PNC Bank issued pink slips to an undisclosed number of employees this week as part of its focus on controlling costs.
“As part of our strong focus on expense management, we have reviewed our organizational structure and have identified an opportunity to better position our company for long-term success. This 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,” the company’s spokesperson said in an emailed statement.
While the spokesperson declined to comment further, an affected former employee’s LinkedIn post showed that her position would be eliminated on Dec. 1.
No Worker Adjustment and Retraining Notification (WARN) notices were submitted to the Pennsylvania Department of Labor & Industry. PNC is headquartered in Pittsburgh.
“We’re going to have to take a hard look at where we can generate savings in this company without cutting the potential for growth,” Bill Demchak, CEO of PNC, told analysts during its Q2 earnings call in July.
After setting a target to cut $400 million in expenses by 2023 at the beginning of the year, PNC increased that to $450 million in July.
PNC’s non-interest expense for the first half of 2023 was $6.7 billion, up from $6.4 billion during the same period in 2022.
HousingWire was unable to confirm which lines of business were affected, but it follows PNC’s layoffs in July when it made “limited organizational changes” within its mortgage and home equity groups, the spokesperson confirmed.
PNC has a retail banking business that covers residential mortgage, corporate and institutional banking and asset management.
The company reported total consumer loans of $101.8 billion, including residential mortgages, automobile, home equity and credit card loans in the first half of 2023, according to its 10-Q filed with the Securities and Exchange Commission (SEC).
Of the $101.8 billion in consumer loans, residential real estate loans took up 46% of the total volume at $46.8 billion in origination as of June 30.
PNC has 11,986 registered mortgage loan originators, according to the Nationwide Licensing System (NMLS).
