SunTrust 2011 Annual Report Download - page 23
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The Company's non-banking subsidiaries are regulated and supervised by various other regulatory bodies. For example, STRH is
a broker-dealer registered with the SEC and the FINRA. STIS is also a broker-dealer and investment adviser registered with the
SEC and a member of the FINRA. RidgeWorth and several of RidgeWorth's subsidiaries are investment advisers registered with
the SEC. GenSpring is a wealth management firm registered with the SEC and a member of the National Futures Association.
Furthermore, under the Dodd-Frank Act, the Federal Reserve may regulate and supervise any subsidiary of the Company to
determine (i) the nature of the operations and financial condition of the company, (ii) the financial, operational and other risks of
the company, (iii) the systems for monitoring and controlling such risks and (iv) compliance with Title I of the Dodd-Frank Act.
Competition
SunTrust's primary operating footprint is in the Southeast and Mid-Atlantic U.S., though certain lines of business serve broader,
national markets. Within those markets the Company faces competition from domestic and foreign lending institutions and
numerous other providers of financial services. SunTrust competes using a client-centered model that focuses on high quality
service, while offering a broad range of products and services. The Company believes that this approach better positions it to
increase loyalty and expand relationships with current clients and attract new ones. Further, the Company maintains a strong
presence within select markets, thereby enhancing its competitive position.
While the Company believes it is well positioned within the highly competitive industry, the industry could become even more
competitive as a result of legislative, regulatory, economic, and technological changes, as well as continued consolidation. The
ability of non-banking financial institutions to provide services previously limited to commercial banks has intensified competition.
Because non-banking financial institutions are not subject to many of the same regulatory restrictions as banks and bank holding
companies, they can often operate with greater flexibility and lower cost structures. Although non-banking financial institutions
may not have the same access to deposit funds or government programs, those non-banking financial institutions may elect, as
some have done, to become financial holding companies and gain such access. Securities firms and insurance companies that elect
to become financial holding companies may acquire banks and other financial institutions. This could alter the competitive
environment in which the Company conducts business. Some of the Company's competitors have greater financial resources or
face fewer regulatory constraints. As a result of these various sources of competition, the Company could lose business to
competitors or be forced to price products and services on less advantageous terms to retain or attract clients.
Employees
As of December 31, 2011, there were 29,182 full-time equivalent employees within SunTrust. None of the domestic employees
within the Company are subject to a collective bargaining agreement. Management considers its employee relations to be good.
Additional Information
See also the following additional information which is incorporated herein by reference: Business Segments (under the captions
“Business Segments” in Item 7, the MD&A, and “Business Segment Reporting” in Note 21 to the Consolidated Financial Statements
in Item 8, Financial Statements and Supplementary Data); Net Interest Income (under the captions “Net Interest Income/Margin”
in the MD&A and “Selected Financial Data” in Item 6); Securities (under the caption “Securities Available for Sale” in the MD&A
and Note 5 to the Consolidated Financial Statements); Loans and Leases (under the captions “Loans”, “Allowance for Credit
Losses”, and “Nonperforming Assets” in the MD&A and “Loans” and “Allowance for Credit Losses” in Notes 6 and 7, respectively,
to the Consolidated Financial Statements); Deposits (under the caption “Deposits” in the MD&A); Short-Term Borrowings (under
the captions “Liquidity Risk” and “Short-Term Borrowings” in the MD&A and “Other Short-Term Borrowings” in Note 10 to the
Consolidated Financial Statements); Trading Activities and Trading Assets and Liabilities (under the caption “Trading Assets and
Liabilities” in the MD&A and “Trading Assets and Liabilities” and “Fair Value Election and Measurement” in Notes 4 and 19,
respectively, to the Consolidated Financial Statements); Market Risk Management (under the caption “Market Risk Management”
in the MD&A); Liquidity Risk Management (under the caption “Liquidity Risk” in the MD&A); Credit Risk Management (under
the caption "Credit Risk Management" in the MD&A); and Operational Risk Management (under the caption “Operational Risk
Management” in the MD&A).
SunTrust’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to
those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act are available free of charge on the Company’s
web site at www.suntrust.com under the Investor Relations section as soon as reasonably practicable after the Company
electronically files such material with, or furnishes it to the SEC. The public may read and copy any materials the Company files
with the SEC at the SEC Public Reference Room at 100 F Street, NE, Washington, DC 20549. The public may also obtain
information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC also maintains an
Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically
with the SEC. The SEC’s web site address is www.sec.gov. In addition, SunTrust makes available on its website at www.suntrust.com