Branch consolidation and layoffs has been delayed to Aug 2021. They will be making 30% of their savings goals this year with getting rid of back office duplications and realignments.
No word on where the 30% savings will come from department wise. Wealth, Mortgage, Insurance expected to be hit.
Don't buy any 'big ticket' items, anytime soon.
In light of stock price drop and earnings going south expect the time frame on branch consolidation and associated “synergies” to be expedited. Panic is real!
It comes after 20200.
?
Get past paywall: https://outline.com/fvze38
https://www.google.com/amp/s/www.journalnow.com/business/launch-of-truist-likely-to-be-deliberate-with-carolinas-branch/article_0321e54c-9e7d-5f1c-852b-109fecebfbbf.amp.html
Insurance is a disaster. Needs a redo, ground-up.
And where did this info come from?
When is 20201?