The Huntington-TCF merger is the latest deal among regional banks, who have looked to get bigger and more competitive against the Wall Street titans like JPMorgan Chase, Citigroup and Bank of America. The stated reduction amounts to roughly 1% of the bank's workforce, with the layoffs occurring across its seven-state footprint. Huntington Bank will merge with Detroit-based TCF Financial in an all-stock deal worth $6 billion, the banks jointly announced Monday, Dec. 14, the latest in a recent wave of bank mergers that is creating a new crop of large regional banks across the country. Management is back stabbing and always looking for something you’re doing wrong. All rights reserved. It's also unclear exactly where those cuts are coming from, when they'll happen and what markets might be most affected. Huntington Bank (Nasdaq: HBAN; www.huntington.com) has claimed the top spot among regional banks in the J.D. “I’m optimistic.’’. Huntington Bank is such a large corporation that know one really knows each other. “We wanted to try and keep the communication going and help where we can,” he said. Huntington Bank will absorb Detroit’s TCF Financial in an all-stock deal worth $6 billion, the latest in a string of tie-ups that have led to a crop of new and larger U.S. regional banks. Huntington Bank is such a large corporation that know one really knows each other. The stated reduction amounts to roughly 1% of the bank's workforce, with the layoffs occurring across its seven-state footprint. Copyright 2020 The Associated Press. CHARLOTTE, N.C. – Huntington Bank will absorb Detroit's TCF Financial in an all-stock deal worth $6 billion, the latest in a string of tie-ups that have led to a crop of new and larger U.S. regional banks. The TCF brand will be changed to Huntington, and Detroit's TCF Center will be renamed after Huntington in the coming years. “The sooner citizens of Ohio collectively take action to put this virus back in the box, the faster the recovery,” he said. The pandemic sent unemployment soaring and stock markets tumbling early on. Depending on your relationship with your managers you are favored and treated differently. FILE - In this Nov. 2, 2020 file photo, a man walks past the boarded-up first floor windows of a Huntington Bank branch in Columbus, Ohio. To ease the transition, current CFO Mac McCullough will not leave the company until Dec. 31. Huntington Bank will absorb Detroit's TCF Financial in an allstock deal worth $6 billion, the latest in a string of tieups that have led to a crop of new and larger U.S. regional banks. It was a … Huntington Bank said it plans to trim about 150-200 jobs, though the total number is up in the air.. (AP Photo/Andrew Welsh-Huggins, File). The consumer front of the combined bank will will be based in Columbus, Ohio, Huntington’s home town. The layoff news comes alongside the bank's announcement Thursday that Zachary Wasserman will become CFO effective Nov. 4. In response, Huntington has taken a variety of measures to manage these challenges, including reducing expenses by adjusting staffing levels,” the bank said in a statement. (AP Photo/Andrew Welsh-Huggins, File) FILE - In this Nov. 2, 2020 file photo, a man walks past the boarded-up first floor windows of a Huntington Bank branch in Columbus, Ohio. Huntington Bank will absorb Detroit's TCF Financial in an all-stock deal worth $6 billion, the latest in a string of tie-ups that have led to a crop of new and larger U.S. regional banks. In addition, the bank said some open jobs won’t be filled. Huntington Bank said it plans to trim about 150-200 jobs, though the total number is up in the air.. Goldman Sachs reported that M&A activity at the conclusion of the second quarter was down 51% year-over-year across all sectors. EmploymentThe Huntington is a world-class research and educational institution because the dedicated people who bring their exceptional talent and expertise to work every day make it not just a wonderful place to work, but a magnificent treasure for members and visitors. All rights reserved. Revenue for the quarter was $1.2 billion, about flat versus the same period in 2019. “We are going to be much better together,” said Huntington Bank CEO Steve Steinour, noting that Huntington, along with new markets, would also get access to TCF's equipment finance business and inventory finance businesses. Huntington, with $120 billion in assets, outsizes TCF, which has assets of around $50 billion. The Huntington considers all qualified applicants for employment without regard to race, religion, color, Huntington Bank will absorb Detroit's TCF Financial in an all-stock deal worth $6 billion, the latest in a string of tie-ups that have led to a crop of new and larger U.S. regional banks. Huntington provides online banking solutions, mortgage, investing, loans, credit cards, and personal, small business, and commercial financial services. Dive Brief: Huntington Bancshares will eliminate 150 to 200 jobs in a cost-cutting effort, the Columbus, Ohio-based bank said Thursday. Overall, the Huntington-TFC bank merger is expected to result in $490 million in cost savings or "synergies," including an unspecified number of layoffs plus money savings from branch closures. Instagram Telegram Google News. Bank M&A is hard enough at the best of times, but under lockdown conditions, best left to another day. Some of the bank’s employees will lose their job as a result. Q2 2020 US bank M&A activity dead. FILE - In this Nov. 2, 2020 file photo, a man walks past the boarded-up first floor windows of a Huntington Bank branch in Columbus, Ohio. Huntington Bank will absorb Detroit's TCF Financial in an all-stock deal worth $6 billion, the latest in a string of tie-ups that have led to a crop of new and larger U.S. regional banks. Earlier this year, Pennsylvania's PNC Financial Services Group Inc. announced it would buy the U.S. operations of Spanish bank BBVA. The first big deal came last year between BB&T and SunTrust, which merged together to become Trust Bank. Huntington is among the largest participants in the Paycheck Protection Program, the government fund that provided loans to small businesses to help meet payolls during the pandemic and avoid layoffs. Along with going into Detroit, the merger will give Huntington access to markets like Denver and the Upper Midwest. 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