Atlanta-based SunTrust Banks Inc. has informed employees that it will cut 800 positions in its mortgage business. The bank joins others in a trend that's led to lost jobs as mortgage interest rates rise and fewer homeowners refinance their loans.
Investigators are trying to determine whether a missing south Georgia bank director accused of embezzling $17 million is dead or on the run. Aubrey Lee Price disappeared last month. He sent notes to his family saying he planned to board a ferry in Florida and jump to his death.
Atlanta-based SunTrust bank has bought nearly $11 million of government-owned stock warrants that were part of the federal TARP program. The bank repaid $5 billion in federal aid in March, which covered the government’s preferred stock holdings. Thursday’s buyback is for a portion of the common stock warrants held by the Treasury Department.
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.