Synovus Cutting 850 Jobs, Closing Branches
Press release from the issuing company
Thursday, January 13th, 2011
Synovus Financial Corp. will cut about 850 jobs and close 39 branches as the banking company tries to overcome weakness in its portfolio of real estate loans.
The Columbus, Ga.-based financial services company said it expects to generate about $100 million in yearly savings by the end of 2012 as a result of the moves, according to a news release distributed Monday morning. Synovus (NYSE: SNV) expects to take restructuring charges of about $28 million this year because of the job cuts and branch closings.
Read more: Atlanta Business Chronicle
