The Bank Slate


Huntington forming streamlined consumer segment

Huntington Bancshares in Columbus, Ohio, plans to streamline its consumer operations into a single segment.

The $183 billion-asset company will combine its retail and business banking operations and its auto finance business into its wealth management, private banking and insurance segment.

The move, expected to take place in April and will create a single consumer and regional banking category, should help Huntington boost revenue and keep costs in check, Steve Steinour, the company’s CEO, said during a presentation at a conference hosted by Bank of America.

The effort should lead to “enhanced agility and speed of execution,” Steinour said.

“As we were working through the strategic planning process, beginning last summer, we started asking ourselves, ‘Are we as aligned as we’d like in our wealth businesses, so that we’re maximizing opportunities?’” he added. “We are under-penetrated. … While we’ve made some progress, it’s not coming fast enough, from my perspective. This alignment helps us significantly in that regard.”

The bank also closed about 30 branches in the fourth quarter, or roughly 3% of its network. It also initiative its first voluntary retirement program.

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