Yahoo Finance Truist announces new job cuts as restructuring continues for Charlotte-based bank
Truist is cutting jobs from its technology department, the bank confirmed to The Charlotte Observer on Monday.
Tech employees were notified about certain roles that will be impacted by the Charlotte-based bank’s strategic initiatives. Truist did not disclose how many jobs will be cut.
The news comes just a week before the company announces its second-quarter earnings, scheduled for July 22. The bank announced cuts to branches and ‘sizable layoffs’ last year as part of a $750 million cost-cutting plan.
Truist now has 40,000 employees, the company said.
More than 3,000 workers are in the Charlotte area, the Observer previously reported. Truist is headquartered at 214 N. Tryon St. The bank declined to say how many workers it currently has in the region.
The latest job cuts from the bank were made to improve business matters and relationships with clients, Truist said in a statement.
The bank said it will help impacted workers by finding other opportunities internally and externally. Truist will make the cuts in the next three to four months but the impact to Charlotte is unknown, the Charlotte Business Journal reported.
In September, Truist CEO Bill Rogers said there will be “sizable” layoffs at the bank as part of the $750 million companywide cost-cutting plan, The Charlotte Observer previously reported.
At the time, Truist did not disclose the number of people who would be laid off, but said the actions would happen between the third quarter of 2023 and the first quarter of 2024. That plan also includes consolidating leadership roles for fewer layers of management.
Truist plans to reduce bank branches too
Bank branches were also slashed.
Truist announced plans in December to close nine branches in the Charlotte region and North Carolina, as the bank deals with its cost-cutting moves.
More customers are banking digitally. As a result, Truist decided to close 3% of its 285 branches across North Carolina by March, the Observer has reported. The locations were selected based on customer behavior, branch traffic and transaction volume, according to the bank.
In March 2022, Truist closed five Charlotte-area branches because of overlap after the merger of BB&T and SunTrust that formed Truist in 2019. In total, Truist planned to close 800 branches.
And in May, the bank finalized a deal to sell its stake in Truist Insurance Holdings for $15.5 billion.
With more than 200 offices and about 10,000 employees, Truist Insurance Holdings will remain headquartered in Charlotte, according to Truist. The sale was not expected to have any local impact, the Observer previously reported.
