SunTrust Banks Inc. (STI:US), Georgia’s biggest lender, said its investment-banking unit will establish three new offices and hire as many as 60 employees as it seeks to expand services for mid-market clients.
SunTrust Robinson Humphrey will set up offices in Dallas, San Francisco and Chicago and expects to add 10 to 20 employees in each location by the end of next year, some of whom will work in corporate banking, Mark Chancy, head of the Atlanta-based firm’s wholesale unit, said today in a phone interview.
SunTrust is focused on increasing market share in investment banking and continuing to expand its presence beyond the U.S. Southeast, Chancy said. Wholesale banking generates about 40 percent of the firm’s revenue, with a substantial portion coming from corporate banking, he said.
“There are a number of firms that have historically served the middle-market client that are no longer part of the financial-services landscape,” Chancy said. “Things that we have been a beneficiary of over the last five years are being able to add substantial talent in each one of our product areas, in our investment-banking areas and in our industry expertise.”
Clint Bryant, who previously worked at Fifth Third Bancorp and Wells Fargo & Co. (WFC:US), was hired for the Dallas team, while Jim Deichen joined SunTrust as head of San Francisco corporate banking from Bank of America Corp. (BAC:US), according to a statement today from the lender. Ted Heldring, previously head of debt capital markets for JPMorgan Chase & Co. (JPM:US)’s Chicago office, will lead SunTrust’s Midwest team, according to the statement.
Earlier this year, SunTrust hired six analysts from firms including UBS AG and Citigroup Inc. to increase its equity coverage. While the company continues to boost its investment-banking division, it has reduced headcount in its mortgage business. SunTrust expects to eliminate 800 positions over the next several months, Sue Mallino, a spokeswoman for the bank, said in a statement last month.
SunTrust gained 0.2 percent to $33.82 at 12:34 p.m. in New York. The stock has gained 19 percent this year, trailing the 25 percent advance of the 24-company KBW Bank Index. (BKX)
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