Huntington Bancshares Inc. (NMS:HBAN) announced Tuesday that it would be cutting about 500 jobs, as well as eliminating employee incentives in order to reduce annual expenses by $100 million. The Columbus, Ohio based company said that the jobs will be cut by March 1.

Job cuts will take place throughout the company's operations in Ohio, Indiana, Kentucky, Michigan, Pennsylvania, and West Virginia. The 500 jobs constitute about 4 percent of the bank's total employees.

In addition to the job cuts, Huntington will suspend its 401(k) matching program, maintain salaries at last year's levels, and eliminate executive bonuses and other awards.

Last month, Huntington reported fourth quarter losses of more than $417 million. As of 3:00pm Tuesday afternoon, Huntington shares were down more than 11 percent.

Huntington President Stephen Steinour said that the cuts will strengthen the bank's position in a challenging financial environment.