Columbus-based Huntington Bank is reportedly planning to axe approximately 200 jobs with an aim to save $30m to $35m per annum.
The job cuts spanning across Huntington’s operations in six states, represent nearly 1.7% of the total workforce of 12,000 as of June 30, 2014.
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Huntington Bank spokeswoman Maureen Brown said: "Huntington has restructured a few internal functions to improve the long-term efficiency of the bank.
"Fewer than 200 colleagues have been affected across our 11 markets or six states. Affected colleagues will be given transition pay and outplacement services."
The $64bn asset bank is expected to take $15m to $20m in restructuring charges in the third quarter and $3m to $5m in the fourth quarter, the bank said in a filing to the Securities and Exchange Commission (SEC).
Layoffs are becoming a common practice in the banking industry in the last 12 to 18 months. As reported in Cleveland.com, PNC axed about 2,000 jobs last year while KeyCorp eliminated about 1,100 positions.
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