Huntington Bancshares Inc. unveiled a restructuring Tuesday that its chief executive said should cure its biggest headache: an unprofitable relationship with a troubled Jersey City subprime lender.

Analysts applauded the move, which essentially quarantined the $54 billion-asset Columbus, Ohio, company's remaining exposure to Franklin Credit Management Corp., but they said Huntington still has a host of other issues to address, including potentially mounting loan losses that could further hamper its financial strength.

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