Regional banking group SunTrust Banks said Monday it would shed some 2,400 jobs by the end of 2008 as part of a restructuring program aimed at trimming costs and improving shareholder value.
The cuts represent about seven percent of the workforce of the Atlanta-based bank, mainly in "non-customer contact employee positions," according to a statement.
SunTrust, the ninth largest US bank holding company by assets, said it would set aside 45 million dollars in the third quarter to cover the costs of the job cuts.
The company is aiming for cost reductions of about 530 million dollars per year by 2009.
"The progress we have made on (restructuring) 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 Wells, SunTrust president and chief executive.
