CHARLOTTE, N.C. — Charlotte-based bank Truist Financial Corp. announced plans for a “sizable reduction” in its workforce during a conference presentation to investors on Monday.
It’s part of the bank’s larger plan to cut costs. The bank said it plans to reduce about $750 million in costs over the next few quarters, including at least $300 million in annual workforce.
Truist hasn’t said what specific jobs will be cut or when and where they could happen.
The bank released a statement to WFMY News 2:
"We regularly assess streamlining opportunities for our organization and make adjustments to meet client needs effectively and efficiently. As we continue to transform Truist to focus on our strengths and drive long-term growth and profitability, we’re hiring in some areas and rightsizing in others through natural attrition and planned staffing reductions. We’re committed to supporting affected teammates as they seek to find employment opportunities – with Truist or elsewhere," a Truist spokesperson said.
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