Thread regarding Truist Bank layoffs

Truist commits to more aggressive cost cutting

During the second quarter earnings call on 07/16, Truist leadership committed to more aggressive cost cutting, to include aggressive layoffs. Will the executives turn the aggressive cost cutting on their own multi-million dollar total annual compensation? Shockingly, there was no comment on that.

I also have to say, it's hilarious to me that they are now saying they will take an aggressive look at company owned real estate to try and save money. This is a few months after closing one of the largest real estate deals in recent history for the downtown Charlotte building. They knew at that time they needed to cut costs, they had an opportunity to say we can be a flagship bank without the flashy feather in the cap (why do banks love downtown high-rises). Instead they execute the $500 million deal, and then a few months later say they need to take a look at how to tighten the real estate belt. Is anyone else lost?

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Post ID: @OP+15Z4387y

8 replies (most recent on top)

Can you say what areas and teams were hit?

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Post ID: @6udh+15Z4387y

It's corporate and there were others (I found out later in the day.) Some senior people and whole teams cut.

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Post ID: @6chi+15Z4387y

Is your colleague in a branch or corporate? Was this a one-off or do you have reason to believe there were others?

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Post ID: @5yje+15Z4387y

Layoffs hitting today. Just spoke to a colleague who has been impacted.

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Post ID: @5pyr+15Z4387y

Closing Enterprise locations translates into aggressive layoffs. Those positions will not be backfilled while the few that are needed will be relocated. That makes complete sense on paper and would be part of my strategy.

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Post ID: @3own+15Z4387y

I tend to think the “aggressive personnel rationalization plan” as he puts it will be heavily focused on retail.

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Post ID: @3wqv+15Z4387y

Quoting directly from Kelly King in the transcript provided on seekingalpha.com "We have a very aggressive personnel rationalization plan in process. And a good bit of that is already underway in 2Q as you alluded to. It will begin to flow down to the bottom line more in 3Q and 4Q as we get executing on that. The plans are well developed. And now, it’s just a matter of executing on the plans." By executing on those plans he means firing people. I hate the damn euphemisms.

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Post ID: @3wtl+15Z4387y

Can you provide a reference for “aggressive layoffs” being a part of the Q2 earnings call? Didn’t see that in the transcript.

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Post ID: @pql+15Z4387y

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