Synovus released its first quarter earnings report today, detailing a net loss of $93 M, both an improvement over a year ago and beating industry expectations.
The bank attributed about one quarter of this year’s losses to restructuring costs as they seek to lay off about 15% of workers this year. Synovus has already eliminated 600 employees this year, with further cuts to come.
While mortgage and non-interest incomes were both down in the first quarter, the company attributed its recent improvements to sharply decreased funding costs.
The Columbus based bank is the second largest Georgia based bank, with branches across five southern states.