Synovus Cuts 850 Positions

By Zaneta Lowe  - bio | email

COLUMBUS, GA (WTVM) - News Leader 9 has learned Columbus based Synovus, will eliminate 850 positions from its workforce.  According to a company press release, more than 400 will be cut immediately, with the remaining eliminated in the second quarter of 2011.

Synovus will also close 39 branches across five states. In 2010, the company cut 300 positions.  By December 2011, the workforce will be reduced by approximately 1,150.

"While we have already taken many significant steps forward, our leadership team is determined to return Synovus to sustained profitability as soon as possible," said Kessel D. Stelling, President and CEO of Synovus. "We do not take lightly the decision to eliminate even one position, but we are confident that these are the right and necessary next steps to make our Company stronger for the long term."

According to company officials, the move is expected to save more than $100 million in expenses by 2012.

A spokesperson tells us they are not providing specifics on the names and locations of branch closures.

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