PNC bank set to close hundreds of branches, slash jobs

Company blames regulations, economy for cuts

CINCINNATI - PNC customers take note, hundreds of the financial giant's retail branches are about to close.

Officials with the PNC Financial Services Group confirmed to NewsChannel5's Scripps sister station WCPO in Cincinnati that it plans to close 200 retail branches to cut expenses by $700 million.

The company said it was too early to tell how many Ohio branches and jobs will be cut.

PNC has about 2,900 branches in 19 states.

Company officials said the move is prompted by a sluggish economy, the cost of new regulations and thin profit margins from lending because of the low interest-rate economy.

The Pittsburgh-based bank bought National City in Cleveland in 2008. There are about 143 bank branches in northeast Ohio.

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