Truist plans ‘sizable’ job cuts to save millions of dollars in costs

CHARLOTTE — Charlotte-based Truist Financial Corp.’s plan to cut costs includes a “sizable reduction” in its workforce and consolidation of its leadership team, the bank said in a conference presentation to investors today.

The moves are part of Truist’s larger costs-savings program, which spans from the current third quarter to the first quarter of 2024.

The plan includes reducing about $750 million in costs over the next few quarters, which will allow the bank to lower expense growth substantially in 2024. Its reduction in force will shave off about $300 million in costs. Truist also plans to rationalize its technology spend, saving $200 million in that area, as well as save $250 million by consolidating leadership.

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