Steinour says Huntington layoffs part of ‘hedging’ strategy as rates fall

With another rate cut likely this year and two more expected in 2020, Huntington Bank CEO Steve Steiner said the bank is "hedging" in a "tough" environment.

For the third quarter, Huntington (Nasdaq: HBAN) reported new income of $372 million, down 2% from the third quarter of last year. Net interest income was down $5 million, or 1%, to $805 million. Revenue, however, grew 4% or $42 million to $1.194 billion, which the bank credited to Federal Reserve policy and interest rate cuts.

The bank's…

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