Truist Financial Corporation

Truist Financial Corporation has announced layoffs affecting approximately 400 employees in its mortgage unit, attributed to a raid by competitors that has significantly impacted revenue. The layoffs are part of a broader restructuring effort as the company adapts to the competitive landscape in the mortgage sector. The decision comes amid challenges in maintaining market share and profitability. Truist's management indicated that these cuts are necessary to streamline operations and focus on core business areas. The layoffs are effective as of October 1, 2023, and reflect the ongoing adjustments within the financial services industry.

Truist Bank, the retail banking arm of Truist Financial Corp., notified the Arizona Department of Economic Security via a WARN letter that it will permanently close its facility at 1700 North Desert Drive in Tempe and lay off 120 employees who work for its near-prime auto loan subsidiary, Regional Acceptance Corp. The letter, dated Sept. 15, states the layoffs will be spread from Nov. 30 through Feb. 28, 2027, when the Tempe facility will close. The notice was issued under the Worker Adjustment and Retraining Notification Act. The action affects workers at the Tempe facility specifically and is a company-planned workforce reduction tied to the facility closure.

Truist Financial Corporation is cutting 205 jobs as it exits a decades-old consumer lending business. The bank said it will eliminate those positions as part of an exit from the legacy lending unit, reflecting a strategic move away from that line of business. The article frames the cuts as a formal workforce reduction tied to the closure/transfer of the lending operations and cites the specific headcount of 205 employees affected. No specific layoff date or city/location for the job cuts was provided in the article. The move is presented as part of Truist's restructuring of its lending footprint rather than a wider industry layoff trend.