A major lender has announced it will consolidate around 200 retail banking branches amidst lower expected originations.
PNC Bank’s president and CEO Bill Demchak said in a conference call yesterday that the company will be able to mitigate an expected dip in origination by staying retail operated and managing its capacity with strategies like consolidation.
The bank began consolidating February of this year, and has already consolidated 100 branches, said spokesperson Marcey Zwiebel.
Zwiebel said industry research has indicated more consumers are using online and mobile technologies to do their banking, reducing the need for some of the bank's locations.
While the bank claimed originations were set to fall, PNC’s volumes were up 11% to $4.7bn for the second quarter and 30% since 2Q2012.