According to the Charlotte Observer, SunTrust Banks (STI) is slashing 800 jobs nationwide, as its mortgage refinance business continues to slowdown.  

SunTrust gave mortgage employees the news last week, bank spokesman Michael McCoy said. The positions will be eliminated in the coming months, likely into the first quarter.

“We are adjusting the staffing in our mortgage business to reflect the current market conditions,” McCoy said. “It’s clear that the business has changed dramatically over the last several months.”

McCoy said some of the 800 positions will be lost through attrition, although he declined to give a percentage.