PNC Financial plans job cuts

February 3, 2009 7:04:31 AM PST
PNC Financial Services Group says it swung to a loss during the fourth quarter due to increased credit provisions and costs associated with its recent acquisition of National City.

The Pittsburgh-based bank said Tuesday it also plans to cut 5,800 jobs following its recent National City purchase.

PNC reported a loss of $248 million, or 77 cents per share, compared with a profit of $178 million, or 52 cents per share, a year earlier.

Excluding integration costs, PNC said it earned $132 million, or 32 cents per share. Analysts expected earnings of 75 cents per share.

The most recent quarter included a $990 million credit loss provision, that contained $504 million related to the National City acquisition.

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