From NASDAQ:

Truist Financial (TFC) will be closing 4% of its branches by March as part of a cost-saving plan. This will bring the total number of branches down to 1,900. The closures are due to lower traffic and the company aims to reduce expenses by $750 million and cut jobs.

Other banks like Wells Fargo and State Street are also slashing jobs to cut costs. Wells Fargo’s CEO announced $1B in severance expenses and State Street is reducing 1,500 jobs to drive productivity and create efficiency. The company projects $175-$200 million repositioning charge in Q4 2023.



Read more: Truist Financial (TFC) to Close 4% of its Branches by March