(Adds details on cost savings program in paras 2-3, shares in para 4)
Sept 11 (Reuters) - Truist Financial Corp is planning "sizable reductions" to its workforce from the third quarter of 2023 to the first quarter of next year to trim costs, the bank disclosed in a regulatory filing on Monday.
The layoffs, part of a larger cost savings program, are expected to save $300 million. Along with tech optimization and organizational simplification, it will yield a combined $750 million over 12 to 18 months.
Truist, in a presentation to investors, added expense growth in 2024 will be significantly lower than 2023.
The bank's shares were marginally up in premarket trading. (Reporting by Manya Saini in Bengaluru; Editing by Krishna Chandra Eluri)
