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PNC to spend $1 billion on branch network

PNC Bank is to invest $1 billion in its coast-to-coast branch banking network in the US, overturning conventional wisdom about the value of brick and mortar assets.

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PNC to spend $1 billion on branch network


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Under the plans, PNC will open more than 100 new locations and renovate more than 1,200 existing locations through 2028.

"Our branch network is the heartbeat of our Retail business, offering friendly and convenient service to the millions of customers who step through our doors every single month," said Alex Overstrom, head of PNC Retail Banking. "Whether to finance a home, deposit a check, or save for retirement, our customers count on our 15,000 branch team members to support their holistic financial needs. By investing in our network, we are supporting our customers, our team members, and the communities where we live and work."

PNC currently has approximately 2,300 brick-and-mortar locations across the country. In addition, the bank serves customers through more than 60,000 PNC and partner ATMs nationwide as well as through online and mobile banking platforms and its customer care center.

"As one of the largest retail banks in the United States, our vast branch network, alongside our other core banking channels, plays a key role in how we serve and provide solutions to our customers across the country," says Overstrom. "Today's announcement further underscores our commitment to continuously invest in our branch network to effectively meet the needs of our customers in an evolving financial landscape."

PNC's actions follow that of JPMorgan, which earlier this month laid out plans to open 500 new branches over the next three years as part of a multi-billion dollar investment in its network.

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Comments: (1)

Ketharaman Swaminathan Founder and CEO at GTM360 Marketing Solutions

"overturning conventional wisdom"? I don't think so.

In fact PNC's investment in branch network resonates strongly with the conventional wisdom that I keep dishing out unsolicitedly in my blog e.g. Secret Of Survival Of Bank Branches.

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