BB&T Corp. confirmed Thursday it has eliminated 1,440 full-time job positions since March 31. The cuts were disclosed in a fourth-quarter report in which the bank announced record earnings.
The Winston-Salem Journal reports the cuts since March 31 account for 4.3 percent of the bank's overall workforce.
BB & T says the cuts are part of a restructuring initiative aimed in part at lowering personnel costs.
A company spokesman said that the majority of the reductions are from attrition, and that for the jobs eliminated, many employees found other positions within BB&T.
It's estimated that the number of affected employees could reach several dozen locally.
Meanwhile B B & T chairman Kelly King says “very good expense control” was a driving factor in the company's record profits in both fourth-quarter and annual income.
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