Atlanta-based SunTrust Banks Inc. is planning to close approximately 40 branches during the first quarter of this year.
The Atlanta Business Chronicle reports that SunTrust Chairman and CEO William Henry Rogers announced the news to analysts at a Citigroup U.S. Financial Services Conference on March 5.
‘Branch staffing is down by 14 percent since 2010, and we've also begun trimming our branch network,’ Rogers said, adding that the company closed 43 branches in 2012.
SunTrust operated 1,616 branches by the end of 2012 and expects to have 1,580 branches by the end of this month.