Bloomberg News

PNC Cuts 621 Jobs in North Carolina, May Reassign Some Employees

January 12, 2012

Jan. 9 (Bloomberg) -- PNC Financial Services Group Inc., the sixth-largest U.S. bank by deposits, will cut 621 jobs in North Carolina and reassign some of the affected employees after buying Royal Bank of Canada’s U.S. assets.

The lender will redeploy a “significant number” of the people, Fred Solomon, spokesman for the Pittsburgh-based bank, said in a phone interview today. After the transaction closes, PNC expects to add jobs including corporate bankers and asset managers, he said.

PNC, run by Chairman and Chief Executive Officer Jim Rohr, 63, agreed in June to pay $3.62 billion in cash and stock for Raleigh, North Carolina-based RBC Bank USA and related credit- card assets. Rohr said at the time he expects PNC to reduce expenses by $230 million annually, or about 30 percent of RBC Bank USA’s costs, through “operational efficiencies.”

PNC advanced 13 cents to $60.04 at 2:04 p.m. in New York. The cuts were reported Jan. 6 by the Triangle Business Journal in Raleigh, North Carolina.

--Editors: Rick Green, Dan Kraut

To contact the reporter on this story: Laura Marcinek in New York at lmarcinek3@bloomberg.net.

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net.


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