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June 16, 2007
SunTrust Banks Inc., one of the largest employers in the Richmond area, plans to trim 300 jobs in the next six months to lower costs.
The cuts will be made throughout the company, spokesman Mike McCoy said yesterday.
The Atlanta-based bank operates in 11 states and Washington. It employs 33,400 workers, including 3,674 in the Richmond area as of Jan. 1.
The bank has about 900 fewer positions than it had in September, when a hiring freeze was imposed. That freeze is still in effect, McCoy said.
The jobs that will be cut are in middle management, commercial and small-business administration, and operational support, he said. People who work directly with customers will not be affected by the layoff.
"We are flattening the organization and realigning administrative functions," McCoy said.
In another efficiency move, the bank said it would sell and lease back 475 offices and retail branches, including two in the Richmond area and a total of seven in Virginia.
SunTrust's downtown office, at 919 E. Main St., and a technology center, at 1030 Wilmer Ave. in Henrico County, will be sold and then leased by SunTrust.
Other offices for sale in Virginia are in Martinsville, Lynchburg, Staunton, Chesapeake and Manassas.
No closures are planned as part of the selling and leasing process.
SunTrust's stock rose $1.11 to $90.33 in New York Stock Exchange composite trading.
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