Truist Cuts 5% of Investment Bankers Amid Dealmaking Uncertainty

Truist Financial Corp. eliminated about 5% of its investment-banking division amid uncertainty surrounding the dealmaking environment, according to people with knowledge with the matter.

The Charlotte, North Carolina-based company communicated the job cuts across all levels in late January, said one of the people, asking not to be identified discussing personnel changes. Dozens of bankers were affected by the dismissals.

“Truist continues to assess and adjust the size of our workforce on an ongoing basis,” spokesman Kyle Tarrance said in an emailed statement. “We’re hiring in some areas and rightsizing in others through natural attrition and planned staffing reductions.”

A Truist bank branch in Lexington, Kentucky, on Jan. 16, 2022.

Photographer: Luke Sharrett/Bloomberg