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According to the TimesDispatch, SunTrust Banks (STI) performed another round of job cuts, slashing 100 jobs in Richmond, Va.
The cuts here are part of 800 jobs nationwide that the bank is eliminating over the next several months as a result of a slowdown in mortgage refinancing activity.
SunTrust spokesman Mike McCoy said he did not know how many people locally work at the division. But the bank employed the full-time equivalent of 4,400 people for all of its operations in the Richmond area at the beginning of the year.
“We expect attrition to account for a portion of the job cuts,” McCoy said. “The cuts reflect market conditions, particularly the reduced value of mortgage refinancings.”
