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Sept 11 - Truist Financial Corp is planning"sizable reductions" to its workforce from the third quarter of 2023 to the first quarter of next year to trim costs, the bank disclosed in a regulatory filing on Monday.
Truist, in a presentation to investors, added expense growth in 2024 will be significantly lower than 2023. Banks, which typically thrive in times of stable economic growth, are grappling with the possibility of a recession that might lead to troubled customers finding themselves burdened under debt on their credit cards and mortgages.
In July, Truist missed estimates for second-quarter profit, as the bank set aside more rainy-day funds to cover for potential defaults in a tough economy.
France Dernières Nouvelles, France Actualités
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