Atlanta-based SunTrust Banks Inc. has informed employees that it will cut 800 positions in its mortgage business.
The Atlanta Journal-Constitution reports that the bank joins others in a trend that’s led to lost jobs as mortgage interest rates rise and fewer homeowners refinance their loans.
SunTrust spokesman Michael McCoy said the cuts reflect current market conditions, particularly the reduced volume of mortgage loan refinancing.
McCoy said the bank’s staff reductions will occur over the next several months.
McCoy declined to say where the cuts would be geographically, and it wasn’t known how many would be in metro Atlanta.
McCoy did say that 100 of the positions will be in the Richmond, Va. area, where its mortgage business is based.
SunTrust currently has about 4,200 employees in its mortgage operations.