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One of Pittsburgh’s biggest banks is closing more than 70 branches, about 7% of its retail network, by mid-year.
KeyCorp CEO Christopher Gorman said the Cleveland-based bank is accelerating the pace of branch closures during its fourth-quarter 2020 earnings call with financial analysts on Thursday morning. The cuts are due to the continuing industrywide trend of customers shifting to digital transactions.
“We expect limited client attrition as a high percentage of the impacted branches are located within two miles of another Key facility,” Gorman said.
Locations were not disclosed.
Key (NYSE:KEY) is Pittsburgh’s 7th-largest bank, according to deposit market share, and 52 of its 1,000 branches are located in the 10-county metro. Key entered western Pennsylvania through its 2016 acquisition of Buffalo-based First Niagara Financial Group. It has assets of approximately $170.3 billion and operates in 15 states.
Key sent the following statement via email to the Business Times: