PNC expects cost savings of $725M in 2024, here’s why

PITTSBURGH — The $325 million PNC expects to realize next year by cutting 4% of its workforce boosts cost savings to $725 million, top executives told financial analysts Friday during PNC’s third-quarter investors call.

“Decisions involving personnel are never easy,” Bill Demchak, PNC chairman, president and CEO, said.

The initiative will go straight to the bank’s bottom line and adds to the continuous improvements program PNC has had in place for years, where the savings are used to fund tech spends.