Synovus Will Eliminate 850 More Jobs, Make Other Cuts

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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