Revenue and expenses

The company posted a surprise increase in third-quarter expenses as it set aside almost $1 billion for customer remediation and $718 million in restructuring charges.

Third-quarter net income dropped nearly 16% from a year earlier as revenues at the company's consumer unit declined at about the same pace and trading revenue gains were below estimates.

Low rates and intense competition might lead some banks to ease underwriting standards in 2021, when the economy may not yet have recovered.

Many sectors are concerned about making money in an economic downturn, but those fears are higher in the financial sector, according to a study from Arizent.

The company joins a growing list of community banks paring back their networks.

The moves are intended to offset a protracted period of historically low interest rates and expectations of higher credit costs in 2021.

The company will shutter a fifth of its locations, while reinvesting some of the savings in its digital banking platform.

Deal activity, already on pace for its slowest year in more than two decades, will likely remain suppressed until bankers get a handle on credit exposure and more clarity on valuations.

“What COVID has done for us is it has showed us where to prioritize investments,” William Demchak said at an industry conference in discussing the Pittsburgh company's plans to speed up the shift to digital banking.

The company joins a growing list of banks shuttering locations as customers flock to digital channels.