PNC Financial Services Group Inc. PNC, +1.25% is reducing its staffing levels but it has yet to provide a specific number of people to be affected by the action, according to a statement from the company emailed to MarketWatch.
The Pittsburgh-based lender with about 60,000 employees said it’s reviewing its organizational structure including a shift away from work not fully aligned to its strategic priorities. The moves will include staff level reductions. PNC’s stock was up 1.1% in recent trading. The move was initially reported by other news outlets.
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