Truist Financial Charts A Recovery Path After 43% Stock Decline In 2023 Since Its February Peak: Analysis
Portfolio Pulse from Benzinga Neuro
Truist Financial (NYSE:TFC) is planning significant changes to boost its stock performance after a 43% decline since February 2023. The company plans to cut costs by selling or closing underperforming businesses and reducing its workforce. CEO William Rogers announced plans to eliminate $750 million in operating expenses over the next 12 to 18 months. These changes are expected to stabilize the company’s expense growth at around 0% to 1% in 2024, down from the estimated 7% in 2023.
October 13, 2023 | 8:14 am
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NEUTRAL IMPACT
The SPDR S&P Regional Banking ETF (KRE) was mentioned in comparison to Truist Financial's stock performance.
The ETF was mentioned in passing as a comparison to Truist's stock performance. It's not directly impacted by Truist's actions.
CONFIDENCE 80
IMPORTANCE 20
RELEVANCE 20
POSITIVE IMPACT
Truist Financial is implementing changes to improve its stock performance, including a significant reduction in operating expenses.
The company's plans to cut costs and stabilize expense growth are likely to improve its financial performance, which could positively impact its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100