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Tuesday, February 03, 2009

PNC Financial Plans to Cut 5,800 Jobs

by: Armie Margaret Lee

PNC Financial, which purchased Allegiant Asset Management parent National City Bank late last year, plans to cut 5,800 jobs through 2010. It was not immediately clear whether the cuts -- which would affect 9.7 percent of PNC and National City's combined workforce of 59,595 -- would affect Allegiant Asset Management and PNC's investment servicing unit, PNC Global Investment Servicing.

PNC Financial spokesman Fred Solomon told The MFWire that the company plans to provide an update on the headcount reduction every quarter, but it will not give a breakdown by business line or location.

PNC Financial Tuesday morning reported a fourth quarter net loss of $248 million compared with net income of $178 million in the year-ago period. Excluding the integration costs, net income would have been $1.3 billion.

As for PNC Global Investment Servicing, the unit formerly known as PFPC earned $25 million in the fourth quarter, down from $32 million a year ago. Servicing revenue declined by $1 million from the fourth quarter of last year, due to declines in equity market values. The unit provided accounting/administration for $839 billion of net fund assets and custody for $379 billion of fund assets as of December 31. 

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