Synovus Financial in Columbus, Ga., said it feels comfortable with its ability to achieve the $175 million in expense cuts and added revenue from its current efficiency effort.
The $57 billion-asset company said in a press release Thursday that the Synovus Forward program reduced annual expenses by $55 million and added $55 million in revenue in 2021.
The progress puts Synovus on pace to meet its overall goal by the end of this year.
Synovus announced in December that it would close about 40 branches, or roughly 15% of its network, in 2022.
Noninterest expense decreased by 7% in 2021 from a year earlier, to $1.01 billion.
Synovus plans to cut another $15 million to $20 million of expenses in 2022 through the continued rationalization of its third-party spending and more branch and corporate real estate reductions.
The company said it will add $45 million to $50 million in revenue by delivering more advisory services and adding more customer products.