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.

Morey money-related links:

CLICK HERE to follow Action News on Twitter

CLICK HERE to get Action News on your website

CLICK HERE to find Action News on Facebook

Click here to get the latest Philadelphia news and headlines from across the Delaware and Lehigh valleys.