PNC Bank has told Colorado officials that it plans to lay off up to 777 workers at its regional headquarters in Lakewood. The cuts come after PNC completed its $4.1 billion acquisition of FirstBank and began folding the two organizations into a single operation.
The bank said the separations are permanent and are expected to start on June 30. PNC also said some employees can apply for open roles inside the company, but they will not have bumping rights.
What PNC says is driving the layoffs
In a WARN notice filed with the Colorado Department of Labor and Employment, Justin McKim, PNC’s HR Operations Service Manager, said the job cuts are part of the integration process after the acquisition. He wrote that PNC has started consolidating operations into one organization.
PNC later said it reviewed roles across FirstBank and PNC to identify overlap. The bank said those reviews led to organizational changes, mainly in Colorado.
The company did not identify the affected job titles. It also said severance packages and job search assistance will be offered to workers whose jobs are eliminated.
Impact on Lakewood and FirstBank staff
FirstBank has been based in Lakewood for more than 60 years, and the city says the bank employed about 4,326 people in Colorado as of last year. More than 1,000 of those workers are based at the Lakewood headquarters, while most employees work in branch locations.
PNC said the West Colfax Building will remain open and will not close. That means some employees will continue working at the facility even as others face layoffs.
Lakewood said it is working with state and county partners to provide rapid response services for workers who may be affected. The city also said it wants to help employees access tools, services, and opportunities during the transition.
PNC keeps client-facing roles and expands Denver’s role
PNC said it currently plans to retain all employees who work directly with clients. The bank added that Denver will become one of its strategic technology hubs, pointing to the talent base FirstBank built in the state.
The bank said those choices should help reduce some of the impact from the downsizing. “While these decisions are never easy,” PNC said, “we believe they will help us more effectively deliver for our clients.”
The move stands in contrast to the upbeat tone around the acquisition earlier in the year. In that announcement, former FirstBank CEO Kevin Classen said joining PNC would bring scale and resources while preserving local service and community impact.
