PNC to offset many branch closings with new ones

Here is what you should know about the recent news reports that PNC Financial Services Group Inc. is planning to cut 200 branches: It’s not really news.

Incoming PNC CEO Bill Demchak said the following to Pittsburgh Business Times in a wide-ranging interview (subscription required) published last Friday:

“We might close as many as 200, but at the same time open 40 to 50 to offset it. That’s not a Pittsburgh issue; that’s 19 states. I know there will be some in Pittsburgh. You’ll see some…