SunTrust 2003 Annual Report Download - page 14

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12 SunTrust Banks, Inc. Annual Report 2003
this end, we have a variety of efficiency-related programs in place and are
confident they will yield increasingly tangible results.
SunTrust today is a much more cost-conscious operation than it was just
a few years ago. Driving this point home is the fact that even as our assets
have grown by 35% over the past five years, our total staff level has dropped
by more than 9%. We accomplished this reduction through technology
improvements and a disciplined approach to personnel management, not
broad-scale layoffs that can affect employee morale and customer service.
Positive View of the Future
Looking ahead, although uncertainty is a fact of life in our industry, we at
SunTrust are firmly focused on the future and feeling very good about it.
As in the past, we are fortunate to be able to draw on the resources of
an experienced and active Board of Directors. We note with appreciation
the service of A.W. Dahlberg, who retired from the Board in 2003. And we
welcome as a director J. Hicks Lanier, Chairman and Chief Executive Officer
of Oxford Industries, Inc. Mr. Lanier joined the Board in November 2003.
It is also appropriate to express appreciation to our shareholders for
your confidence in our Company. A special word to shareholders who are
not yet SunTrust customers: Please give us a chance to win your business.
To shareholders that already are customers, and to other customers, we are
pleased you have selected us to serve your financial needs. We will work
hard to exceed your expectations.
Finally, my thanks goes to all our employees for a job well done in 2003.
In the end, they really are the answer to the question: “Why SunTrust?”
L. Phillip Humann – Chairman, President and Chief Executive Officer