SunTrust announces bank-wide layoffs ...

SunTrust announces bank-wide layoffs --

There are 5 comments on the Orlando Sentinel story from Aug 20, 2007, titled SunTrust announces bank-wide layoffs -- In it, Orlando Sentinel reports that:

SunTrust Bank plans to eliminate about 2,400 jobs companywide -- including 100 in Orlando -- as part of an ongoing streamlining to cut costs and boost profits, the Atlanta-based bank said today.

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Level 1

Since: Aug 07

Lincolnshire, IL

#1 Aug 20, 2007
If they want to cut costs why don't they freaking stop opening up a branch on every corner?? I don't understand why we need 4 banks at every intersection.

Columbia, SC

#3 Aug 20, 2007
GatorGrad wrote:
If they want to cut costs why don't they freaking stop opening up a branch on every corner?? I don't understand why we need 4 banks at every intersection.
no kidding... what IS up with that? seems the virtual banks, not the brick and mortars, are the ones offering the best deals... because they DON't have all that infrastructure overhead. But i will still bank with them... they've been very good to me. i suspect the post indicating otherwise is from a newly laid off employee.

Leavenworth, KS

#5 Aug 20, 2007
Anyone using the internet should do their banking at ING DIRECT

Lawrenceville, GA

#9 Aug 22, 2007
Look people, as a SunTrust employee, I can tell you, management is spinning this thing like it will be for the overall benefit of the bank as a whole. It will only benefit the top execs. When we confronted one in a meeting asking if he would relinquish his bonus "for the overall benefit of the bank", he asked that security escort the person that asked the question out of the room. Look, SunTrust management is scum. I am ashamed to say I work there. Just today, more RIF packages, and it's not nearly over. Another RIF is scheduled in January 2008, and there will be more if they want 530 million recovered, beleive me. Those of us that are left are expected to do more, for less! It sucks.
15 Year Ex-Empl

Johnson City, TN

#10 Aug 30, 2007
Trust me, only the little Suntust employees will lose their jobs. There are so many levels of idle management it is crazy. Small management commettees write their own organizational charts, and they are full of high paying do nothing managers. It doesn't take a Harvard grad. to know that if you let exe's write the charts, they won't cut the middle managers, they want to keep their little piece of the pie. One middle managered managed five mailrooms, and only visited them once a year. Never did anything else. There is waste in the middle of SunTrust, its a crime. Stockholders are the ones paying, not to mention the little guys at the bottom.

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