PNC Financial Announces Layoffs After FirstBank Acquisition

PNC Financials acquisition of FirstBank results in up to 777 layoffs in Lakewood, but most employees are being reassigned. The deal, valued at $4.1 billion, tripled PNCs branches in Colorado to 120 and made them a top player in Denver. Integration costs are expected to reach $325 million, but FirstBanks loans have boosted PNCs average loans by 7% to $23 billion. Accounts will start converting on June 18th, and the key FirstBank office on West Colfax will remain open during the transition. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/2b984bb5322c395e