SunTrust 2007 Annual Report Download - page 5

• We also continued targeted investments in technology
and product development to enhance overall customer
convenience and service capabilities. For example, SunTrust
was among the rst banks to launch a mobile telephone
banking application. And we continued implementation
of a multiyear program to upgrade and expand our
branch network, the core channel through which we
deliver “big bank” capabilities with a truly local touch.
It is gratifying when our efforts to provide a superior client
experience are recognized by respected industry observers.
SunTrust Online Sales Contact Centers, for example, were
rated number one among the top 15 banks for the seventh
consecutive year in the 2007 O’Connor & Associates
Industry Benchmark Study. We also ranked “Highest
in Customer Satisfaction among Home Equity Line of
Credit/Loan Servicers*” in the J.D. Power and Associates
2007 Home Equity Line of Credit/Loan Servicer StudySM.*
Greenwich Associates recognized SunTrust for excellence
in small business client satisfaction, and our Private Wealth
Management unit was rated the most prestigious wealth
management rm among regional banks in the 2007 Luxury
Brand Status Index, conducted by the Luxury Institute.
SEEING BEYOND MONEY
What this kind of recognition says to me is that SunTrust
people know that clients need more than a range of products
to make the nancial decisions that shape their lives. They
need a partner who understands them, supports them, and
actively helps them to achieve their goals. Our commitment
to do this — to operate not just protably but also in the best
interests of our clients — is reected in our distinctive and
increasingly visible brand promise: “Seeing beyond money.”
More than a slogan, our brand promise provides a conceptual
focal point for each of our business lines to bring the full
range of SunTrust resources to bear on the needs of their
individual clients.
I should point out that, while seeing beyond money may
define our approach to helping our clients, we know our
shareholders’ interest in SunTrust is very much about money…
about our making more money. That is as it should be in
today’s demanding investment climate. We take this
responsibility very seriously.
The good news is that shareholder and client interests go
hand in hand. As we do a better job than other nancial
service providers in serving existing clients and adding
new ones, we can expect our business to grow faster.
Coupled with the success of our programs to reduce costs
and improve efficiency — and assuming stable markets
and a reasonably supportive economic and operating
environment — business growth should lead to quality
earnings growth.
Of course, markets were far from stable in 2007. And the
operating environment was anything but supportive. So, as
I noted at the beginning of this letter, our bottom line
results were not as I had hoped or expected. That being
said, I conclude my first year as Chief Executive Ofcer
of SunTrust with pride in our accomplishments, renewed
appreciation of the strengths of our Company, undiminished
enthusiasm about the growth opportunities that are out there
for us, and absolute condence in the ability of our people
to bring it all together.
I would like to express my gratitude to our Board of Directors
for their wisdom, support and valued perspective during a
year that was sometimes difcult and always challenging.
A special word of thanks goes to L. Phillip Humann, my
predecessor as Chief Executive Officer, who in February
announced his plans to retire from SunTrust in 2009 after
a 40-year career at our Company. There will be ample time
to recognize Phil’s many contributions to SunTrust, but for
now I simply will say that I am honored to succeed him as
Chairman of the Board in April 2008.
The Board of Directors and I wish to thank our employees
for their hard work on behalf of our clients and shareholders.
Finally, I thank our shareholders for your investment, your
interest, and your support
JAMES M. WELLS III
President and Chief Executive Ofcer
February 29, 2008
SUNTRUST 2007 ANNUAL REPORT 3
* SunTrust received the highest numerical score in the proprietary J.D. Power
and Associates 2007 Home Equity Line of Credit/Loan Servicer StudySM. Study
based on 4,964 total responses measuring 25 lenders and measures the service
satisfaction of bank customers who obtained a home equity line of credit/
loan in September 2006-May 2007. Proprietary study results are based
on experiences and perceptions of consumers surveyed in June-August 2007.
Your experiences may vary. Visit jdpower.com.