SunTrust Banks has slashed its dividend 81 percent and frozen executive bonuses and pay raises for 4,000 employees as profit plunged 54.3 percent because of a deteriorating economy, according to the bank’s fourth quarter earnings announcement.
The Atlanta-based bank (NYSE: STI) had net income of $746.9 million and earnings of $2.13 a share. That’s down from net income of $1.6 billion and earnings of $4.55 a share in 2007.
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