Huntington Bancshares (HBAN) followed the lead of other banks and cut about 200 jobs amid a slowdown in residential mortgage lending.
Huntington, in Columbus, Ohio, cut the jobs during the third quarter, Chairman and Chief Executive Stephen Steinour said in an interview.. The $56.6 billion-asset Huntington also closed 22 branches and cut other costs in the quarter, as overall results from the first half of the year were weaker than projected.
Noninterest expense in the third quarter fell 7.6% to $423 million, from a year earlier. In the second quarter of this year, expense growth had outpaced revenue growth, and Steinour said in July that if the trend continued Huntington would "not hesitate to trim overhead."