Thread regarding Truist Bank layoffs

Re the 10k figures and back of napkin, we aren’t saving 2% of 257MM; you can’t tell the number bc the savings come from those currently getting a 6% match which will drop to 4%. So if every contributor is contributing 6% today, the employer cost would go down by a third (ie 2/6) or $84Mm. If no one is contributing 6% the savings is 0. My guess is they save $30-40MM but you’d have to know the amount of salary from those getting a 6% match and the amount they save from that going to 4

Working in Wealth, I promise you most business owners are greedy f’s who buy a new second while telling their staff they can’t have raises due to inflation.

Meh. As a business owner and employee, I can empathize with a company needing to cut back in benefits and everything else to stay afloat. They can't save everyone/everything so they're culling where they can to save who they can.

I honestly don't think it matters who the CEO is. Most employees would still find a reason to hate and complain. Some people sit and whine while some people sit and do their work.... we might all loose our jobs but I respect the latter more.

So is the point of the below that the bank will save $5 million instead of $1.2 million, or just that cutting the 401k contribution is defensible because you have to look up the 10k before you are allowed to have an opinion about the action?

More napkin math… one overpaid executive being shown out could save the 401k contribution.

Better cut that pension to align with industry standards.

For the person too lazy to look up Truist’s 10K and assume the employer contribution is $60m, below are the actually contributions for FYE 2022:

• - 401k: $257m
• - pension: $431m

For the author of the post, below are 401k matches for many banks in Truist’s geographic footprint for reference:

• BoA: 5%
• Fifth Third: 7%
• First Citizens: 4.5%
• JP Morgan: 5%
• KeyCorp: 6%
• Pinnacle: 4%
• PNC: 4%
• Regions: 5%
• US Bank: 4%

"Agent".....
look at other large regional banks health care offering and decide for yourself. PNC wells TD and citizens they all publish the cost of their healthcare plans online like truist look at how much they pay compaired to your tiny increase Just saying educate yourselves before making a stupid comment like this

The 401k cut is all the proof anyone should need about Rogers. Truist probably spends about $60 million annually on the employer contribution, which they can deduct. That’s probably less than the total cost of shuttling Bill on the jet for a year, so just be sure you are clear about who counts around here and who doesn’t, act accordingly.

It was a d**k move, and that’s about what you can expect from Bill and his buddies.

So many "agents" on this site. The simple fact is everyone has just taken a 2% pay cut. Couple that with a 0.0% rise this year and increased health care you are about 5 - 10% worse of than you were last year. That 2% by the way represents how much of the wage bill

look at other large regional banks health care offering and decide for yourself. PNC wells TD and citizens they all publish the cost of their healthcare plans online like truist look at how much they pay compaired to your tiny increase Just saying educate yourselves before making a stupid comment like this

First: Truist leadership doesn’t care about anything except the bottom line. All the banks are that way now.

Pension: not everyone is eligible for the pension. Truist isn’t just a bank.

And Truist is aligning with the industry. Banks have different matching orders and one being they don’t care a thing about their employees.

So many "agents" on this site. The simple fact is everyone has just taken a 2% pay cut. Couple that with a 0.0% rise this year and increased health care you are about 5 - 10% worse of than you were last year. That 2% by the way represents how much of the wage bill in dollars? If 300 million is the target? Or is that smoking mirrors also, and its actually allot higher. Purpose. Caring.

So the goalpost for Truist is to align with the industry, instead of focusing on becoming a leader and attracting the best talent. The leadership couldn't be any more myopic.

that's more than fair

could be because truist still has an active defined benefit pension plan??