PNC Slashing Thousands Of Jobs Nationwide

PITTSBURGH, PA — Pittsburgh-based PNC Financial Services Group announced Friday that it will cut about 4 percent of its workforce as part of a larger overall cost reduction plan. PNC currently has about 58,000 employees, which means more than 2,300 jobs are being eliminated.

PNC disclosed the cuts in a regulatory filing. The staffing reductions, expected to be completed by year's end, will reduce PNC's personnel costs by about $325 million, or 5 percent annually, the bank said.

It's unclear how many jobs will be lost in Pittsburgh. Further details on the layoffs were expected to emerge soon from PNC president and CEO Bill Demchak in an investors conference call.

PNC earlier this week confirmed that staffing cuts were coming but did not disclose the number of jobs being eliminated. PNC said in a statement that it was attempting to better position the company for long-term success and that attempt 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."

One of the largest diversified financial services institutions in the country, PNC had assets of $558 billion as of June, according to its website. PNC is a coast-to-coast franchise with an extensive retail branch network and presence in all of the country’s 30 largest markets.