TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

PNC to accelerate branch closings, CEO says

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.

 

 
 


Show commenting policy

Most-Read Business Headlines

  1. DQE Communication inks data deal with Iron Mountain
  2. 2 top technology officers leave UPMC
  3. EDMC reaches debt-restructuring deal with creditors
  4. Highmark denies premiums in federal insurance marketplaces affected by level of competition
  5. Banks Gas Services finds success in jobs outside shale industry
  6. Feds close probe into Camry hybrid brake problems
  7. Burger King to buy Tim Hortons for $11B, move headquarters to Canada
  8. Squeezed by consumers’ focus on fresh foods, Heinz revamps frozen meals
  9. Hewlett-Packard recalls power cords
  10. Argentina kicks out BNY Mellon
  11. Study: Consumer confidence near 7-year high
Subscribe today! Click here for our subscription offers.