David McNaughton, The Atlanta Journal-Constitution, Wednesday, March 10, 2004
SunTrust Banks is considering outsourcing an unspecified number of jobs, a money-saving strategy it has watched others in the industry follow.

“We are exploring whether there are functions or processes that make sense to outsource,” said SunTrust spokesman Barry Koling.

He confirmed the company is talking to Infosys Technologies, a Bangalore, India-based outsourcing company.

Koling said no decision has been made on whether to transfer jobs to another company.

“I think it’s premature to talk specific numbers or positions,” he added.

The Atlanta company is looking at its information technology operations and “other back-office types of functions,” said Koling.

At the same time, SunTrust is trying to fill 1,000 other jobs in a banking system the covers most of the Southeast and stretches north into Maryland, he added.

SunTrust has about 27,600 employees.

“Some of the largest banks in the country do outsource functions overseas, and it makes sense for the shareholders for SunTrust to consider its options along these lines,” said bank analyst Jefferson Harralson of Keefe, Bruyette & Woods in Atlanta.

If SunTrust does outsource jobs, the company does not “envision any significant number of positions would be involved,” Koling said.

He did not define what a significant number would be.

? 2004 The Atlanta Journal-Constitution