PNC Financial Services Group Inc. Announced: Feb. 3 Number of layoffs: 5,800 jobs Reason for the cuts: It plans to cut jobs following its acquisition of National City Corp. last year as the bank swung to a loss during the fourth quarter. PNC said it posted a loss of $248 million, or 77 cents per share, due to increased credit provisions and costs associated with its purchase of National City in December. A year earlier, PNC earned $178 million, or 52 cents per share.
Rob Carr / Associated Press
- Financial and Business Services
- Unemployment and Layoffs
- PNC Financial Services Group Incorporated
- National City Corporation