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Truist Cuts 5% of Investment Bankers on Dealmaking Uncertainty

  • Dozens of bankers affected by layoffs communicated in January
  • Bank says that it continues to assess, adjust workforce size
A Truist Financial Corp. bank branch in Lexington, Kentucky. 

A Truist Financial Corp. bank branch in Lexington, Kentucky. 

Photographer: Luke Sharrett/Bloomberg
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Truist Financial Corp. eliminated about 5% of its investment-banking division amid uncertainty surrounding the dealmaking environment, according to people with knowledge with the matter.

The Charlotte, North Carolina-based company communicated the job cuts across all levels in late January, said one of the people, asking not to be identified discussing personnel changes. Dozens of bankers were affected by the dismissals.