Barclays, CitiGroup, Truist Financial and Santander announced layoffs this week as they look to cut costs and gain efficiencies. 

Truist is making “sizable reductions” to its workforce in the coming months to save $300 million in costs, the bank announced at the Barclays Financial Services Conference Monday. 

As the bank cuts personnel, it is also looking to its technology to gain efficiencies and reduce cost, Chief Executive Bill Rogers said during the conference. Utilizing technology within the bank is expected to save it roughly $200 million in the next 12 to 18 months.

“We regularly assess streamlining opportunities for our organization and make adjustments to meet client needs effectively and efficiently,” a Truist spokesperson told Bank Automation News. “As we continue to transform Truist to focus on our strengths and drive long-term growth and profitability, we’re hiring in some areas and rightsizing in others through natural attrition and planned staffing reductions.”  

The layoffs follow Rogers’ announcement during the bank’s second-quarter earnings call in July that it was committed to cutting costs, which could include hiring freezes. 

Truist has been investing in technology and efficiencies and the bank’s Q2 software expenses grew 10.7% to $237 million, according to its earnings supplement. 

Restructuring efforts

Citi also announced organizational updates this morning — including restructuring, new business leaders and job cuts. 

The bank did not announce how many employees will be affected but said in a release that it would be undergoing a bankwide restructuring. 

Citi is aligning its organizational model and management structure with its business strategy to simplify the bank and speed up decision-making, Chief Executive Jane Fraser said in the release, noting that “These changes eliminate unnecessary complexity across the bank.” 

The bank will now operate with five interconnected businesses: Services, markets, banking, wealth and U.S. personal banking, according to the release. 

Other layoffs

Also this week, Barclays announced 450 staff cuts in its retail banking business and Santander Consumer Bank Italy announced plans to close branches and cut 14% of its Italy-based workforce. 

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