All articles tagged with #pnc financial services group
PNC Financial Services Group is cutting about 4% of its workforce and reported a drop in third-quarter profit due to a surge in funding costs offsetting higher interest from its assets. The bank also expects its net interest income to drop in the fourth quarter. PNC's layoffs are expected to reduce annual personnel expenses by about $325 million. Despite the profit drop, the bank's quarterly earnings per share beat analysts' estimates.
PNC Financial Services Group has laid off employees across its geographic footprint and business lines as part of its efforts to reduce expenses. The Pittsburgh-based bank joins other financial institutions in downsizing amid declining prospects for short-term growth in the industry. PNC did not disclose the number of employees affected but stated that the layoffs were aimed at aligning work with strategic priorities. Analysts expect PNC to announce a "structural expense program" during its upcoming earnings call. The recent job cuts come after PNC's announcement to reduce expenses by $400 million in 2023, with an additional $50 million in savings identified in July.
PNC Financial Services Group's second-quarter revenue fell below analysts' expectations, resulting in a decline in the regional bank's stock price.
PNC Financial Services Group reported Q1 earnings of $3.98 per share on revenue of $5.6 billion, beating analysts' expectations and causing a jump in the regional bank's stock price. While revenue fell just short of estimates, the strong earnings report is a positive sign for PNC and the stock market as a whole.