Truist layoffs 2023 – Why did they cut off their employees?

Hey there, folks! So, I’ve got some news to share with you, and I’ll make sure to use simple words and sentences that are easy for you to understand.

Guess what? Truist, a big company, is going through some tough times. They have to let go of some of their employees. Yup, they’re giving them the pink slip, which means they won’t have their jobs anymore. It’s a bummer for those folks.

Sometimes things go differently than planned, even for big companies. They have to make tough decisions to keep things running smoothly. It’s like when you have too many toys and insufficient space to keep them. You have to decide which toys to give away or sell so you can make room for new ones.

Layoffs can happen when a company needs to save money, or things aren’t going well. It’s like when you have a jar of cookies, and you need to take some out to share with your friends. The company takes out some workers to help them stay afloat.

Remember, change can be tough but can lead to new opportunities. Those who got laid off will have a chance to find new jobs and explore different paths. It’s like when you finish a book and get to pick a new one from the library—exciting, right?

So, that’s the scoop on Truist. It’s never fun to hear about people losing their jobs, but let’s hope they find something better soon. We know you folks are still unsatisfied, so in this article, we will reveal some shocking facts that have led to the downfall of Truist. With that, we will also delve into many things that you should know to understand more about Truist and its layoffs. 

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Truist Layoffs 2023

Whoa, buckle up, folks! Truist Bank has been making some major cuts, and it’s leaving everyone scratching their heads. Let’s break it down for you in simple terms.

Back in January 2023, Truist gave the axe to many folks in their investment banking division. It was like taking a bite of a juicy apple, but unfortunately, it affected about 5% of that division. Ouch!

Fast forward to April 2023, and Truist struck again, letting go of around 80 employees in their Atlanta and Memphis offices. They trimmed down sales, trading, mortgage-backed securities, government bonds, and SBA jobs. It’s like a game of musical chairs; some people didn’t get a seat.

There were whispers about more layoffs in Truist’s TMT group and investment banking division earlier in the year. Still, the exact number of affected employees remains a mystery. It’s like trying to catch a slippery fish—hard to pin down.

Here’s the kicker: we need to find out if Truist has more layoffs. It’s like waiting for a surprise plot twist in a movie. Will there be more cuts in the future? Only time will tell.

What is the reason behind Truist layoffs?

Let’s try to unravel the mystery behind those Truist layoffs, but here’s what we’ve gathered. In January 2023, Truist waved goodbye to many jobs in its investment banking division. It’s like slicing a pizza and losing a few toppings—about 5% of that division got the boot. Ouch!

Then in April 2023, Truist swung the axe again, letting go of around 80 employees in Atlanta and Memphis. They snipped jobs in sales, trading, mortgage-backed securities, government bonds, and SBA. It’s like clearing out a cluttered closet, but unfortunately, some folks had to go.

Now here’s where it gets interesting. According to a post on, some managers let go of employees with lots of experience and fancy credentials while keeping those with just a year or two under their belts. It’s like making a decision that doesn’t add up.

There were whispers of more layoffs in Truist’s TMT group earlier in the year, but we’re not sure how many employees were affected. It’s like trying to catch a slippery fish—hard to grasp.

Oh, and let’s not forget, Truist announced over a thousand job cuts in their 2020 earnings report. But it needs to be clear how many were actual layoffs. It’s like trying to count the stars in the sky—pretty tricky.

So, what’s the real deal behind these layoffs? Well, we’re still determining. Truist might be shaking things up, changing certain parts of their business. But the exact reasons are still a mystery. My friends, life’s full of surprises, and sometimes we must go with the flow and see what happens next.

What is the size of Truist’s workforce before and after the layoffs?

All right, let’s talk numbers! Truist’s employee count has been like a roller coaster ride lately, going up and down for various reasons. Here’s what we’ve gathered:

Back in the beginning of 2020, Truist had a whopping 59,000 employees. That’s like having a small army of workers ready to tackle anything that comes their way. Impressive, right?

