SunTrust CEO Plans to Speed Branch Closings to Control Expenses

SunTrust Banks Inc. (STI), the eighth- largest U.S. commercial lender by deposits, is closing branches and trimming staff as it seeks to cut costs, according to Chief Executive Officer William Rogers.

The reductions may come at an “increased pace,” Rogers said today at an investor conference in New York sponsored by Goldman Sachs Group Inc. The Atlanta-based lender expects to finish 2012 with 5 percent fewer employees from a year earlier, Rogers said.

To contact the reporter on this story: Dakin Campbell in San Francisco at dcampbell27@bloomberg.net

To contact the editors responsible for this story: David Scheer at dscheer@bloomberg.net

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