How does the current structure support the Bank in achieving its goals and objectives?

The Bank’s Organizational Structure Banks are organized in many different ways. Some banks choose to manage by bank function; others choose to manage by geographical area. SunTrust Bank is a large organization with offices that cross many state lines. You will examine how SunTrust Bank manages its various functions and subsequent teammates. You will study who the managers are and the purpose of the positions they hold. You will also study management’s responsibilities and how what they do supports the Bank’s overall goals. By understanding what is required of your management team, you will gain insight as to how your roles and responsibilities are aligned with and contribute to the Bank’s overall success. Knowledge gained this week will also provide insight as to next steps in your banking career by helping you recognize what you may be responsible for in future positions. Banks are very intricate organizations and the bank’s management is critical to the bank’s success. It is very important for all teammates to have a clear understanding of the various management teams, the bank’s organizational structure and the individual responsibilities of various managers. Typically, banks are led by a CEO and a Board of Directors. The œflavor of the bank starts with its most senior executive team and will trickle to the managers who report up through the CEO. By reviewing the sample org chart, you will recognize that there are various members of the Executive Management Team: the Chief Executive who is also the Chairman of the Board, the Chief Financial Officer, the Chief Operating Officer, the Chief Credit or Lending Officer, and depending upon the size of the bank, a Chief Security and Risk Officer, a Chief Learning Officer and so on. It is important for all bank teammates to have a clear understanding of how their own position and area fit into the organizational structure of the bank. It is also important for teammates to recognize the roles and responsibilities of various management teams at a high level and the detailed roles and responsibilities of the immediate management team. Having organizational knowledge will allow you to work with the utmost synergy when interfacing with management and other departments, knowing who to call, the proper chain of command and what you can expect from their input, Regardless of where you or your department fit in the organizational chart, all levels of bank managers have the following core responsibilities: Understanding all aspects of bank products and services Banks offer a diverse array of products and services that are targeted to consumers of many socioeconomic backgrounds, businesses of all sizes, types and scope and public sector entities and nonprofit organizations. Bank managers are required to have a good general knowledge of all of the bank’s products and services and a firm understanding of the products and services and operational systems in their line of business. A bank manager is expected to also be an expert and trusted advisor for clients about products and services distributed in the manager’s area of the bank. Being knowledgeable and articulate about what the bank has to offer its clients is a core responsibility for all managers. Training, coaching and mentoring teammates It is the responsibility of all managers to ensure that the people who work in their areas are knowledgeable of all the bank’s products and are skilled at servicing the bank’s clients. The bank will support managers by providing formal training and education and product knowledge, but it is the ultimate responsibility of the immediate supervisors to orient, train, coach and mentor and provide ongoing development for their teammates. Meeting and exceeding sales goals The bank is in business to generate revenue and profits. These results can be achieved only if the bank management teams develop goals and objectives and plans for executing to those goals. At the most senior levels, the bank’s management teams will determine the overall revenue goals for each quarter of the fiscal year for all the bank’s products and services. It is the responsibility of each manager in the bank’s lines of business to develop specific department and individual goals and objectives that are aligned with and will contribute to the bank’s overall goals. Upholding security and regulatory standards The banking industry is highly regulated by various governing bodies. In coming weeks you will examine these regulations, the importance of adhering to them to mitigate risk to the bank and its clients and to avoid penalties while maintaining the overall health of the bank. It is the responsibility of every manager to ensure that their teammates work within regulatory guidelines set forth by banking regulators to protect the bank. Meeting and exceed quality service standards Although we talk about sales goals and profitable growth for the bank, it is important for managers to understand that banking is a service industry. Providing quality service to clients is what sets the bank apart from its competitors. Later in the PBOL program you will examine more about the bank’s quality standards and how the manager is the key to ensuring that quality service standards are met and exceeded. Clients consistently remember œabove and beyond actions of their bankers which leads to customer loyalty and overall, the assurance that the bank will meet its goals. Adhere to all operational standards, policies and procedures In order for the Bank to achieve its goals, a very specific set of operational policies and procedures are established to build and operate a œwell-oiled machine. It is the responsibility of every manager to follow these well thought out procedures and ensure that their teammates understand and adhere to the specific policies and procedures. These policies and procedures are designed at the highest level of management and implemented in the bank’s areas by all levels of management. At times, managers at any level may be called upon to interpret policies and procedures, implement their œexception authority and make œexception decisions to ensure quality service for their clients. Exception authority is used to ensure client service while protecting the bank’s assets and it is often a competitive distinction for the bank. By completing this week’s readings and assignments, you will gain a solid perspective of the SunTrust’s organizational structure, department heads and their various responsibilities. ***On the article titled: ORGANIZATIONAL STRUCTURE AND THE DIVERSIFICATION DISCOUNT: EVIDENCE FROM COMMERCIAL BANKING¦PLEASE ONLY READ PAGES: 132-139 and 152 **Please refer and gather as much info as possible from the provided articles/resources and suntrust.com to complete this assignment Assignment 3.1: The Bank’s Organizational Structure (30 points) 1. Complete all required readings before writing or doing the course work 2. Respond to Assignment 3.1 questions in a Word document using at least 100words for each response. Incorporate the material you read and your knowledge about SunTrust Bank to answer the following questions/statements. Be sure to use APA formatting to cite the sources in your responses. Assignment 3.1 questions: a) Explain the reason(s) for departmentalization at SunTrust Bank. b) This week you read about how important it is to review teammates’ position responsibilities, the skills required to perform those responsibilities, and how the positions fit into the bank’s organization. Now, consider the SunTrust teammates who are responsible for delivering quality client service. Identify five to seven necessary skills, traits, and behavioral characteristics that a SunTrust Bank client service representative must have and explain why each trait is necessary for teammates to demonstrate. c) Explain why SunTrust needs a public relations department or a public relations specialist. Assignment 3.2: Training Plan Outline (50 points) The purpose of Assignment 3.2 is for you to gain more insight into the overall Bank’s products and services. Using a product or service offered in a SunTrust Commercial line of business, please outline a plan for training a new teammate on the product or service you chose, and write out the plan word document. For Assignment 3.2, complete the following: 1. Go to the Bank’s website and the Bank’s teammate intranet. Locate and review the Bank’s collateral materials or other information sources at the Bank for information about the Bank’s lines of business. Choose a line of business other than your own and research the LOB’s products and services. Select a product or service from the LOB you chose and study the product’s features and benefits. Also, identify the Bank’s client groups who utilize the product in the LOB. 2. Go to Week 3 Supporting Documents and locate the template for Assignment 3.2. Using the template, develop an outline for communicating the product information you researched to a new teammate on the product or service you chose to study. In the outline, point out the features and benefits the teammate should know about the product or service and the opportunities in your line of business for referring clients to other businesses. Complete the template, and post the document to the Week 3 Discussion Board. 3. Read, at least, two of your peer’s posts and respond to each with substantive comments. Assignment 3.3: The SunTrust Organizational Chart (20 points) 1. Locate SunTrust Bank’s most current organization chart, which can be found on the Bank’s website, , in the Bank’s internet site or in the Bank’s most current Annual Report. 2. Find the most current information about SunTrust Bank’s annual goals and objectives or guiding principles on the Bank’s website. 3. Identify SunTrust Bank Retail line of business most current annual goals and objectives. Using 200 words, respond to the following in a Word document: Explain how the structure of the SunTrust organization is in alignment with the Bank’s overall goals and objectives. How does the current structure support the Bank in achieving its goals and objectives?