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Sept 11 - Truist Financial is planning"sizable reductions" to its workforce over the next few months to save roughly $300 million in costs and said the bank's revenue for the current quarter was likely to be in line with its expectations.
Analysts at Goldman Sachs said the expense program helps provide a"credible" path to holding costs relatively flat. 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.
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