Suntrust Banks layoffs, on the record
Every job cut, severance charge and restructuring Suntrust Banks reported in its annual reports, 2016 to 2018, quoted from the filings.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2016 | 24,375 full-time equivalent employees | At December 31, 2016 |
| 10-K for 2017 | 23,785 | December 31, 2017 |
| 10-K for 2018 | 22,899 | December 31, 2018 |
Job cuts, severance and restructuring
Our summaryThe filing notes a reduction in severance cost compared to 2014 as a driver of lower noninterest expense in 2015 versus 2014; no specific layoff or severance program is described for 2016.
Word for word“The decline in expense was due primarily to foregone expenses resulting from the sale of RidgeWorth , a reduction in severance cost compared to 2014 , and lower allocated expenses.” 10-K for 2016
Our summaryAnnounced a voluntary early retirement program and efficiency actions, with severance costs recognized in the second half of 2017.
Word for word“The increase was driven primarily by the $36 million net charge related to efficiency actions, as announced in the December 4, 2017 Form 8-K.” 10-K for 2017
Our summaryEfficiency actions included severance costs for the voluntary early retirement program, branch and corporate real estate closure costs, and software write-downs.
Word for word“This included severance costs in connection with the voluntary early retirement program, branch and corporate real estate closure costs, and software write-downs.” 10-K for 2017
Our summaryOther staff expense rose on higher severance costs tied to the voluntary early retirement program.
Word for word“This increase was due to higher severance costs recognized during the second half of 2017, largely in connection with the voluntary early retirement program announced in our December 4, 2017 Form 8-K (as part of our net charge related to efficiency actions).” 10-K for 2017
Our summaryThe company recorded higher severance costs in 2017, largely tied to a voluntary early retirement program announced in a December 4, 2017 Form 8-K, as part of its efficiency actions.
Word for word“Other staff expense decreased $69 million , or 57% , compared to 2017 , driven primarily by higher severance costs recognized during 2017, largely in connection with the voluntary early retirement program announced in our December 4, 2017 Form 8-K (as part of our net charge related to efficiency actions).” 10-K for 2018
Our summaryThe company said its expense improvement came from several actions, including organizational restructuring, more automation, and more digital adoption.
Word for word“This improvement was driven by a number of actions including organizational restructuring, increased automation, and increased digital adoption.” 10-K for 2018
Suntrust Banks has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Suntrust Banks’s annual reports (10-K for 2018, 10-K for 2017, 10-K for 2016) and the financial data it files with the SEC, as of 2019-02-22. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.