Truist plans to make “sizable reductions” to its workforce over the next three quarters, as the bank embarks on a cost savings program aimed at shaving $750 million off the bank’s gross costs over the next 12 to 18 months, CEO Bill Rogers said Monday.
The job cuts alone are expected to save the Charlotte, North Carolina-based bank roughly $300 million annually, according to a presentation Rogers and CFO Mike Maguire gave during the Barclays Global Financial Services Conference. The bank expects the larger cost savings program will trim expense growth from this year’s estimated 7% to 1% in 2024.
