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Wednesday, May 22, 2024

Truist trimming about 80 offices by March

Truist Financial is closing about 80 branches by March, continuing its cost-cutting moves aimed at boosting profit and valuation.

The Charlotte-based bank hasn’t given a specific number of branch closings, but industry trade publications reported it would be about 3.5% to 4% of its 2,006 existing offices in 17 states and the District of Columbia. Truist didn’t say how many jobs will be eliminated through the closings. Branches typically employ a half dozen or more staffers

The bank says digital transaction make up 60% of total bank transactions, while most of the closed branches are within two-and-a-half miles of other Truist offices, according to American Banker.

Following the closures, Truist will have more than 1,900 branches and 2,900 ATMs.

Last fall, Truist said it would cut costs by $750 million, including reducing its commercial and community banking regions from 21 to 14 and reorganizing its payments and commercial real estate units.

It has also shifted senior management with Beau Cummins promoted to a new chief operating officer post, while reducing the size of its board of directors.

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