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Source: Rawstory SunTrust, the ninth largest US bank holding company by assets, said it would set aside 45 million dollars in the third quarter to cover the costs of the job cuts. The company is aiming for cost reductions of about 530 million dollars per year by 2009. “The progress we have made on (restructuring) provides solid evidence of the capacity of our organization to drive for improved financial performance while continuing to invest for the future and take advantage of the growth opportunities in our markets,” said James Wells, SunTrust president and chief executive.
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