Synovus Financial Corp., a multi-billion dollar financial service company based in Georgia, announced that the firm will layoff over 1,500 employees in less than three years in line with its major restructuring plan. The financial company has offices in five different states and currently employs a total of about 6,200 staff. The 1,500 job cuts are slated for offices in Columbus, Georgia and Phoenix City, Alabama. In October, Synovus officials revealed that their company was beginning a three-year plan which entailed downsizing its work force and cost-cutting beginning in January 2011. The firm aims to generate a $75 million upswing in annual pre-tax earnings that include a yearly expense savings of $50 million and $25 million in new revenue from the staffers’ ideas.

The financial firm released a statement recently regarding the restructuring plan of the company. “Synovus has refreshed our strategic plan to clearly mark a path towards profitability; position the bank for sustained, long-term success; and address significant challenges in the current economic environment. This plan serves as a roadmap for our team as we aggressively work through problem loans, enhance our sales and service teams to better serve customers, and align our cost structure with the current size of the bank.” The statement also stated that the firm is not yet decided as to an exact number of employees that will be laid off, but the company assured that the affected employees will be notified accordingly.

As of today, the Georgia Department of Labor’s main office in Atlanta said that Synovus has not yet submitted its layoff notice to comply with the Worker Adjustment and Retraining Notification (WARN ACT), a law that requires companies to submit a 60-day notice to those affected during mass downsizings and layoffs.