Jack Milligan, editor-at-large for Bank Director
In business as in life, it often takes a crisis to bring about real and lasting change. That was certainly the case for Huntington Bancshares in the winter of 2008, when the financial crisis left the bank buckling under the weight of billions of dollars in bad loans. The bank’s board of directors made several important decisions at the depth of the crisis, the most significant of which was recruiting Stephen Steinour as the new chairman and chief executive officer. Steinour joined the following January and immediately started purging the loan portfolio, raising capital and slashing overhead. The strategy paid...
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Jack Milligan is editor-at-large of Bank Director, an information resource for directors and officers of financial companies. You can connect with Jack on LinkedIn or follow @BankDirectorEd on Twitter.