$750 million dollars needs to be cut in expenses so there will be some local folks out of work. A North Carolina based bank is planning major layoffs to offset the bottom line.
Charlotte based Truist bank gave the warning last week at an investors conference. According to the Charlotte Observer, the bank plans “sizable reductions” in its workforce as the company cuts expenses. There is no word yet on the exact number that will be effected by the cuts. Action will reportedly take place at the end of the year and the first of 2024.
The bank says the job cuts will save around 300 million dollars. CEO Bill Rogers reportedly says the changes will have several goals. The Charlotte Observer reports they are:”simplify the business; accelerate franchise growth; lower growth of expenses; improve its capital position; and align compensation to shareholder return”.
Rogers reportedly says the changes will include fewer layers of management. Right now, Truist has 3,000 employees in Charlotte and around 50,000 employees company wide. Truist is the seventh largest bank in the United States. To learn more about this North Carolina based bank planning major lay offs, get details here.
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