SunTrust to Send 1,500 US Jobs to Canada

Atlanta, Georgia’s SunTrust Banks has signed a 10-year deal with Toronto, Ontario’s Symcor, to handle check & payment processing and statement generation. As a result, SunTrust will lose 1,554 positions; but the Canadian firm will take over 1,500 of the workers.

Fifty-four workers will lose their jobs. The layoffs and transfers will affect 5% of SunTrust’s 32,000-person global workforce.

The jobs affected are located in Atlanta, Baltimore, Memphis, Miami, Orlando, Durham and Richmond.

SunTrust Banks is an American bank holding company. The largest subsidiary is SunTrust Bank. It had $171.5 billion in assets as of June 30, 2008. SunTrust Bank’s most direct corporate parent was established in 1891 in Atlanta, Georgia, where its headquarters remains. SunTrust Bank operates approximately 1,700 bank branches across the Southern US states.