Synovus Financial Corp. on Monday said it plans to cut 850 jobs and close 39 branches in 2011 as part of ongoing cost-cutting at the Columbus, Ga., company.

Synovus, which has been unprofitable for nine straight quarters on bad housing and commercial real estate loans, said the cutbacks should generate more than $100 million in annual savings by the end of 2012.

The moves are expected to result in a $28 million in restructuring charges, with $24 million coming in the first quarter.

Synovus cut 300 jobs last year.

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