BB&T To Layoff Hundreds Of Workers

BB&T is cutting about 700 jobs through layoffs and attrition to cut costs after years of acquisitions.

Officials for the North Carolina-based bank say some positions were eliminated through a hiring freeze that began last year and up to 300 employees could be laid off if they aren't hired elsewhere in the company. Nearly 30,000 people worked at BB&T at the end of 2006.

Any employees who are laid off will get severance pay and help with job placement. The company will look for places elsewhere in BB&T through March for laid-off workers.

The bank says a difficult interest rate environment has hampered revenue growth, putting pressure on banks to cut costs.