Legacy bank PNC cuts 777 jobs after major deal

While Wall Street saw a solid start to banks' first-quarter earnings, a major lender quietly delivered difficult news to hundreds of employees.

As large banks pursue mergers, they are also streamlining operations, balancing expansion and cutting overlapping roles to improve efficiency.

That is now the case at The PNC Financial Services Group, which has filed a Worker Adjustment and Retraining Notification (WARN) notice tied to layoffs following its recent acquisition of FirstBank Holding Company.

PNC lays off more than 700 workers

The new WARN filing shows that PNC Bank plans to reduce its workforce at the West Colfax Building in Lakewood, Colorado.

The filing states that approximately 777 employees are expected to be separated from employment, with layoffs beginning June 30, 2026.

The reductions are expected to be permanent, and employees are not represented by a union.

PNC said that the building itself will remain open and other employees will continue working there, indicating that the layoffs are tied to operational consolidation rather than a full site closure.

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FirstBank's acquisition drives cuts

PNC has directly linked the layoffs to its recently completed acquisition of FirstBank, saying it has begun consolidating operations into a single organization.

The transaction officially closed in January 2026, marking one of PNC's most significant recent expansion moves. The deal, valued at over $4.1 billion, is a strategic move by PNC to scale in several fast-growing Western markets.

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FirstBank has a strong presence across Colorado and Arizona, and it will help PNC diversify its footprint beyond the East Coast and Midwest, while strengthening its position in faster-growing markets.

This acquisition significantly expands PNC's footprint:

• Its 120 branches in Colorado will make it PNC's top market.
• Denver will be PNC's largest market for commercial and business banking.
• PNC will have 70 branches in Arizona with the addition of 13 FirstBank ones.

"FirstBank is the standout branch banking franchise in Colorado and Arizona, with a proud legacy built over generations by its founders, management, and employees," said PNC CEO William Demchak.

Demchak also noted that FirstBank's "deep retail deposit base, unrivaled branch network in Colorado, and growing presence in Arizona" make it an ideal partner to fulfill PNC's expansion vision.

Moreover, in its Q1 earnings, which included FirstBank operations, PNC added that at close, FirstBank had:

• $26 billion in assets
• $16 billion of loans
• $23 billion in deposits

As a result, the bank incurred $98 million in pre-tax integration costs, part of the expected $325 million in total integration expenses tied to the acquisition.

And while the acquisition will help PNC maintain a stronger foothold in an increasingly competitive banking landscape, acquisitions of this size often create duplicate roles across operations, technology, compliance, and support.

This means that although the transaction will result in long-term scaling and earnings power, near-term layoffs are imminent when business functions are combined into a single organization post-merger.

PNC adds to a growing list of banks conducting layoffs

Other major financial institutions have also reduced staff in 2026.

Citigroup has continued its multi-year restructuring plan, with management signaling more layoffs this year as it works toward previously planned job cuts of 20,000 roles by the end of 2026.

Wells Fargo has also been doing targeted layoffs in multiple states as it streamlines operations and invests in technology. So far, it has already confirmed it will make more than 400 cuts across Iowa, North Carolina, Montana, and more.

Morgan Stanley is planning to cut roughly 2,500 employees, about 3% of its workforce, according to The Wall Street Journal. The layoffs impact workers across all three divisions, including banking and trading, wealth management, and investment management.

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This story was originally published April 21, 2026 at 8:33 PM.