Charlotte, North Carolina-based Truist Financial Corporation, an American bank holding company formed in December 2019 by the merger of BB&T and SunTrust Bank, has announced the cessation of sales and trading of mortgage-backed securities and government bonds by January 2024.
The change in product line operations targeted approximately 80 layoffs in its Atlanta, Georgia, and Memphis, Tennessee, offices
According to a company spokesperson, “Truist Securities regularly assesses opportunities for our organization and makes adjustments to our business to invest in areas for growth. We made the decision to exit certain aspects of our fixed income sales, research, and trading business by January 2024, and will work closely with our clients to support them during this transition.”
“Truist continues to assess and adjust the size of our workforce on an ongoing basis. We’re hiring in some areas and rightsizing in others through natural attrition and planned staffing reductions.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?