Huntington Bancshares will eliminate 150 to 200 jobs in a cost-cutting effort, the Columbus, Ohio-based bank said Thursday.
The layoff news comes alongside the bank's announcement Thursday that Zachary Wasserman will become CFO effective Nov. 4. To ease the transition, current CFO Mac McCullough will not leave the company until Dec. 31.
The bank is set to release its quarterly earnings Thursday. In a statement, it blamed volatile interest rates for its decision to cut staff.
Huntington Bancshares has a reported $108 billion in assets and a network of 868 full-service branches, including 12 private client group offices, and 1,687 ATMs across the Midwest.
"While our business continues to perform well, the rapidly changing interest rate environment fundamentally impacts our revenue," said a Huntington Bancshares representative, the Columbus Dispatch reported. "In response, Huntington has taken a variety of measures to reduce expenses, which includes adjusting staffing levels."
Affected workers have been notified of the move, and the bank is committed to providing adequate severance packages, the bank said.
"We understand the weight of the decision on our colleagues and will support them through a planned transition. 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 bank said in a statement.
Wasserman formerly served as CFO of Visa's North American business and American Express's North American business, according to the press release.
The news of Wasserman's hiring and the proposed layoffs both came Thursday, but a Huntington Bancshares representative told CFO Dive there are "no correlations between these two topics. They are completely separate and unrelated."