July 17, 2015
PNC Financial Services Group plans to cut 100 branches, at least six of which are located in the Philadelphia region, this year, Philadelphia Business Journal reports.
The cuts are part of a plan to reduce PNC's network by 10 percent (about 400 branches) since it acquired North Carolina-based RBC Bank USA in 2012, according to CEO William Demchak.
PNC has already consolidated locations in the Philadelphia region, including in Camden and Malvern. It also plans to consolidate locations in Broomall, Media, Mount Laurel and Medford into nearby branches in October.
A spokeswoman said each of the consolidated branches will have deposits moved to another PNC branch less than two miles away. The genesis of the reduction comes from the explosion of online and mobile banking, which reduced in-branch foot traffic, she said.
In addition, PNC will test new branch concepts that will replace tellers and teller windows with iPads or 'Smart' ATMs.
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