PNC to spend $1 billion on its bank branches
By Steve Gelsi
Big regional bank plans to add 100 branches and renovate 1,200 others
PNC Financial Services Group Inc. said Wednesday it plans to spend $1 billion on its branch network.
Plans include opening more than 100 new branches and renovating 1,200 out of a total network of 2,300 by the end of 2028.
PNC (PNC) plans to build new branches in San Antonio, Miami, Houston, Dallas, Denver and Austin, Texas, among other locations.
Alex Overstrom, head of PNC Retail Banking, said the bank's 15,000 team members help customers with home financing, check deposits, saving for retirement and supporting "their holistic financial needs."
PNC stock was up by 1.2% on Wednesday.
The move by PNC comes about a week after JPMorgan Chase & Co. (JPM) said it plans to add 500 branches and 3,500 employees by the end of 2027.
-Steve Gelsi
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02-14-24 0941ET
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