SunTrust Eliminating 800 Mortgage Employees in Next Several Months
Thursday, October 17th, 2013
SunTrust Banks Inc. will eliminate 800 mortgage employees as a refinancing boom that boosted many banks' loan volumes comes to a screeching halt amid rising interest rates.
The Atlanta bank will cut the positions over the next several months and expects attrition to account for some of the reductions, Sue Mallino, a SunTrust spokeswoman, said in a statement on Tuesday.
"Like many financial institutions, we are adjusting our staffing in the mortgage business to reflect current market conditions, particularly the reduced volume of mortgage loan refinancing," Ms. Mallino said.
SunTrust joins Citigroup Inc., Bank of America Corp., and other large lenders in announcing major layoffs in recent months.
Citi said last month that it had laid off 1,000 mortgage workers. Wells Fargo & Co. (WFC), the nation's largest homelender, has eliminated more than 4,000 jobs and Bank of America has cut about 2,100 employees in recent months.
