Update: Huntington Bancshares Notifies Laid Off Workers

Huntington Bancshares has begun notifying employees affected by the 500 jobs it’s cutting by early next month.

Huntington’s cost-cutting plan, expected to save about $100 million this year, includes the job cuts along with the elimination of 2008 employee bonuses and the company’s 401(k) matching program.

The Columbus-based bank announced the plan February 3rd, days after reporting a 2008 loss of $113.8 million.

Columbus, Ohio-based Huntington is the Tri-State’s fourth-largest bank, with about $1.7 billion in local deposits.