NEW YORK – SunTrust Banks Inc., the No. 7 U.S. bank, on Monday said it expects to restate first- and second-quarter profit higher, changing how it accounts for loan losses. It also said it put some finance executives on paid administrative leave.
The Atlanta-based company said it will delay reporting third-quarter results, which it expected to report on Tuesday, pending completion of an audit.
SunTrust said the officers placed on leave include Sandra Jansky, its executive vice president and chief credit officer, and Jorge Arrieta, its senior vice president and controller.
The expected restatement results from errors in input data used to calculate allowances for loan losses, it said. These relate entirely to the company’s indirect auto loan portfolio. SunTrust said the errors were discovered while it was preparing its third-quarter results.
For this complete story, please visit SunTrust Expects to Restate Profits.
