Triumph Financial in Dallas is cutting about 5% of its workforce.
The $6.5 billion-asset company disclosed in a regulatory filing that the layoffs, along with other initiatives, should lead to about $4.5 million of charges, mostly occurring in the third quarter.
Based on Triumph’s full-time employee count on June 30, that would be about 80 positions.
Other cost-cutting moves will include reductions in facilities, legacy technology, vendor spend, and travel.
Overall, the cuts should result in about $18 to $20 million in annualized run-rate cash savings, with 80% of the savings beginning in the fourth quarter.