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

Daily Photo Galleries

Business Photo Galleries

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. Rising number of health care workers have less than 4-year degree, study shows
  2. 1,600 StubHub accounts breached, N.Y. official says
  3. Health insurers will refund $5.2M to Pa. subscribers, group plans
  4. Europe thirsts for U.S. craft beer
  5. Latrobe’s Ci Medical Technologies transforms to medical device business
  6. Study: Google dominates driverless car buzz
  7. GM issues 6 more safety recalls
  8. Dick’s cuts PGA professionals as golf business declines
  9. U.S. growth weakest since recession, IMF says
  10. S&P 500 reaches new heights
  11. Social Security spent $300M on ‘IT boondoggle’
Subscribe today! Click here for our subscription offers.