Restructuring measures highlighted by Truist's seven staff changes

Truist Announces Major Changes and Personnel Shifts

In a series of significant moves, Truist, one of the largest banks in the U.S., has announced a restructuring plan and several personnel changes.

The bank is combining its real estate lending, direct and partnership lending, consumer capital markets, and consumer finance companies into a single consumer loan portfolio leadership structure. This reorganisation is expected to save Truist approximately $750 million over the next 18 months, with one-third of that coming from restructuring efforts.

As part of this restructuring, the bank has launched its first gamified finance app, The Foundry, in May. However, Lindsay Holden, the co-founder and CEO of Long Game, the gamified finance app that Truist bought in May, is no longer working at Truist. Lindsay Holden was initially tapped to lead Truist's Foundry when it launched.

Truist is also making personnel changes to help define its restructuring. Vinoo Vijay, who has served as Truist's CMO since 2020, is leaving the bank this week and moving to California. His role as CMO will not be filled immediately, and the search for a new head of marketing efforts is ongoing.

Sherry Graziano, previously the head of digital banking at Truist, has been appointed to lead the bank's marketing efforts. Chris Brogden, who was Truist's head of corporate real estate for security and aviation, is joining U.S. Bank as head of corporate real estate.

In another notable move, David Smith, who joined Truist as head of mortgage in July, is assuming all of consumer lending. Allison Robinson, who had been the head of community branch banking and emerging markets, is now adding premier banking to her responsibilities.

The bank's Enterprise Functions Technology team plays a critical role in its digital transformation. In a move that underlines this, Wells Fargo has hired Ken Meyer, previously the chief information and experience officer for enterprise technology delivery at Truist, as CIO of enterprise functions technology. Meyer is leaving Truist on October 23 to join Wells Fargo. Steve Hagerman, CIO of consumer technology at Wells Fargo, is "thrilled" to welcome Meyer to the team.

The bank is also streamlining its operations through consolidated business lines, fewer layers of management, and a scaled-back branch footprint. There are various schools of thought on how to disrupt the banking industry, and Truist's restructuring efforts reflect its commitment to innovation and efficiency.

Jon Ambler will lead the deposits team overseeing consumer and small business deposits, reflecting the strategic core value of deposits in Truist's consumer and small business banking division.

These changes are part of Truist's ongoing efforts to adapt and thrive in the rapidly evolving banking landscape.