Truist laid off 5% of investment banking division, Bloomberg reports

Truist Financial eliminated about 5% of its investment banking division amid uncertainty surrounding the deal-making environment, Gillian Tan and Max Reyes of Bloomberg report, citing people with knowledge with the matter. The job cuts were communicated in late January, a source told Bloomberg. Spokesman Kyle Tarrance commented, "Truist continues to assess and adjust the size of our workforce on an ongoing basis. We’re hiring in some areas and rightsizing in others through natural attrition and planned staffing reductions."