How can I make the following for loop faster without exceeding the memory limit?

EX. 
% remove these indices from faces (really long array)  
pt_indices = [1 357 472 10035 ...]; 
faces = N x 3 matrix (extremely large matrix)

 % reverse order so indices to be removed do not change
for i = length(pt_indices):-1:1
     sel = faces>pt_indices(i);
     faces(sel) = faces(sel) - 1; % adjust face indices
end

I tried to convert the for loop to a matrix operation but it exceeded the memory limit. Is there another way to speed this up?

Answer 1

[Walter Roberson]

[~, binnum] = histc(faces, [pt_indices, inf]);
faces = faces - binnum;

[Audrey Cheong]

Thanks a lot!