Aug 20, 2007

SunTrust – Could Offshoring Be Part Of Their “Organizational Design Component”

Today SunTrust Banks Inc. put a Press Release out that stated 2,400 back office and managerial positions will disappear in the near future. Could this just be a required step preceding the implementation of contracting for offshore services. SunTrust is reported as the 7th largest bank in the U.S. and all of the six larger banks have taken the offshore route. Citigroup, WaMu, B of A, JP Morgan Chase, Wachovia and Wells Fargo have active offshore programs and over the last two years have had significant lay offs.