Huntington Bancshares in Columbus, Ohio, plans to lay off 150 to 200 workers as lower interest rates put the squeeze on income.
“While our business continues to perform well, the rapidly changing interest rate environment fundamentally impacts our revenue,” the $108 billion-asset bank said in a statement provided Monday by a spokeswoman. “In response, Huntington has taken a variety of measures to reduce expenses, which includes adjusting staffing levels.”
The Columbus Dispatch
Huntington had
Banks have seen their interest rate margins squeezed as the Fed tries to manage the U.S. economy amid global uncertainties. The central bank has reduced its main borrowing rate twice since July and is expected to make another reduction this year. Its Federal Open Market Committee is set to meet next at the end of October.
“We understand the weight of the decision on our colleagues and will support them through a planned transition,” according to Huntington’s statement. “Huntington will continue to enhance the performance and efficiency of the company, while investing in technology to meet the needs and desires of our customers.”
The company