PNC Financial Services Group (PNC) will close 10 branches in its hometown of Pittsburgh as part of a planned $700 million in expense cuts.
The closures will take place over the next 90 days, the Pittsburgh Post-Gazette reported Wednesday. William Demchak, who succeeded James Rohr in April as chief executive of the $300 billion-asset asset company, said he plans to close 200 branches, or 6.5% of its total network, this year, in an effort to reduce overhead and improve efficiency.
PNC has already reached $500 million in cuts this year and will "easily" pass the $700 million goal, Chief Financial Officer Rick Johnson said in April.
PNC has closed four other Pittsburgh branches this year, the Post-Gazette reported.
Demchak said in March that, despite the closures, PNC would continue to open branches in locations it considers desirable. "I'm not at all in the camp that branches are going away," he said.