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SunTrust Cutting Jobs

It will cut its staff by 7%.
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SunTrust Banks

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will cut 2,400 jobs, or about 7% of its workforce, by the end of 2008.

The Atlanta-based bank said most of the firings will come in so-called noncustomer-facing functions. The moves come as SunTrust seeks to slow expense growth and invest in its faster-growing business lines.

It expects to take a charge of $45 million in the third quarter to cover the costs.

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SunTrust announced in May that it sold part of its stake in

Coca-Cola

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. SunTrust sold 4.5 million shares, or 9% of its stake, and is evaluating its remaining interest in Coca-Cola.

The sale of Coca-Cola will help partially fund a share repurchase of $750 million to $1 billion this year.

Shares fell 8 cents to $80.42.