PNC Bank laying off 777 workers in Lakewood

PNC Bank, which completed its acquisition of FirstBank at the start of the year, has informed the state that it will lay off up to 777 workers at its regional headquarters in Lakewood.

The company didn’t detail the job titles of those being let go, but said the reductions are a result of the company’s $4.1 billion purchase of FirstBank, which was announced in early September and completed on Jan. 5.

“As part of that acquisition, PNC has begun the process of consolidating its operations into a single organization,” wrote Justin McKim, HR Operations Service Manager at PNC, in a Worker Adjustment and Retraining Notification Act or WARN notice filed with the Colorado Department of Labor and Employment on Friday and made public on Monday.

McKim said the separations are permanent and are expected to begin on June 30. Employees are encouraged to apply for any open positions within PNC Bank, but they are not being offered bumping rights.

Severance packages and job search assistance will be provided to those who are being laid off.

“As part of the integration process, we have done a careful review of roles with FirstBank and PNC and where overlap occurs. This has resulted in organizational changes, primarily in Colorado,” PNC said later on Monday in a statement.

The bank, which now ranks as metro Denver’s largest for deposits, said it currently plans to retain all employees who work with clients.

Based on the strength of the talent base that FirstBank assembled, PNC said it has decided to make Denver one of the bank’s strategic technology hubs, which should help cushion the blow of the downsizing.

“While these decisions are never easy, we believe they will help us more effectively deliver for our clients,” the statement said.

FirstBank has been headquartered in Lakewood for more than six decades and employed approximately 4,326 people in the state as of last year, according to the Lakewood City Manager’s Office.

The bulk of the bank’s employees work at branch locations, which numbered 120 after the two banks were combined. More than 1,000 are based out of the Lakewood headquarters.

“We remain committed to working collaboratively with PNC/FirstBank, as one of our primary employers in Lakewood, to ensure that affected employees have access to the tools, services and opportunities they need during this transition,” the city said in a statement.

Lakewood, the state’s fifth-largest city in population, is working with state and county partners to deploy rapid response services to those facing potential layoffs.

“The West Colfax Building will not close and will remain open as other employees continue to work in the facility,” McKim said in the letter.