Truist plans to cut an undisclosed number of jobs in its technology division, a bank spokesman confirmed Tuesday.
The reduction in personnel is Cost Reduction Plan The bank made the announcement in September. CEO Bill Rogers and CFO Mike Maguire unveiled a $750 million cost-cutting plan that month, including $300 million in investments. Only due to staff reductions.
“Truist regularly evaluates opportunities for continuous improvement, and we recently notified members of our technology team about specific roles that will be impacted by Truist’s strategic initiatives,” a spokesperson said in an emailed statement to Banking Dive. “These initiatives will accelerate enhancements to our platform and processes to deepen customer relationships and deliver enhanced customer service.”
A bank spokesman said Truist would help affected employees, who make up a small portion of the company’s technology and operations teams, “identify available opportunities both internally and externally.”
The cuts are expected to take effect over the next three to four months.
The bank is due to report its second-quarter results on Monday.
The cost-cutting plan executives unveiled in the fall also included cutting $200 million in technology expenses and saving $250 million through a management restructuring.
In May, Rogers said the bank Continued focus on streamlining expenses.
“We felt like we needed a bit of a shock to the system,” Rogers said at the Bernstein Strategic Decisions Conference in New York City at the time.
Prior to the changes announced in September, the bank’s expense base had been growing at a mid-single-digit percentage rate. Rogers said Truist expects expenses to remain flat this year, but did not offer the same forecast for 2025.
