North Carolina-based financial services company Truist Financial has trimmed around 5% of its investment banking headcount amid dealmaking slump due to market turbulence, reported Bloomberg.

Citing people privy to the development, the news agency said that dozens of bankers were laid off under the move.

These bankers will receive priority consideration for other jobs within the firm.

According to spokesman Kyle Tarrance, the affected staff will also secure severance and job-search support.

The redundancies were communicated across all levels late last month.

In an emailed statement, Tarrance stated: “Truist continues to assess and adjust the size of our workforce on an ongoing basis.

“We’re hiring in some areas and rightsizing in others through natural attrition and planned staffing reductions.”

Truist offers retail and commercial banking, capital markets, asset and wealth management, insurance, and payments services, among others.

At the end of 2021, the firm had full-time workforce of over 50,000.

Investment-banking income at Truist plunged 37% last year, which as per CFO Mike Maguire “compares favourably to overall industry fee performance.”  

In the face of economic uncertainties, retrenchment exercises have been rampant lately at various investment banks.  

Last year in December, US banking major Morgan Stanley axed around 2% of jobs, or nearly 1,600 employees, at its operations worldwide.

Besides, last month, Goldman Sachs commenced the process of cutting around 3,200 roles across its global locations.

BlackRock is planning around 500 job cuts to boost profitability, while Bank of New York Mellon (BNY Mellon) is looking to shed around 3% jobs this year

Germany’s Deutsche Bank has also shrunk its headcount.

Meanwhile, Bank of America is eyeing cost savings by halting hiring efforts except key roles.