When Huntington Bank absorbs FirstMerit Corp. later this year, how many of FirstMerit's 3,926 employees will keep their jobs?



And a separate question, if FirstMerit employs about 1,200 in the Akron city limits now, how many will a combined Huntington-FirstMerit employ a year or two from now?



The answers matter greatly to nearly 4,000 families and to a Northeast Ohio economy crushed by losing another Midwest headquarters -- in this case, a company with more than $1 billion in revenue that was founded before the Civil War.



Huntington Chairman and CEO Steve Steinour said the bank plans to cut costs equal to about 40 percent of FirstMerit's expenses, or $2 billion.

"Unfortunately, most of the costs are employee-related," said banking analyst Fred Cummings of Elizabeth Park Capital Management in Pepper Pike.



To sort out what will happen to FirstMerit's nearly 4,000 jobs, it's helpful to divide the employees into three categories: those in the Akron city limits, those who work at one of the 355 branches outside of Akron proper, and corporate/ back office employees who work outside of the Akron city limits.

It's believed the employment is split roughly equally between the branches and corporate operations. Three years ago, the city of Akron said it provided financial incentives to keep FirstMerit and its 2,000 corporate jobs in Akron.



Because Huntington is sensitive to the economic impact in FirstMerit's headquarters city, the bank is promising that, since it says FirstMerit employs 1,200 in Akron now, it will also employ 1,200 in the future. That number could dip in the interim.

"Huntington is committed to maintaining a stable employment level within the city," bank spokesman Brent Wilder said Friday. "To that end, Steve (Steinour) has gone on record noting that Huntington may ask some workers (in other cities) to locate in Akron, although there are no formal plans at this very early stage.



"Our commitment is to maintain stable employment levels in Akron and we will strive to minimize job loss for current FirstMerit nonbranch employees by offering priority job access at Huntington," he added. "That does not mean they will have the same jobs at conversion."



So what this means is that not all 1,200 FirstMerit employees will necessarily keep their jobs. In fact, the 1,200 jobs that exist in Akron a year or two from now won't all be the same jobs that exist in the city now. Some could be connected to operations that move from Columbus or other cities, or are part of the bank's overall growth.



The answers are a little clearer for employees in the branches. Even though some of the branches of the combined banks' 1,000 branches will close, "we are not seeking to reduce the workforce" in the branches, Wilder said. "We'll offer continuing employment to FirstMerit branch employees." Again, the jobs that are offered may not be the exact jobs that are held now.



Of FirstMerit's 367 branches, about 39 percent, or about 143 locations, are within one mile of an existing Huntington branch. In most cases where there's overlap, one branch or the other will close. In some cases, the existing Huntington branch will closes.



The takeaway of all of this: The most vulnerable group of FirstMerit employees may be those who work outside of Akron but don't work in a branch. These offices, which may support corporate and back office functions, could be folded into Huntington's corporate operations in Columbus in some cases.



Huntington stresses that the transaction was announced just last week and won't close until later this year. After that, Wilder said, it will take months to merge the banks and convert FirstMerit functions to align operations under one company name.

Area companies with growing operations may find they'll have a new pool of potential job candidates as cuts are made at FirstMerit.

"We are actively hiring for key positions across the company," said Laura DiGeronimo, spokeswoman for Citizens Bank, the third-largest bank in Greater Cleveland. "As the industry continues to evolve, we are finding that a number of experienced financial services professionals are eager to join us here at Citizens and to contribute to our effort to become a top-performing regional bank."

Another is KeyCorp, Cleveland's largest bank, which has about 5,000 area employees.

"As one of the region's largest employers, we often see increased interest from potential employees when there is uncertainty in the market," said KeyCorp spokesman Jack Sparks. "We are known to employ some of the most talented individuals in the field and have worked hard to create an environment that fosters personal growth and continues to attract people. "

Key employees also have a strong sense of community and is known for diversity and inclusion, Sparks said. "Talented professionals recognize the value of working for Key."