Charlotte’s Truist Bank Announces Massive Job Cuts and $1.2 Billion Quarterly Profit

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Charlotte-based Truist bank (a merger of SunTrust and BB&T) just released their 4th quarter earnings report for 2020, announcing 1,307 job cuts and a $1.2 billion profit in the last 3 months of the year.

The bank started 2020 with 59,000 total employees and ended with just 53,693 after cutting overlapping positions and closing hundreds of branches.

They posted a total revenue figure of $5,651,000,000 in the 4th quarter of 2020, up from $3,625,000,000 in the 4th quarter of 2019.

“In a year of unprecedented challenges for our nation and the financial services industry, I’m extremely proud of our teammates and their rapid and sustained response to meet the needs of our clients and communities,” said Chairman and Chief Executive Officer Kelly S. King. “Despite this difficult environment, our performance was very strong in 2020 and we closed the year on a high point with our best quarter yet in terms of financial performance.”

While Truist Bank officially merged in 2019, the bank is still undergoing a number of merger procedures. Most of their branches still bear the names of BB&T and SunTrust. The bank expects that customers will start seeing the ‘Truist’ brand in their digital banking by the end of this year.

The bank is also planning on closing an additional 226 more branches in the first quarter of 2021 and laying off thousands of more workers in the process.

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