PNC Financial Services (PNC) plans to close 200 branches this year, or 6.5% of its domestic network, as part of a broad push to cut costs.
The Pittsburgh company expects to close 32 of them in the first quarter as it revamps its branching strategy, President Bill Demchak told analysts on Tuesday at the Citigroup Financial Services Conference in Boston.
PNC is shifting to a "focus that uses technology to meet changing preferences of our customers," rather than a traditional, branch-heavy model, Demchak said, according to a
Demchak, who will
Demchak announced last month that he will try to cut PNC's expenses by $700 million in 2013, as
PNC is one of several banks striving to lower costs by pruning branches. SunTrust