Truist Financial Corporation announced a cost-cutting plan that is expected to reduce operational costs in the company by over 750 million dollars. It is estimated that layoffs will reduce costs by 300 million dollars, while organizational restructuring and reductions in technology expenses are responsible for cutting 450 million dollars. The company would not disclose how many employees will be impacted by this plan, although certain researchers predict that one thousand to two thousand jobs in Charlotte, where Truist is headquartered, could be cut over the next year. The company stated that the plan will increase financial performance in the coming years, and will reduce redundancy in company operations by consolidating the Truist markets to fewer geographic areas. The plan will also focus future Truist investments on new and developing automation and technology.
See "Truist announces financial cuts that will reduce the company’s workforce and operational costs", Richard Craver, Winston-Salem Journal, September 14, 2023