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PNC to accelerate branch closings, CEO says

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PNC $55.08 -$0.23

at close on TUESDAY

By Thomas Olson
Tuesday, Dec. 4, 2012, 12:14 p.m.

PNC Bank will be “closing branches and taking out layers of people” in 2013 to hold down expenses, the bank's CEO told Wall Street analysts Tuesday.

James Rohr said PNC plans to reduce expenses next year by at least $500 million, noting retail banking accounts for about half of its overhead. PNC is the nation's seventh largest bank, and operates about 2,900 branches.

PNC will close two local branches on Feb. 22, on Fifth Street in Freeport and on Beverly Road in Mt. Lebanon, it said Nov. 27.

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