Nov 25, 2007

SunTrust Banks Inc.

Part of a series The Great American Write-Down

SunTrust Banks Inc. (STI) had $161 million of write-downs related to loans warehouse and trading assets.

SunTrust also included in their third quarter financials a $45 million severance charge related to plans to eliminate 2,400 jobs, or 7 percent of SunTrust's work force, by the end of 2008 to help the bank save $530 million a year by 2009.

UPDATE 1-SunTrust 3rd-qtr profit falls 23 pct
SunTrust – Could Offshoring Be Part Of Their “Organizational Design Component”