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☆ PNC Financial to cut jobs after profit drops, revenue misses estimates
▼ + stars: | 2023-10-13 | by ( Jaiveer Shekhawat | ) www.reuters.com time to read: +2 min

[1/2] A person walks past a branch of PNC Bank, a subsidiary of PNC Financial Services Group, in Washington, U.S. April 30, 2023. REUTERS/Ashraf Fahim/File Photo Acquire Licensing RightsOct 13 (Reuters) - PNC Financial Services Group (PNC.N) said on Friday it has started reducing its staff by about 4% as part of a cost-cut initiative after the U.S. lender's third-quarter profit declined and revenue missed estimates. Average deposits at the bank fell 3.8%, to $422.5 billion. PNC posted a profit of $3.60 per share, compared to analysts' estimate of a profit of $3.11 per share, according to LSEG IBES data. Its third-quarter NII fell 1.6% from a year earlier.

Persons: Ashraf Fahim, Timothy Coffey, Janney Montgomery Scott, Scott, Jaiveer Shekhawat, Pritam Biswas, Pooja Desai, Sriraj Kalluvila, Vinay Dwivedi Organizations: PNC Bank, PNC Financial Services Group, REUTERS, PNC Financial Services, U.S, PNC, Thomson Locations: Washington , U.S, Pittsburgh, Bengaluru

☆ PNC Bank buys $16.6 bln capital commitment portfolio from Signature Bridge Bank
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +1 min

FILE PHOTO:The logo of PNC Bank, a subsidiary of PNC Financial Services Group, is seen on the window of a branch in Washington, U.S. April 30, 2023. REUTERS/Ashraf Fahim/File Photo Acquire Licensing RightsOct 3 (Reuters) - PNC Financial Services' (PNC.N) banking unit said on Tuesday that it had bought a portfolio of capital commitments from Signature Bridge Bank worth $16.6 billion in an agreement with the Federal Deposit Insurance Corp as receiver. "PNC has long participated in the capital commitments business and the acquired portfolio is highly complementary," the bank said in a statement. PNC Bank purchased these commitments and loans without any funding, guarantees or loss-sharing agreements from the FDIC, the company added. The FDIC closed Signature Bank in March amid an intensifying regional banking crisis and transferred all of its deposits and substantially all of its assets to Signature Bridge Bank, a full-service financial institution that is operating under a board appointed by the watchdog.

Persons: Ashraf Fahim, Jaiveer Singh, Anil D'Silva Organizations: PNC Bank, PNC Financial Services Group, REUTERS, PNC Financial Services, Signature Bridge, Federal Deposit Insurance Corp, PNC, FDIC, Bank, Thomson Locations: Washington , U.S, Bengaluru

☆ SEC Buyback-Disclosure Rule Stirs Worry Over Costs and Compliance
▼ + stars: | 2023-05-10 | by ( Mark Maurer | Jennifer Williams-Alvarez | ) www.wsj.com time to read: 1 min

PNC Financial Services Group was one of several companies to weigh in on the SEC proposal. Photo: ASHRAF FAHIM/REUTERSFinance executives are bracing for higher costs and unintended consequences from new federal disclosure requirements on share repurchases, the latest in a series of moves by lawmakers and regulators to curb the popularity of stock buybacks. The Securities and Exchange Commission on Wednesday approved a rule requiring most companies to provide daily buyback amounts at the end of each quarter, rather than the monthly amounts that they have to supply now. In addition, companies will have to check a box if their officers and directors purchased or sold shares within four business days of announcing a buyback program.

☆ First Republic collapse sparks sector-wide regional bank shares sell-off
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of PNC Bank, a subsidiary of PNC Financial Services Group, is seen on the window of a branch in Washington, U.S. April 30, 2023. REUTERS/Ashraf FahimMay 1 (Reuters) - Shares of regional lenders fell in morning trading on Monday following the collapse of First Republic Bank (FRC.N), the third major casualty of the biggest crisis to hit the U.S. banking sector since 2008. Among individual movers, Citizens Financial Group (CFG.N), PNC Financial Services Group (PNC.N), Truist Financial Corp (TFC.N) and U.S. Bancorp (USB.N) fell between 2.2% and 7%. While investors digested the quick deal for First Republic's assets with a pinch of salt, the regulator-engineered rescue effort sparked a sell-off in the mid-cap bank sector. Global banking has been rocked by the closure of Silicon Valley Bank and Signature Bank in March.

The deadly tragedy summed up the sudden destruction left by recent tornadoes that have ripped through the U.S. South and Midwest. Everything crashes down," Jessica Hernandez, who was inside the theater on Friday, told Reuters in an interview. A man aged around 50 was killed in the collapse and dozens were left injured, officials said. Over 40 people were treated at local hospitals following the roof collapse incident and most injuries included orthopedic, head and neurologic trauma, and soft tissue injuries, CBS News reported, citing a local doctor. In Illinois, three other people were killed in Crawford County after the collapse of a residential structure, the state Emergency Management Agency said on Saturday.

Traders currently see a 50% chance of no rate hike at that meeting, with rate cuts priced in for the second half of the year. Shares of First Republic Bank (FRC.N) tumbled more than 60% as news of fresh financing failed to reassure investors, and so did Western Alliance Bancorp (WAL.N) and PacWest Bancorp (PACW.O). U.S. bank regulators sought to reassure nervous customers on Monday who lined up outside SVB's Santa Clara, California, headquarters, offering coffee and donuts. Regulators also moved swiftly to close New York's Signature Bank SBNY.O, which had come under pressure in recent days. In China, where SVB was the main go-to foreign bank for the majority of start-ups, entrepreneurs and venture funds were also scrambling for alternative funding.

SVB's meltdown sparked a partisan battle in Washington on Monday, with Democrats arguing that a Trump-era change to bank oversight rules undermined the stability of regional banks. In the money markets, indicators of credit risk in the U.S. and euro zone banking systems edged up. [1/3] U.S. President Joe Biden delivers remarks on the banking crisis after the collapse of Silicon Valley Bank (SVB) and Signature Bank, in the Roosevelt Room at the White House in Washington, D.C., U.S. March 13, 2023. On Monday morning, U.S. bank regulators sought to reassure nervous customers who lined up outside SVB's Santa Clara, California, headquarters, offering coffee and donuts. A furious race to reprice interest rate expectations also sent waves through markets as investors bet the Fed will be reluctant to hike next week.

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