PNC Bank will permanently lay off up to 777 workers at the former FirstBank regional headquarters in Lakewood, Colorado. The job cuts result from PNC’s $4.1 billion acquisition of FirstBank, which was completed on January 5. The separations are expected to begin on June 30, according to a state filing.
Justin McKim, HR Operations Service Manager at PNC, detailed the move in a Worker Adjustment and Retraining Notification Act notice. He wrote that PNC has begun consolidating operations into a single organization. The notice was filed with the Colorado Department of Labor and Employment on Friday and made public on Monday.
Employees are encouraged to apply for open positions within PNC Bank but are not being offered bumping rights. Severance packages and job search assistance will be provided. The company did not detail the specific job titles of those being let go.
In a statement on Monday, PNC said the cuts follow a careful review of roles where overlap occurs. These organizational changes are primarily in Colorado. The bank, now metro Denver’s largest for deposits, plans to retain all employees who work with clients.
What makes this significant is PNC’s decision to make Denver a strategic technology hub. This move is based on the strength of the talent base FirstBank assembled. It should help cushion the blow of the downsizing.
FirstBank had been headquartered in Lakewood for over six decades. It employed approximately 4,326 people in the state as of last year, according to the Lakewood City Manager’s Office. More than 1,000 were based out of the Lakewood headquarters.
The bulk of the bank’s employees work at branch locations. Those numbered 120 after the two banks were combined. Meanwhile, the Lakewood City Manager’s Office remains committed to collaborating with PNC/FirstBank.
They aim to ensure affected employees have access to needed tools and services. PNC stated these decisions are never easy. The bank believes they will help more effectively deliver for clients.
