Posted on 08/28/2014 5:49:19 AM PDT by 2ndDivisionVet
SunTrust Banks Inc. is shuttering its fraud-response call center group in Orlando and shedding more than 100 jobs, the bank confirmed Wednesday.
Atlanta-based SunTrust, the largest bank in Central Florida, handed out pink slips to 105 employees on Tuesday. The effective layoff date is Oct. 31, according to documents filed with the Florida Department of Economic Opportunity.
"Difficult decisions must be made to increase operational efficiencies and decrease expenses to better position the company for the future," SunTrust told employees in the layoff notice.
The bank posted a $400 million profit on revenue of $2.2 billion in the second quarter, up 6 percent and 8 percent, respectively, from the same quarter in 2013. Its performance topped the consensus Wall Street analyst forecast.
SunTrust's bottom line has been under pressure, however, because of sluggish interest income, rising regulatory compliance costs and a decrease in mortgage refinance revenue.
Like many large banks in recent years, SunTrust has been saving money, in part, by outsourcing certain back-office and customer-service work to companies in countries such as India and the Philippines.
SunTrust would not say whether it would move the fraud response work abroad....
(Excerpt) Read more at orlandosentinel.com ...
is that another way to say a 'second bit at the apple'?
“...shuttering its fraud-response call center group ...”
These guys must not have heard the news yesterday about JP Morgan Chase.
Surrender?
Probably going to underwrite bad mortgages again.
Anymore it would be cheaper to fund a unit to identify what is not fraud.
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