SunTrust Banks Inc. (NYSE: STI) announced Tuesday that it is creating a consumer unit, according to Associated Press.
The bank, which is one of the top 10 issuers of debit cards in the U.S., also shuffled its commercial and investment banking operations.
The bank named C.T. Hill, 59, to lead the new consumer banking unit, which includes its deposit and lending products, including mortgages and credit cards. Hill previously ran the bank's Mid-Atlantic banking group and retail operations.
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Thomas G. Kuntz, 53, was named head of SunTrust's geographic banking organization, which will oversee 16 units that comprise nearly 1,700 branches in 11 states and the District of Columbia. He was head of the company's Florida banking group and its commercial business.
Amy W. Medendorp, 48, will now lead the commercial business. She was co-head of SunTrust's corporate and investment banking. Hugh S. (Beau) Cummins III, 47, takes over leadership of corporate and investment banking after sharing that role with Medendorp.
The changes become effective April 1.
Hill, Kuntz and Cummins and Ms. Medendorp will report to SunTrust's President William H. Rogers, Jr. Previously, the CIB unit had reported to SunTrust's Chief Financial Officer.
In 2009, SunTrust lost $1.73 billion, or $3.98 per share, as it set aside money to cover souring loans and to repay $4.9 billion in federal bailout funds.
Its shares slipped 22 cents, or 3 percent, to $26.87 at Tuesday’s close. They have ranged between $10.50 and $28.39 in the past 52 weeks.
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