PNC Says 4% Workforce Reduction Will Save $325 Million in 2024
A PNC Bank branch in New York, US.
Photographer: Bing Guan/BloombergThis article is for subscribers only.
PNC Financial Services Group Inc. said it started reducing headcount by 4% as the bank navigates fallout from higher interest rates that has eaten away at profitability.
Personnel expenses will fall $325 million in 2024 as a result of the cuts, which began on Oct. 6, the Pittsburgh-based lender said in an earnings presentation Friday. But the move will result in a one-time charge of $150 million during the fourth quarter of this year. The company had 61,545 employees as of December 31.