A US bank is now laying off a whopping 2.3K employees this year as branches nationwide continue to shutter.
The PNC Financial Services Group, Inc. is an American bank holding company and financial services corporation based in Pittsburgh, Pennsylvania.
Its banking subsidiary, PNC Bank, operates in 27 states and the District of Columbia, with 2,629 branches and 9,523 ATMs.
“BizJournals estimates the mid-year number alone for national PNC branch closures to be 173.
Now comes word that the Pittsburgh-based bank is set to layoff off over 2400 employees throughout the country.
As the state of Pennsylvania operates a large percentage of PNC banks, layoffs are widely expected to be prevalent therein,” reports Joel Eisenberg.
“According to an October 13th report from BankingDive, PNC Bank’s upcoming cuts are financially strategic in nature, and were reported by Bloomberg as a 4% headcount reduction that had already begun.”
That means the Pittsburgh-based lender could cut more than 2,400 employees, based on headcount figures from December, which put the bank’s workforce at 61,545, says Bloomberg.
PNC expects to take a one-time $150 million charge in the fourth quarter, related to the cuts, which started Oct. 6, according to Bloomberg.
The bank expects to save $325 million in personnel expenses in 2024, it said Friday.
29 PNC Bank branches nationally permanently closed on August 19th alone.
Over 1,100 regional and major bank branches permanently closed this year, according to Crowdfund Insider.
Aside from banks shuttering locations, many popular US banks have also begun to freeze customer accounts.
A pattern too many say have raised concerns over the integrity of the banking system.
Banks such as Bank of America have already begun to list closures for 2024.
Other Economy News Today
Tennessee workers have now been left in turmoil after massive layoffs affected 33,000 employees this year.
Yellow Corp, a Tennessee-based trucking company entered bankruptcy and immediately closed operations across the United States.
As a result, 33,000 workers lost their jobs in the biggest mass layoff in the United States since 2020, reports Ash Jurberg.
Many of these workers have been unable to find jobs while still being owed unpaid vacation and sick leave, an unfortunate result of the company’s collapse.
WSWS spoke with several ex-Yellow staff members who are still severely impacted by the events that unfolded this year.
“I have a friend. He is owed 33 days, which is almost $7,000. And he is not working.
We gave over 10 years of 15 percent of our pay every week to this company. We gave up part of our pension for 10 years, and at the end, they got a $700 million bailout during COVID from the United States government, and they still put us out of business.
Out of all of the guys I know, maybe seven or eight got jobs doing what we did. Most of them have to go doing other odd jobs or changing their craft because they can’t get in the door anywhere, says ex-driver Allen Buyers.
“I am having a terrible time finding a job. However, it is my age that comes up more than anything. Insurance won’t cover a driver past 64, is what I have been told three times now,” says another ex-Yellow Corp worker.
“The worst thing is our insurance wasn’t paid and was cut off immediately, and any accrued vacation time wasn’t paid. But job seekers are having a tough time finding suitable or comparable work… In Memphis, we hear nothing from the union local. Nothing at all.”
Also Read: A New Wave of Massive Layoffs Now Hits Texas
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