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A publicly traded East Coast financial services company intends to close a Valley facility and lay off 120 people.
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Truist Bank, the retail banking arm of Charlotte, North Carolina-based Truist Financial Corp. sent a letter to the Arizona Department of Economic Security on Sept. 15 saying that 120 workers at its facility in Tempe who are employed by Truist’s near-prime auto loan subsidiary, Regional Acceptance Corp., will lose their jobs.
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The layoffs are to be spread out from Nov. 30 through Feb. 28, 2027, when the facility at 1700 North Desert Drive in Tempe will permanently close, according to the letter, that was issued in accordance with the Worker Adjustment and Retraining Notification Act, or WARN.
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Read more of this story from the Business Journal.