BB&T will eliminate dozens of employees at its Riverfront Plaza offices.
One of the big players in the Richmond investment banking industry is trimming its downtown headcount.
BB&T Securities, part of North Carolina banking giant BB&T Corp., announced Wednesday a restructuring that will eliminate 61 employees at its Riverfront Plaza offices at 901 E. Byrd Street.
Employees were notified of the changes that day, but the company would not comment on the timeline of when the cuts will be made.
The main arm of BB&T Securities in Richmond is BB&T Capital Markets, which handles all sorts of debt and equity investment banking deals and is headquartered here. The company said its Scott & Stringfellow arm, which is also based in Richmond and operates under the BB&T Securities umbrella, is not affected by the layoffs.
The company declined to comment in further detail beyond the announcement.
“This action will curtail our institutional equity sales and trading activity and end our equity research coverage,” the release stated. “We expect minimal effects to our other equity capital markets services, which include equity syndicate, at-the-market ‘ATM’ offerings, and share repurchases.”
It said the changes will not impact its debt capital markets and private client advisory operations, nor will it affect its retail banking operations in Richmond, which has 43 branches in the region controlling around $3.3 billion in local deposits.
It said the restructuring, “offers the opportunity to refocus our business model to further grow the debt capital markets, capital markets advisory, M&A and private client advisory platforms.”
BB&T Securities’ top local executive is John Jung, who leads BB&T Capital Markets. Reached late Wednesday, he referred all questions back to the corporate office.
The company said it will offer severance packages and outplacement services to the employees involved in the cuts.
“We recognize this is a challenging time for the affected associates and their families and we’re making every effort to place associates whose jobs are affected by this restructuring into other positions,” it said in the prepared statement.
BB&T Corp. is based in Winston-Salem. It has $220 billion in total assets and 2,200 offices in 15 states.
The company said it has 750 total employees in the Richmond area, including its retail bank branches. BB&T Capital Markets had 365 local employees according to a BizSense tally in 2015. The parent company would not break down current employment figures for its individual divisions in Richmond.
It said in its announcement it remains “committed to the Richmond community.”
BB&T will eliminate dozens of employees at its Riverfront Plaza offices.
One of the big players in the Richmond investment banking industry is trimming its downtown headcount.
BB&T Securities, part of North Carolina banking giant BB&T Corp., announced Wednesday a restructuring that will eliminate 61 employees at its Riverfront Plaza offices at 901 E. Byrd Street.
Employees were notified of the changes that day, but the company would not comment on the timeline of when the cuts will be made.
The main arm of BB&T Securities in Richmond is BB&T Capital Markets, which handles all sorts of debt and equity investment banking deals and is headquartered here. The company said its Scott & Stringfellow arm, which is also based in Richmond and operates under the BB&T Securities umbrella, is not affected by the layoffs.
The company declined to comment in further detail beyond the announcement.
“This action will curtail our institutional equity sales and trading activity and end our equity research coverage,” the release stated. “We expect minimal effects to our other equity capital markets services, which include equity syndicate, at-the-market ‘ATM’ offerings, and share repurchases.”
It said the changes will not impact its debt capital markets and private client advisory operations, nor will it affect its retail banking operations in Richmond, which has 43 branches in the region controlling around $3.3 billion in local deposits.
It said the restructuring, “offers the opportunity to refocus our business model to further grow the debt capital markets, capital markets advisory, M&A and private client advisory platforms.”
BB&T Securities’ top local executive is John Jung, who leads BB&T Capital Markets. Reached late Wednesday, he referred all questions back to the corporate office.
The company said it will offer severance packages and outplacement services to the employees involved in the cuts.
“We recognize this is a challenging time for the affected associates and their families and we’re making every effort to place associates whose jobs are affected by this restructuring into other positions,” it said in the prepared statement.
BB&T Corp. is based in Winston-Salem. It has $220 billion in total assets and 2,200 offices in 15 states.
The company said it has 750 total employees in the Richmond area, including its retail bank branches. BB&T Capital Markets had 365 local employees according to a BizSense tally in 2015. The parent company would not break down current employment figures for its individual divisions in Richmond.
It said in its announcement it remains “committed to the Richmond community.”