PNC to accelerate branch closings, CEO says
By Thomas Olson
Published: 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.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Smartphones nudge out cameras
- Homeowners in foreclosure may get reduction in loan balances with Ocwen deal
- Facebook to sell 70M shares — most of them from CEO
- Most new cars fail to earn insurance industry’s top safety ratings
- United Airlines limits minors flying alone to nonstop flights
- Mobile ad spending expected to soar
- Stocks take breather as market digests Fed-fueled gains
- Hershey expands in China with acquisition
- How Fed move will affect you
- First Niagara names Crosby CEO
- Del Monte to pursue pet foods, sell its consumer canned products unit to Philippines company