He makes me laugh.
Truist CFO Mike Maguire suggested that a wide-ranging revamp of the company’s organizational structure will be key to realizing $750 million in cost savings.
“Avoidance of any sort of siloed or inefficient decision making… will create productivity, but also will help guide a lot of the decisions we’re making around just organizational design,” he said at the BancAnalysts Association of Boston Conference on Friday. “Some of the other work that we talked about was just rationalizing the investments that we’re making, or spend that we have on the technology side of the business.”
Through a comprehensive cost control effort, the bank is on course to prioritize initiatives to continue, defer or stop while it consolidates facilities, vendors and medical providers.
“We feel very good about the progress we’re making there and, and in the commitment that we’ve made around managing expense control next year,” said Maguire.
At the same time, the CFO acknowledged that some vendor costs may increase, while the company invests in onboarding, lead generation, client acquisition and promotional marketing.