Truist Financial is planning "sizable reductions" to its workforce over the next few months to save roughly $300 million in costs and said the bank's revenue for the current quarter was likely to be in line with its expectations. The layoffs, part of a larger cost savings program, will be underway from the current quarter to the first quarter of 2024, Truist said in a presentation to investors on Monday, sending shares 2% higher in mid-morning trading. "Other cost savings initiatives include aggressively managing third-party spend, further reducing our corporate real estate footprint and rationalizing tech spend," said CEO Bill Rogers at the Barclays Financial Services Conference.