Truist Cuts 800 Jobs Following Merger, More Layoffs Expected
Truist Bank has cut 800 jobs as a cost-saving measure. The cutbacks come in the wake of a merger between BB&T and SunTrust.
The job reductions began in the first quarter and were part of cost-cutting measures promised to investors in the wake of that merger. Truist hasn’t specified where the cuts are taking place.
The News & Observer reports more layoffs are expected in the next few years, as hundreds of BB&T and Suntrust branches that overlap will be closed.
The two banks merged last year, and the corporate headquarters was moved from Winston-Salem to Charlotte. The combined institution is now the sixth-largest commercial bank in the nation.
The company says that beyond freeing up capital, the consolidation was driven in part by a desire to beef up the bank’s technology to compete with larger rivals.
Truist officials say that while the coronavirus pandemic has disrupted some long-term plans, they should be able to stick to their post-merger timeline.