PNC financial services JOB LAYOFFPNC financial services has announced that it will shed about 5,800 jobs or nearly 10% of its total workforce of nearly 60,000 after merger with rival Cleveland based National City Corp. The job layoffs will be implemented by 2011.
Reasons for PNC Job LayoffsPNC recorded a $248 million loss in the fourth quarter of 2008. This included a cost of $380 million for the acquisition of National City Corporation. The job layoffs were announced to be part of a cost cutting exercise and merger which will result in a saving of about $1.2 billion in one year. While PNC has made $882 million in net profit for the entire year, National City Corp. has made a loss of $6 billion last year owing to subprime mortgage loss.
source: Pittsburgh Live, WSJ