PNC and Key among nation’s 5 biggest branch slashers in June

PITTSBURGH — Banks across the country collectively shuttered 153 branches in June with two of the biggest operating in Pittsburgh among the top five closers, according to a newly released report by S&P Global Market Intelligence.

Pittsburgh’s largest bank, PNC Financial Services Group (NYSE: PNC) cut 10 branches. PNC, which ranked fourth in S&P Global’s report, pulled the plug on 105 during the first half of 2022.

Cleveland-based KeyCorp was fifth, closing eight branches. Key (NYSE: KEY) is No. 8 in Pittsburgh by deposit market share.

Since 63 new branches opened in June, the total number of active branches nationwide was 79,722 halfway through 2023.

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