SunTrust Banks Inc. said Monday it will cut 2,400 jobs -- including 100 in Orlando -- by the end of 2008 as part of its "E- Squared" Productivity and Efficiency Program (E2).
The 2,400 jobs being cut represent about 7 percent of its work force.
Atlanta-based SunTrust says the job cuts will cost it a one-time $45 million charge in the third quarter, but will save it $145 million by 2009. The company says the cuts are non-customer contact employee positions.
In January, SunTrust unveiled the cost-cutting program, which involves identifying and enacting efficiency and productivity measures related to corporate real estate, supplier management, outsourcing, and a review of its business organization. It estimates the program will cut $530 million by the end of 2009.
SunTrust (NYSE: STI) has a 19.6 percent market share in Central Florida with $6.2 billion in deposits and 71 offices, according to the Federal Deposit Insurance Corp.
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