PNC is set to conduct layoffs at the regional Lakewood headquarters following its acquisition of Colorado-based operation First Bank. News of the PNC job cuts brings us circling back to the possibility of major bank layoffs in 2026, although the tech sector has been dominating in this particular category so far. Up to 777 employees could lose their jobs after June 30 once the PNC layoffs begin in the U.S., leaving many employees from its corporate workforce out of work. While the institution shared that laid-off workers will be welcome to apply for open roles at the organization, this still marks a chaotic disruption to their employment ambitions, with uncertainty waiting around every curb.
The PNC layoffs will affect 777 employees as the bank gets set to address the overlap of roles following its acquisition of FirstBank. (Image: Freepik)
PNC Confirms Plans for Layoffs to State Labor Department over Post-Acquisition Overlaps
PNC Financial confirmed its acquisition of FirstBank Holding Company, and its banking subsidiary FirstBank, on January 5, 2026, announcing that it was the “beginning of a partnership built on shared values and a vision for growth.” William S. Demchak, Chairman and Chief Executive Officer of PNC, added that “By combining FirstBank’s strong local relationships with PNC’s national capabilities, we’re poised to deliver even greater opportunities for our customers and communities.”
The $4.1 billion deal has opened up a pathway to greater local integration in Colorado, but it comes with some drawbacks. Combined with FirstBank’s operations, PNC now has 120 branches in the state, operating as one of the largest banks in Denver. As a direct result of PNC’s FirstBank acquisition, layoffs are now expected to address the overlap of roles between the newly merged forces. PNC announced its plans in a Worker Adjustment and Retraining Notification Act (WARN) notice filed with the Colorado Department of Labor and Employment.
What We Know About the PNC Job Cuts
The Colorado Sun reported that 777 employees will be affected in the company’s corporate offices in Lakewood, but all employees in client-facing roles or those working directly with customers and businesses will be safe from the cuts. The Lakewood job cuts are expected to begin on June 30, and employees have been encouraged to apply for open roles to seek re-employment. They are unlikely to see preferential processing for the open roles as former employees, however, they do have the option available to them.
The Denver Post confirmed that employees will receive severance packages and job search assistance, but there are no details on just what these packages will include. The company is keen on developing its Denver operations as one of its strategic technological hubs.
The Leap from Acquisition for Expansion Straight to Layoffs Is an Unfortunate One for Workers
PNC’s bank merger and the subsequent job cuts are a common enough story in the modern world. The Paramount-Skydance merger was a prime example of how layoffs become a go-to strategy both before and after a proposed acquisition, as the newly combined organization is often left with more workers than work for them to evenly split between them. Trends like this make employees more apprehensive about big decisions like mergers and acquisitions, creating an atmosphere of tension about a move that is expected to improve business prospects.
Care and consideration towards workers is key to ensuring that they continue to operate according to standards, despite the overwhelming changes around them. PNC’s 5-day RTO mandate from earlier this year has already led to changes in its operations, and the current workforce reduction plans further exacerbate the disruption. While PNC is expected to retain its customer-facing employees so as to prevent disruptions to the experience of the clientele, similar efforts are often necessary internally to ensure that worker interests are also acknowledged and addressed.
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