The happy bank making harsh layoffs
Truist Financial, the US commercial bank with an investment banking arm, likes to say it's a fun place to work. It prefaced its third quarter presentation with its values, which included being caring and happiness, with the latter defined as 'positive energy [that] changes lives.'
It's unfortunate, therefore, that while it exudes these vibes, Truist is also finding itself in the unhappy position of making job cuts which sound quite aggressive.
Truist didn't respond to a request to comment for this article, but it's understood that the bank has been making layoffs today. Forum website Wall Street Oasis has complaints of cuts in its industry coverage teams from associate level upwards. Some people have reportedly been asked to relocate at short notice or face being laid off. Posts on TheLayoff.com confirm that cuts have been happening this week, with yesterday allegedly dubbed 'Bloody Monday' by senior staff at the bank.
Unfortunately, none of this should come as a surprise. Later in the Q3 presentation, 10 slides after declaring its happy and caring values, Truist discloses that it plans to make $300m of cost cuts from reductions in force (RiFs). This only amounts to 3.5% of its spending on compensation last year, but some teams (healthcare) are said to have been particularly affected.
As at Citi, Truist's restructuring involves removing layers, consolidating functions and simplifying geographies. It's also doing some straightforward "restructuring."
It has not, however, forgotten its values entirely in the process. Sources say it's paying some generous severance of between two to three months' pay for people let go in the US.
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