| SunTrust Banks, Inc. | 303 Peachtree St. NE, Atlanta, GA 30308 |
| www.suntrust.com | (404) 588-7711 Fax: (404) 332-3875 |
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We love Coke
The next time you take a swig of Coke, you make the folks at SunTrust a little happier. The Atlanta-headquartered financial mammoth has a unique relationshop with the popular soda company: SunTrust helped Coca Cola issue its first public stock sale in 1919 and is the guardian of the only written copy of the Coke formula. SunTrust still owns 8 percent of Coca Cola's stock. Bet ya officials at SunTrust can tell you the difference between Coke and Pepsi.
Healthy finances
Turning from fizzy carbonated drinks to investment banking, SunTrust has a long history of growth and healthy profit margins. The 1891 product of old Georgian money, the company formerly known as Commerical Travelers' Savings Bank eventually merged with Sun Banks in 1985 to form Sun Trust Banks, an institution worth over $15 billion in combined assets at the time. SunTrust owns more than 30 subsidaries with 700 offices spread out across the South. At the end of 1998, the company acquired Richmond-based Crestar Financial Corporation. The $9 billion deal created the 10th-largest banking company in the country, with $87 billion in assets.
Branching out
SunTrust still does the usual commercial bank routine with mortgages, loans, and trust services. But its current strategy of diversification has lead the company to offer a range of non-banking services such as mutal funds, investment portfolios and credit cards - with a twist. Now you too can own a SunTrust-issued Reba McIntyre, George Jones, or Travis Tritt credit card. Like other commercial banks, SunTrust has gone cyberbanking with an assortment of PC, Internet and CD-ROM services.
Oh yeah, remember that Coke stock SunTrust acquired earlier this century? It's worth over a $3 billion today. Cracks one insider: "Needless to say, there are no Pepsi machines in SunTrust branches or offices."
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Get a frame for that college diploma because SunTrust recruits extensively on campus in the South. "Normally, recruits from colleges are sent to management associates program," reports one loan officer, "where they are exposed over a year or two to many areas of the bank. After your tour of duty, you are sent to your specialized area of the bank depending on your apititude and the needs of the bank."
One helpful employee breaks down the recruiting and hiring process this way: If you are recruited on campus at say, a job fair, you will then receive a letter asking for a first interview. Then comes a critical thinking standardized test followed by yet another interview. The process is somewhat streamlined if you are referred to a company recruiter - a telephone interview, thinking test, and on-site interview.
Pack a big lunch for the on-site interview because you are going to be there awhile. Interviews are grilled at least four times in four different areas of the company - general, analytical, sales, and location. The good news is that each interviewee is assigned guide from the training assistance program.
Most employees describe their interview as "relaxed, not very stressful." "The interviews are fairly pleasant and not intimidating," reports one successful applicant. "They are not looking for one specific personality trait but it is helpful if you are outgoing and enjoy dealing with the public." But don't get too comfortable - make sure you are prepared. "They will ask you some technical questions about your knowledge of the industry," says one employee. "These are not pass or fail questions, but 'have you done your homework' questions." According to another employee, "it also helps if you know someone in the company."
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Conservative company
Insiders describe SunTrust as a conservative employer. Says one insider: "It is a conservative bank regarding morals, ethics, and lending policies. When the economy falters, SunTrust will get hurt a lot less than most because of our conservative nature." Says another: "SunTrust has a very conservative corporate culture. That is evident int he lending, investing, executives - really, all over the bank." As an example of the tight-buttoned atmosphere, consider insiders ask that you consider, that the firm is, well, tight on the buttons. "Just recently, SunTrust has started casual Fridays in some departments here at the headquarters," says one insider. Reports another: "When I worked at our main office tower in Orlando, it was 'starched white shirt & tie everday - very conservative."
It's a lovefest
There appears to be a lovefest going on at SunTrust despite its conservative, business-suit-on-Fridays atmosphere. Many employees have nothing but glowing opinions of their company. "Initiative and hard work is rewarded, promotion from within is the standard, and the team concept is emphasized," happily reports one insider. This team concept starts with top-notch training programs: "I think their training program is unmatched in the industry," says another. It continues with a "generous" sales incentive program and good treatment by supervisors. "As an organization, our senior managers are generally humble low-key individuals focused on maximizing the bottom line," says one insider. "They understand the importance people play in contributing to the bottom line and thus treat them well."
Average pay
"I would say we pay slightly above average," reports one insider. Another warns that "when I started here I didn't get what I thought I would get as a college grad. It was about $4000 less than I thought I could get at a regular corporation. I think it's common knowledge that banks just don't pay like other corporations." However, says that contact, "in less than two years, my pay increased 20 percent." Also, "SunTrust never fails to reward you for what you sell. All employees have the opportunity to sell and make commission. For instance if I refer someone to a financial consultant, and the consultant talks to the customer - he doesn't even have to sell anything - I make $25. Not bad for a few minutes." And then there are the company freebies: "SunTrust is constantly rewarding us with logo items, contest awards, incentives, and anything else it can do to motivate. The rewards make you feel good about yourself and the company," gushes one employee.
Due to SunTrust's decentralized structure, "corporate culture varies significantly depending on where you work," says an employee. "Our Miami organization would be very different than a job with our Chattanooga bank. Culture varies between departments within a location as well - retail banking is very different from computer operations or investment banking." One former employee did have this to say about investment banking: "As for Sun Trust being the place for an investment banking career, probably not. Those positions are too limited."
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Carolyn Cartwright
Director
Human Resources
303 Peachtree St. NE1
Atlanta
GA
30308
404-588-7251
404-827-6934
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Consumer and corporate banking;Corporate finacne;Credit insurance;Investment services;Loans;Mortagage banking;Trust services
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