SunTrust Bank Laying A Bunch Of People
SunTrust Banks said yesterday that it plans to cut 2,400 jobs by the end of next year in line with an “organizational design review.”
SunTrust Bank said it expects the organizational design initiative to achieve its financial goal of $145 million in savings in 2009, and that it is on track to meet its planned overall E2 target of $530 million in annual gross cost savings in 2009.
“The progress we have made on E2 provides solid evidence of the capacity of our organization to drive for improved financial performance while continuing to invest for the future and take advantage of the growth opportunities in our markets,” said James M. Wells III, SunTrust Bank president and CEO.
As a result, SunTrust Bank expects that it will have eliminated approximately 2,400 primarily non-customer contact employee positions by year-end 2008.
The company said it will incur a pre- tax, one-time charge of $45 million in the third quarter of 2007 to cover costs associated with that development.
SunTrust Bank “emphasized that its sales and revenue generation capabilities are not affected by the streamlining moves and that they are consistent with the Company’s priority of emphasizing growth of client-facing positions within its workforce.”
SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation’s largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of June 30, 2007, SunTrust had total assets of $180.3 billion and total deposits of $122.9 billion. The Company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states and a full array of technology-based, 24- hour delivery channels. The Company also serves customers in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the Company provides credit cards, mortgage banking, insurance, brokerage, equipment leasing and capital markets services.
Tell you what working for banks and mortgage companies right now is a financial dangerous proposition, right now McDonald’s is starting to sound really good.
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I am one of those that lost his job this sucks.