I can’t sea merger of this size not producing a radical reorganization within both companies, especially within Suntrust as the acquired party. Will this shifts produce layoffs and, if yes, to what degree?
3 replies (most recent on top)
Up to 1000 branches to close
10,000 on staff reductions
That should cover management bonuses nicely
Bet on it. SunTrust’s strategy has been to automate or offshore as much as possible. Their obsession with cost cutting has resulted in a archaic institution with no technology that only third rate talent would want to work for.
Job cuts will be plentiful as the seek out those “synergies”
24% of branches overlap. You bet there will be major layoffs.