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Huntington Cuts Jobs, Eliminates Executive Bonuses
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Huntington Bancshares today says its eliminating executive bonuses, freezing salaries and eliminating 500 positions to cut costs. Huntington says the moves will save $100,000,000.
Spokeswoman Jeri Grier says the cuts come after the bank accepted $1,400,000,000 dollars in Troubled Asset Relief Program money from the Federal government.
“The bottom line is that Huntington was not profitable in 2008. Because of that we thought it was important to align our managment and associate compensation with shareholder interests.” Says Grier
Grier says the job cuts will be done by March 1st. She says business conditions will determine how many corporate jobs will be lost.
“Its too soon to tell. Our managers are now going back and looking at what’s happening with business demand in their areas and what their needs are and we’ll make assessments based on that.” Says Grier.
Huntington says the new cost-cutting measures will strengthen its balance sheet and position the bank for better performance.
Tom Borgerding WOSU News