PNC, a leading financial services company, has announced upcoming layoffs that will affect employees around the country. The company did not specify how many employees will be laid off but sent out notices to various workers this week. PNC stated that layoffs will put the company in a better financial position for the future, and the cuts will reduce jobs that no longer meet the strategic needs of the company. The layoffs will be the second round of layoffs this year, as PNC cut mortgage and home equity workers in July. The company is hoping to meet its target goal of cutting financial expenses by 450 million dollars this year, and reductions have occurred in all sectors of PNC. PNC is shifting more focus to newer markets and new digital platforms.
See "PNC announces second round of layoffs this year", Anya Litvak, Pittsburgh Post-Gazette, October 11, 2023