SunTrust, BB&T spent $100 million on technology and innovation

The joined SunTrust/BB&T will spend $100 million on technology and innovation, SunTrust CEO Bill Rogers told representatives in a companywide town hall-style webcast Monday.

“We declared, just to throw a number out there, incrementally… this is just on top of… not the number, but incrementally, we are going to invest another $100 million dollars in technology and in innovation.

“We are talking about Charlotte as being an innovation hub, but innovation takes place all across our company, not just in Charlotte. So I want to be clear about that. Innovation takes place lots of places. But that’s going to be one of the symbols and one of the places that we are going to demonstrate that.”

Rogers additionally said each individual from the SunTrust board will be a piece of the consolidated board, while the BB&T board will be winnowed to give an equivalent number of board individuals as the SunTrust group.

Rogers said he has such a great amount of trust in BB&T CEO Kelly King that he will play a subordinate job to him for a long time. King will be the CEO of the consolidated bank for the initial two years after the arrangement is finished; Rogers will be president and COO. At that point Rogers will assume control as CEO.

“Kelly King is a really strong, purposeful leader, and I have a lot of confidence in him,” Rogers said. “I am obviously willing to play a different role for a different period of time, and I wouldn’t do that for anybody else. So I want you to understand that.

“I’m supremely confident in our future. If I could look at everybody in the eye, I don’t know how many people are on the webcast, but if I could stare you all in the eye, and you remembered one thing from this – it’s that I am supremely confident in our future.”