SunTrust Banks (STI) will close around 40 branches this quarter as it continues its efforts to rein in costs, its chief executive said Tuesday.
The Atlanta company is "trimming its branch network" and plans to shutter more branches in the future, Chairman and CEO William Rogers said Tuesday at the Citigroup U.S. Financial Services Conference.
More than half of the 40 closures will be in-store branches, and SunTrust plans to reduce its number of grocery-store partners, according to
SunTrust closed 43 branches last year, as part of
The company has reduced its branch staffing by about 14% since 2010, Rogers said.
SunTrust's plans to close 40 branches was