Market Chatter: Huntington Bancshares to Cut Jobs at Cadence After Acquisition

MT Newswires Live12-09

Huntington Bancshares (HBAN) plans to reduce the workforce at Cadence Bank (CADE) after it completes its $7.4 billion acquisition of the Texas-based bank, Reuters reported Monday, citing an interview with Huntington CEO Stephen Steinour.

The executive did not disclose how many layoffs are planned for Cadence, which has about 5,800 employees, according to the report.

Over time, Huntington will move some roles from other areas to Texas, as well as create more jobs in the state, the report said.

Huntington and Cadence did not immediately reply to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 16.94, Change: +0.04, Percent Change: +0.21

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