According to a number of reports, SunTrust will cut 2,400 "non-contact" jobs -- jobs where the employees do not interact with customers. The job cuts are a part of cost cutting with a program known as E-squared. According to Bloomberg, the bank had eliminated 900 jobs in the last quarter of 2006 and the first quarter of 2007 with a hiring freeze. Bloomberg also reports that the bank has been selling shares of Coca-Cola stock it has owned since taking Coke public 90 years ago. Reuters reports the effort is an attempt by CEO James Wells to increase efficiency after tripling in size under predecessor L. Phillip Human.
See the following for details
The Washington Business Journal
Bloomberg
Reuters
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