SunTrust Bank's Consumer Banking and Private Wealth Management business will merge with the Mortgage Banking unit as part of a company realignment to take effect on April 3, the bank announced on Friday.
SunTrust said the merging of the two business segments will help boost performance and sharpen its focus on clients.
The merged unit will be led by SunTrust's current wholesale banking executive, Mark Chancy, who will report to the bank's chairman and CEO, William Rogers. Chancy has overseen the wholesale banking business since April 2011.
SunTrust's current leader of Consumer Banking and Private Wealth Management, Thomas Freeman, will move to a new role as efficiency and strategic partnerships executive, reporting to Rogers. He will spearhead initiatives to improve SunTrust's efficiency and evaluate further fintech alliances, SunTrust said.
At a recent investor conference, SunTrust's CFO noted that the bank is looking to reduce its branch network by 10% over the next two years and use the savings to hire more advisers and invest in technology.
As part of the realignment, the executive now running SunTrust's mortgage business, Dorinda Smith, will report to Chancy.
"Structuring all of our consumer businesses under the same leadership will help us invest more effectively in the overall client experience while taking advantage of natural synergies," Rogers said in a statement.
Hugh Cummins, the leader of the commercial and business banking line of business, will succeed Chancy as wholesale segment executive. He will report to Rogers.
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