Huntington executives said they are reinvesting a portion of the savings from the bank's various cost-cutting efforts back into the business. "But over time, there's an opportunity to pluck the least productive nodes out of that network and generate net economics. They're still very relevant," Chief Financial Officer Zachary Wasserman said at the investor conference. "So in our retail branch distribution network, we've got about 1,000 points of presence. The bank closed 30 branches, or about 3% of its total, this quarter. Huntington executives did not mention the possibility of job cuts Wednesday, but they did discuss shuttering branches as another way to control costs. "The road ahead may be rough as we enter the next recession," executives at the digital banking platform Q2 wrote in a report last month on the state of commercial banking. Across the industry, companies are looking to cut expenses amid expectations that loan demand will continue to slide this year. ![]() Other banks - including Goldman Sachs, Capital One Financial and New York Community Bancorp - have announced layoffs in recent months. Contact the bank to find out any specific documentation that is needed to open the best type of account for you, but in general you’ll need: Legal document identifying the structure of the business and/or the name of the business. Huntington executives said Wednesday that they don't have a projection for the total savings the program will yield. The kind of documentation required to open a business bank account depends on the type of business and the bank. The voluntary retirement plan is aimed at individuals in middle-level and senior-level roles. The company's first-ever voluntary retirement program, which it previewed in January during its fourth-quarter earnings call, was rolled out late last month. The parent company of Huntington Bank is also taking other steps to trim costs. So this alignment, I think, helps us significantly in that regard." "And while we've made some progress, it's not coming fast enough from my perspective. ![]() "We see this as a big growth area for us going forward. But Steinour said the primary purpose is to increase revenue, and he zeroed in on the wealth management business as offering a notable opportunity. The reorganization is also expected to improve efficiency by enabling the bank to consolidate support functions. Huntington National Bank has its headquarters in Columbus, Ohio. Compare Huntington National Bank to Other Competitive Offers. "By aligning these business units within one segment, we're bringing all of our wealth management activities under a central team," Steinour said at the investor conference. Fixed Rate CDs With Minimum Deposit of More Than 100,000.
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