SunTrust's long dependency on offshore resources and 3rd party consultancies is now finally starting to remake how projects are supported within EIS (Enterprise Information Services - SunTrust's IT division). In an effort to wean themselves off of the business's long time addiction to agencies (IBM, Accenture, InfoSys), EIS has gone down the path (in recent weeks) to 'RIF' (Reduction in Force) themselves of 40+ year old resources above certain pay grade levels and some who live outside of the Atlanta perimeter (285) in order to pave the way for next generation, millennial talent who may live closer to the downtown operations. SunTrust is not alone in doing this locally...NCR is moving operations from Duluth to Midtown early next year for precisely these reasons. While this might make sense from a bottom line perspective...it is very unnerving for many mid-career folks who could be impacted.
Retail Branch Loan Officers also received a huge surprise yesterday: All Branch Originated Mortgage loans will now go through the Phone (Consumer Direct Channel) and not with personal Loan Officers. This will dramatically hurt Retail Loan Officers and will likely disturb many Retail Banking customers whom would like to deal face to face with their loan officer. Another cost cutting measure being implemented to ensure year end numbers are met for shareholders. Hopefully for SunTrust they already have an experienced Consumer Phone Call Center staffed with Loan Officers. However the blow back may be that some deposit customers will take their deposits and walk to an institution where they can still receive personal service with a face to face experienced Loan Officer.