PNC to reduce workforce by 4% as part of cost-saving initiative
PNC is reducing its workforce by 4%, Pittsburgh’s biggest bank disclosed in a regulatory filing accompanying its third-quarter earnings report, released on Friday.
The cuts are expected to be “almost entirely” completed by year-end, and PNC expects to incur pre-tax charges and costs of about $150 million related to severance, benefits and related termination costs in Q4. In turn, PNC said the cuts will reduce personnel expenses by $325 million, or 5% annually.
Read more at Pittsburgh Business Times.
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