Bank holding company Truist Financial Corporation (TFC) is planning to downsize its workforce over the next few months to save about $300 million in costs as part of its larger cost savings program, which is expected to continue till the first quarter of 2024. Additionally, the company might consider selling its remaining 80% stake in its insurance subsidiary for a potential $10 billion.
TFC is set to report its third-quarter results on October 19. In the second quarter, $538 million in provisions for credit losses compared to $171 million a year earlier. The company also reported $0.92 earnings per common share, missing the analysts’ expectations of $1.01 per share.
