Struggling Huntington Bancshares cuts jobs, bonuses, and 401(k) match - Elizabeth Harrow

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Struggling Huntington Bancshares cuts jobs, bonuses, and 401(k) match
Feb 03, 2009 04:45 PM UTC

Elizabeth Harrow

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HBAN		02/03/09	-79.49%	--

Via BloggingStocks:

Filed under: Employees, Options, Stocks to Sell, Financial Crisis

Ohio-based regional bank Huntington Bancshares (NASDAQ: HBAN) reported today a series of drastic measures meant to reduce costs by $100 million in 2009. Huntington will cut 500 jobs, or about 4% of its workforce; freeze salaries at 2008 levels; eliminate executive and incentive awards for 2008; and discontinue the company's 401(k) match contribution.

"It is important that our customers and shareholders know that we are well-positioned to deal with this challenging environment," said Chairman, President and Chief Executive Officer Stephen Steinour in a statement. "Our liquidity position is strong."

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Struggling Huntington Bancshares cuts jobs, bonuses, and 401(k) match originally appeared on BloggingStocks on Tue, 03 Feb 2009 11:45:00 EST. Please see our terms for use of feeds.

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