Huntington Bancshares CEO Steve Steinour advised CNBC’s Jim Cramer that he is optimistic in regards to the course of the economic system, regardless of widespread worries relating to steep new international tariffs.
“I imagine there may be an influence with the uncertainties of tariffs,” Steinour mentioned. “Having mentioned that, the core economic system is actually performing nicely, and it is displaying up when it comes to credit score high quality. It is displaying up when it comes to, for us, mortgage progress. And, so, we’re optimistic about it.”
Steinour mentioned unemployment ranges are low by historic requirements. He additionally mentioned it appears doable to “get via tariff uncertainties” in one other month or two. As soon as tariff points are resolved, he continued, the economic system will “rebound a bit,” and there will likely be financial progress “at vital ranges.”
He additionally advised that the approval of President Donald Trump’s megabill has made tax coverage extra clear. Steinour praised the invoice’s “accelerated depreciation” measures, which will likely be “an enormous increase to the onshore manufacturing and different expansions that firms wish to do within the U.S.,” he mentioned. He additionally mentioned he thinks the tax provisions will likely be “very vital” to financial exercise subsequent yr and past.
Huntington is an Ohio-based regional financial institution that simply introduced it could acquire Texas-based rival Veritex. In line with Steinour, increasing to Texas is the following logical step ahead as Huntington appears to be like to diversify earnings and income capabilities in high-growth areas. He added that the corporate has had a presence within the state since 2009.
“Texas itself is an financial powerhouse, and we’re simply very excited to be going there with Veritex, an ideal group,” Steinour mentioned.
