies in the world.
Michael L. Mayo
- Wells Fargo Securities, LLC, Research Division - Senior Analyst
Just one
follow-up.
A potential roadblock would be the hearing next week. I dont recall a hearing like this every
before in banking, simply a stand-alone here. I know Citigroup that was up for discussion way back, but that was in conjunction with the change in the law. So just you might be the first timer here for a hearing like this. What message will
you be trying to send? And why are they having this hearing when the Federal Reserve have such a comprehensive process?