Truist will cut an undisclosed number of tech department jobs, a bank spokesperson confirmed Tuesday.
The job cuts fall in line with a cost savings plan the bank announced in September. CEO Bill Rogers and CFO Mike Maguire announced a plan that month to cut $750 million in costs, with $300 million of those savings stemming from job cuts alone.
“Truist regularly assesses opportunities for continuous improvement. We recently notified technology teammates about certain roles that will be impacted by Truist’s strategic initiatives,” a spokesperson told Banking Dive in an emailed statement. “These initiatives will accelerate the enhancements of our platforms and processes, deepening client relationships and providing enriched client service.”
Truist will help affected employees, who comprise a small percentage of the firm’s tech and operations teams, to “identify available opportunities internally and externally,” a bank spokesperson said.
The cuts will occur over the next three to four months.
The bank is set to report its second-quarter earnings Monday.
Other elements of the cost savings plan executives put forth in the fall include a $200 million cut in technology expenses and $250 million saved through leadership restructuring.
In May, Rogers said the bank remains focused on streamlining expenses.
“We felt we needed to have a little bit of a shock to the system,” Rogers said at the time, speaking at the Bernstein Strategic Decisions Conference in New York City.
The bank’s expense base had been growing by a percentage in the mid-single digits prior to the changes announced in September. Rogers said Truist expects to keep expenses flat this year, although he stopped short of making the same projections for 2025.