But then, in January 2023, Truist cut many jobs in its investment banking division. It was like trimming the edges of a bush—about 5% of that division got the boot. Not a massive chunk, but still significant.

Rumors started swirling about layoffs in Truist’s TMT group and investment banking division in 2023, but we need to determine the exact number of affected employees. It’s like trying to solve a puzzle without all the pieces.

Fast forward to April 2023, and Truist bid farewell to approximately 80 employees in their Atlanta and Memphis offices. It’s like taking a handful of marbles from a jar—just a small portion, but it still makes a difference.

Here’s the kicker: we still need the exact figures for Truist’s current workforce after the layoffs. It’s like trying to guess the number of jelly beans in a jar—pretty tricky. But one thing’s for sure, Truist has gone through a few rounds of layoffs lately, which likely means a smaller team overall.

Has Truist announced any plans to hire new employees in the future

Truist has been doing some job cutting lately. They dismissed dozens of positions in their investment banking division and waved goodbye to folks in sales, trading, mortgage-backed securities, government bonds, and SBA. Ever since the merger of SunTrust and BB&T back in 2020, Truist has been shrinking its workforce size. It’s like fitting into a smaller pair of jeans—getting more snug.

It’s not all gloom and doom! Truist does offer some perks to their employees. They’ve got those sweet employee benefits, like a cherry on top of an ice cream sundae. And hey, they’ve even got some job openings, like the position of Producer – Employee Benefits. It’s like leaving a door open for new possibilities.

Here’s the catch: we’re curious if Truist plans to hire more peeps. It’s like waiting for the next big surprise in a magic show. Will they bring in fresh faces? Only time will tell.

What is the current state of Truist’s business operations?

Even after downsizing, Truist is far away from bankruptcy. In the first quarter of 2023, Truist reported some impressive numbers. They raked in a cool $1.4 billion earnings, and their ROTCE (Return on Tangible Common Equity) was a solid 24.1%. It’s like hitting a home run and scoring big in the financial game.

Truist recently made a smart move by selling a 20% stake in Truist Insurance Holdings to Stone Point Capital. The price tag? A whopping $1.95 billion. It’s like striking a lucrative deal and cashing in on an opportunity.

Truist isn’t just your run-of-the-mill financial institution. They’ve got a clear purpose and offer a wide range of services. Think consumer and commercial banking, securities brokerage, asset management, mortgages, and insurance. They’ve got their fingers in many pies, making them a versatile player in the industry.

Truist is in a good spot financially. They’re making strategic adjustments to their operations, which could mean they’re setting themselves up for even more success. 

When did Truist cut dozens of jobs in its investment banking division?

Truist decided to slash many jobs in its investment banking division towards the end of January 2023. The news comes from a report by Bloomberg, a trusted source for financial matters. Now, how many jobs were on the chopping block? 

Well, it was dozens of them! That’s quite a hit for the division. We’re talking about around 5% of the whole bunch being let go. It’s like removing some puzzle pieces and hoping the picture makes sense.

But here’s a little silver lining in this stormy cloud. Truist didn’t just leave those affected employees high and dry. Nope, they gave them priority consideration for other positions within the company. It’s like saying, “Hey, we had to make some tough choices, but we still care about you and want to help you find a new spot on our team.”

So, my friends, that’s the scoop on the investment banking division layoffs at Truist. It’s a tough situation, but the company is doing its best to handle it with compassion and thoughtfulness. Life throws us curveballs sometimes, but how we handle them really counts.

How many investment bankers were affected by Truist’s January 2023 layoffs?

The number of investment bankers affected by Truist’s January 2023 layoffs remains to be determined. The search results provide different figures, making it difficult to pinpoint an exact count. However, according to a report by Bloomberg, dozens of bankers were impacted by the layoffs. 

Another source suggests a smaller number, with reports indicating around 200 employees globally within the investment banking sector were affected. Unfortunately, we don’t have a precise number to work with here. It’s like trying to solve a puzzle without all the pieces. 

But we do know that there were job cuts within Truist’s investment banking division, and it impacted a significant number of bankers. Change can be tough, but how we adapt and move forward defines us.