Truist cut 80 people on fixed income changes, Bloomberg reports

Truist Financial plans to end sales and trading of mortgage-backed securities and government-agency and Small Business Administration bonds by January, Martin Braun, Liz Capo McCormick and Max Reyes of Bloomberg report, citing people with knowledge of the matter. The bank cut about 80 people in its Atlanta and Memphis offices on Thursday in connection with the changes, sources told Bloomberg. In an emailed statement, the bank said, "Truist Securities regularly assesses opportunities for our organization and makes adjustments to our business to invest in areas for growth. We made the decision to exit certain aspects of our fixed income sales, research and trading business by January 2024, and will work closely with our clients to support them during this transition."