SunTrust bank of Atlanta saw a 54.3 percent plunge in profits due to weak economy. To cope up with this, it has frozen the pay rises and bonuses of its 4000 employees.
The SunTrust bank released its revenue details, which reported an income of $746.9 million and earnings of $2.13 on a share. The income in 2007 year was $1.6 billion and the earnings were $4.55 on a share. So this has resulted in the management taking this serious decision of halting the merit increases of its leadership team of around 4000 employees who include managers as well as executives, for this entire year.
The management also said that it is not likely to pay bonuses for selected executives, as their bank has not performed well this year.
Employees please be happy that you were not issued a pink slip.
And management, even you must feel grateful because you are not into losses.