Thread regarding Truist Bank layoffs

Truist currently has about 55,000 employees. Given the layoffs we'll probably drop to 50K or less.

35,852 (BB&T) +22,899 (SunTrust) = Total 58,751 (Truist)

BB&T

• Employees
• For the quarter ended December 31, 2018, BB&T had 35,852 FTEs, compared to 36,484 FTEs for the quarter ended December 31, 2017.

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SUNTRUST

• Employees
• At December 31, 2018, the Company had 22,899 full-time equivalent employees. None of the employees within the Company are subject to a collective bargaining agreement. Management considers its employee relations to be in good standing.

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Expect the layoffs/RIFs to be done in phases. LD1 will start the first round, but plan to see more in 2020 and 2021...and ongoing. RIFs are part of the executive culture and part of Bill Rogers play book. They will want to be at 50% of the pre merger combined headcount by year 2. Executives will be incented at every angle.

I agree that the number is closer to 15000 than the 5 to 8000 number. They should get 5 to 8 from branch closures alone. On a related note anyone ever heard of a lower level manager (L5) being allowed to move a 1000 miles from their home base and keep their job? How can you manage a group of 8 to 10 people remotely that way. The arrogance of this is mind blowing in light of what is coming layoff wise. I would guess this was done with no sign-off by HR by a high level exec. If justice exist both these people will be RIF'ed.

5-8k sounds minimal to me. I’m thinking double that. I’m waiting till LD1 and expect to be one of them.

Somewhere between 5 and 8000 of you loyal subjects with all that culture will be cultureless in thenext 6 to 12 months. The good old boy club won't be able to save you unless you're LDP and Mr. Rogers and his merry band of teammates won't give a wit about them either. Good luck to all you Synergetic Truist…..

layoffs will be massive

They never defined what “high producing” means - it can be a million made for the company, or 50 mil or 50k... this just means that everyone is a-potential layoff target...

The "all high producing client facing employees will have jobs" is honestly BS.

The "all high producing client facing employees will have jobs" is honestly BS. With close to 750 branches within 2 miles of each other, there will be layoffs and consolidations. Plus there is massive duplication in many departments (client facing or not) they will be dwindled down to just one team. We won't need 2 mortgage, 2 commercial, 2 insurance, 2 wealth, 2 branch ops, ect ect. Plus the new company will have to sell off deposits because in some areas the new bank will have to high of a market share in that area. LAYOFFS are coming, and not segment is safe.

Well, actually What they said was all high producing client facing employees would not not need to fear loosing their jobs

They told us that if we are 'client facing' we should not fear for our jobs.

My manager lies all the time, so not sure if I should listen to her, but this is all over the news and I have to believe it - otherwise they'd keep quiet.