Huntington Bank Slashing Jobs And Benefits

Huntington Bancshares Incorporated, which operates Huntington Bank, announced Tuesday it is cutting about 500 jobs and eliminating employee incentives to reduce annual expenses by $100 million.

There are more than a dozen Huntington Bank branches in the Dayton area.

The Columbus, Ohio-based company said the jobs will be cut by March 1 throughout its operations in Ohio, Indiana, Kentucky, Michigan, Pennsylvania and West Virginia. The cuts amount to about 4 percent of the bank's employees.

A corporate spokeswoman could not provide details of the number of jobs expected to be lost among Dayton area branches.

Huntington also plans to suspend its 401(k) matching program, eliminate executive bonuses and other awards for 2008 and maintain salaries at last year's levels. Company President Stephen Steinour says the cuts will strengthen the regional bank's position in a challenging financial environment.

Last month, Huntington reported fourth-quarter losses of more than $417 million.