Truist Cuts 800 Jobs Following Merger, More Layoffs Expected

Truist Cuts 800 Jobs Following Merger, More Layoffs Expected

11:04am Apr 20, 2020
Photo courtesy of Truist.

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.

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