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.Sponsor Content
“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.”