SunTrust to Slash 2,400 positions
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#1 Aug 20, 2007
Suntrust has been laying off folks on a regular basis for at least four years now. Their previous euphemism was transformation. Their Information Technology department went through a "transformation" in 2003 laying off hundreds of IT employees as they hired new staff.
In 2004 they outsourced huge projects and laid off even more staff only to discover that was a huge mistake. Unfortunately they let all of their knowledge base go and spent millions on big accounting firms and companies in India only to discover they could not deliver. They laid off hundreds more last year.
Their aging legacy mainframe systems are woefully inadequate and a patchwork of systems tied together. That's why they have inferior online banking products compared to Bank of America or Wachovia.
This company is a cash cow with huge Coca Cola holdings. At the rate they are going they will be acquired by another bank and Atlanta will lose yet another banking institution because it was managed poorly.
SunTrust is the most dysfunctional company I've worked at in over 25 years in corporate America. Though it may take these folks awhile to get another job they'll be better off in the long run.
Its a shame to see the management responsible continues to work there. Hopefully Georgia State can acquire their buildings at a bargain rate when Suntrust ends up being acquired by another bank that knows how to run a business.
#2 Aug 20, 2007
As someone who seen a lot of layoffs in Atlanta, the best advice I can give for people is to remain upbeat when looking for a job and not become bitter.
Potential employers can detect that bitterness and will not hire that kind of attitude. Look foward and look positive.
#3 Aug 20, 2007
SunTrust grew too big too fast and then they had to get money hungry, which meant putting daily sales pressures on the employees. Customer service has been on a steady decline and the high turnovers ought to tell the corporate bigwigs behind those big desks something. Instead of sitting behind those fancy desks reading reports all day, they should've paid more attention to the demands and the micro managing they put on their employees. They claim they cared about customers but they didn't give the employees the opportunity to service clients. It was all about sales and nothing else.
#4 Oct 26, 2007
SunTrust has now begun the proceedings to eliminate its internal IT Department and outsource hardware, software, and phone support. When this is complete, the hundreds of displaced employees will join the thousands that went before them. It would seem that streamlined accounting and outsourcing will outweigh a faithful employee base every time.
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