Can anyone tell me where the $300 million announced expense reduction occurred? SG&A is up $246 million for the 9 months ending Sept. Take out the $1.9 billion securities gain and things don't look all that good. What am I missing?
Look in the smaller markets, where SunTrust has very little in supporting much less growing, they eliminated many positions. In the past year several mangers of Lines of Businesses were eliminated, the Region President and Chairman, all of Marketing, and a few other high ranking positions, I can think of at least 10 and then a few others retired and were not replaced, Given the rankings of these employees, there were some high salaried employees eliminated. Now I hear of some branches closes. It makes sense I suppose given their lack of interest or commitment to smaller and to mid markets. I am not bitter but sad to see the support of such markets diminish as I think these markets gave depth and integrity to the brand of SunTrust. But I am Sad to see the changes come and the old Bank disappear before our eyes and out from under our feet. At the end of the day, it is all Business they say. That is fine I suppose. And since they needed to stay afloat at whatever means, I suppose they are succeding. Best of wishes to my friends that remain.
Staff cuts would have shown up in SG&A, $300 million would be about 3000 employees and would have been noticed, the charge to earnings for separation expenses that large would have been significant. Gotta be somewhere else.