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Business

SunTrust loses $377 million as struggles continue

By Paul Donsky
Oct 22, 2009

SunTrust Banks reported a $377 million third-quarter loss, or 76 cents per share, on Thursday as the company continued to struggle in a soft economy.

The company's losses increased sharply from the previous quarter as the bank moved to write off bad loans and stash away money for additional loan losses down the road.

The company''s results come days after several Wall Street banks reported healthy profits, largely on the shoulders of trading income.

SunTrust CEO James M. Wells said the third quarter results reflect the "difficult operating environment for more traditional banks."

In a news release, Wells said some encouraging signs emerged in the quarter, including lower operating expenses and improving news on loans in early stages of delinquency.

Wells said he is "tentatively optimistic" about what appears to be an improving economy but cautioned that a recovery is far from certain.

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