PNC laying off undisclosed number of workers
PITTSBURGH (KDKA) — PNC Bank is laying off employees.
On Tuesday, PNC did not say how many workers will lose their jobs but did confirm the cuts. According to the Pittsburgh Post-Gazette, PNC is laying off the workers before the end of the year, though some received notice this week.
"As part of our strong focus on expense management, we have reviewed our organizational structure and have identified an opportunity to better position our company for long-term success," PNC said in a statement to KDKA-TV. "This includes a shift away from work not fully aligned to our strategic priorities and will result in a reduction in staffing levels in certain areas. While these decisions are never easy, we believe these measures will help us more effectively and efficiently deliver for our customers and stakeholders, now and going forward."
Three months ago, Pittsburgh's biggest bank cut jobs in its mortgage and home equity groups.
The Post-Gazette also reported that at the beginning of 2023, PNC had a goal of cutting $400 million in expenses by the end of the year, but company leaders later increased the goal to $450 million. PNC has 11,600 workers in the region and more than 61,000 companywide, according to the newspaper.
In 2020, PNC closed dozens of branches, including eight in Pittsburgh. Earlier this year, PNC reportedly closed banks in seven states.
In October 2022, PNC Bank announced 20 branch consolidations. Three of the consolidations were in the Pittsburgh region.