Truist Eyes ‘Sizable’ Job Cuts as CEO Rogers Laments Performance

Truist Financial Corp. will embark on “sizable” job cuts as part of the firm’s efforts to trim expenses by $750 million in the coming months.

The Charlotte, North Carolina-based firm is looking to limit expense growth to 1% in 2024, compared with the 7% it expects for this year, according to a presentation on the company’s website. The job cuts should help the firm achieve $300 million in savings alone.

William Rogers Jr.

Photographer: Al Drago/Bloomberg

“I’m highly aware that our financial performance has not met all of your expectations,” Chief Executive Officer Bill Rogers said during the Barclays Global Financial Services Conference on Monday. ...